The online video platforms market allows businesses and individuals to upload, view, and share videos through video players hosted on the internet. Online video platforms provide various functions such as video hosting, encoding, playback, advertisements, and video content management capabilities. They offer solutions to various organizations for broadcasting live events, conferences, webinars, and other online video needs. The growing demand for cloud-based video solutions, advancement of video delivery technologies to support OTT video streaming, and the rising adoption of online videos for marketing and branding activities are projected to drive the online video platforms market size.
The Global Online Video Platforms Market is estimated to be valued at US$ 856 million in 2024 and is expected to exhibit a CAGR of 21.% over the forecast period 2024-2029.
Key Takeaways
Key players operating in the Online Video Platforms market are Brightcove Inc., Ooyala Inc., Comcast Technology Solutions, Kaltura Inc., and Panopto.
The Online Video Platforms Market Demand of video streaming and video marketing across various industry verticals present lucrative growth opportunities in the online video platforms market. Social media platforms are increasingly adopting online video platforms to distribute video content across their networks.
Key players in the market are focusing on partnerships and mergers & acquisitions to expand their global footprint. For instance, in July 2022, Brightcove acquired Video Discovery & Live Streaming Company Anthropic to extend its capabilities in AI-powered video and expand its presence in emerging markets.
Market drivers
Increased adoption of cloud-based video platforms owing to benefits such as scalability, flexibility, and lower upfront costs is a key driver of market growth. Cloud-based platforms enable easy access to stored videos on any device with internet connectivity. Furthermore, growing inclination of marketers towards online video advertisements to engage customers is also fueling the demand for online video platforms. Advancements in video streaming technologies and rising penetration of high-speed internet are expected to accentuate the market growth during the forecast period.
PEST Analysis
Political: Government regulations around video content and streaming may impact business models and revenues. Laws around data privacy and security affect customer trust.
Economic: Factors like economic growth, disposable incomes, and connectivity infrastructure spending determine consumer uptake and investments in the sector. Recession impact consumer spends on digital entertainment.
Social: Younger demographic prefer video over text. Growing mobile connectivity expanding reach. Convenience and entertainment via OTT platforms driving growth. Privacy concerns exist around data usage.
Technological: Advances in broadband, 5G, Artificial Intelligence, virtual/augmented reality expanding opportunities. Platforms differentiating via personalization, engagement tools, social features to maximize watch-time. Security challenges from complex infrastructures.
Regions where market concentrated in terms of value
North America accounts for the largest share of the global online video platforms market value owing to high smartphone and broadband penetration, strong economy and consumer spends on digital content. Major US cities see high subscriptions to premium paid platforms. In Europe, consumers in the UK, Germany and France are major adopters and spend the highest on online videos.
Fastest growing region
The Asia Pacific region is expected to grow the fastest in the online video platforms market led by countries like India and China. Rapid increases in affordable smartphones, mobile data and pay-TV alternatives are driving viewership. Young demographics embrace digital lifestyles to drive subscriptions. Investments to strengthen connectivity infrastructure expands the market reach in smaller cities and rural regions.
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