An online video platform (OVP) allows users to manage, publish and watch online videos. It provides comprehensive video management functionality, media publishing and analytics. OVPs help organizations deliver a consistent video experience across devices without relying on third-party platforms. Key functions include video uploads, encoding, playback, streaming delivery, digital rights management, analytics and user management. The growing popularity of video marketing coupled with increasing internet penetration worldwide has boosted demand for OVPs in recent years.
The global online video platforms market is estimated to be valued at US$ 1.32 billion in 2024 and is expected to exhibit a CAGR of 21.% over the forecast period 2024-2028.
Key Takeaways
Key players operating in the online video platforms are Brightcove, Ooyala (Telstra), thePlatform (Comcast Technology Solutions), IBM Cloud Video, Kaltura, Samba Tech, and Wistia.
Growing demand for Online Video Platforms Market Demand via videos is a major factor spurring market growth. The COVID-19 pandemic reinforced the effectiveness of video content for distance learning and accelerated the adoption of online education platforms.
Advances in areas such as artificial intelligence, machine learning, cloud computing and analytics are enabling OVP providers to improve content discovery, recommendations and personalization. Transition to video-as-a-service solutions is also a noteworthy technological trend.
Market Trends
Growing demand for cloud-based SaaS video platforms: Companies are increasingly favoring cloud-based and software-as-a-service (SaaS) OVPs over on-premises versions due to advantages such as easy deployment, scalability, low total cost of ownership and maintenance-free operations.
Integration of OVPs with LMS, mobile and social platforms: Leading vendors are focusing on tighter integration of video services with other tools such as learning management systems, mobile apps and social networks to deliver a unified experience across channels.
Market Opportunities
Rise of 360-degree and VR video content: Advancements in formats like 360-degree and virtual reality videos are paving the way for immersive viewing experiences and novel monetization models. OVP providers can capitalize on this opportunity through dedicated product offerings.
Increased focus on video analytics: Sophisticated analytics relating to user engagement, viewing behavior and impact of videos can help companies improve the efficacy of campaigns. Comprehensive analytics solutions are likely to gain more prominence in the coming years.
Covid-19 Impact on Online Video Platforms Market
The outbreak of Covid-19 has significantly accelerated the adoption of online video platforms across the globe. During the lockdowns and movement restrictions, people were confined to their homes with limited outdoor activities. This boosted the consumption of online video content for purposes like entertainment, education and work-from-home. Many industries rapidly shifted to virtual mode of operations using video conferencing and live streaming on online video platforms. Education sector extensively employed these platforms to continue online classes and digital learning when schools and colleges were shut. Several government organizations also leveraged such platforms to live stream press conferences and important announcements. On the consumer side, time spent on online entertainment portals surged as people looked for engaging content online to spend time productively at home. This widespread usage of online video platforms amid pandemic has opened new opportunities for businesses to engage audiences through virtual and digital means.
Geographical Concentration of Online Video Platforms Market
North America accounts for the largest share of the global online video platforms market in terms of revenue. This is attributed to high smartphone and internet penetration along with advanced digital infrastructure in countries like United States and copyright. Higher disposable incomes and spending on online entertainment, presence of leading platform providers and widespread subscription of SVOD services have further spurred the market growth in the region. Another major region is Asia Pacific which has emerged as the fastest growing market for online video platforms. Countries like India, China, Japan and South Korea are experiencing surge in consumption of online video content driven by rising internet usage, lower data costs and growing young digitally-savvy population.
Fastest Growing Region for Online Video Platforms Market
Asia Pacific region is poised to dominate the global online video platforms market in coming years backed by strong growth prospects across major countries. Rapid expansion of internet connectivity, availability of low-cost smartphones and data plans have enabled widespread digital adoption especially in developing nations. Growing interest of consumers in video content for infotainment and e-learning is creating massive opportunities. China and India represent immense potential with enormous internet userbase and rapidly growing streaming consumption. Content localization and regional language support are attracting more audiences. Rising income levels are translating to increased spending on online subscriptions and digital services. Favorable government policies and investments in digital infrastructure are also fueling the market growth across Asia Pacific making it the fastest evolving region for online video platforms globally.
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