Online Video Platforms Market Is Estimated To Witness High Growth Owing To Rising Popularity Of Video Streaming Services

The Online Video Platforms market is estimated to be valued at US$ 10.11 Bn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights.

The growing popularity of video streaming services for entertainment and education along with high penetration of smartphones and internet connectivity globally are the major factors driving the growth of the online video platforms market. Moreover, increasing focus of businesses to leverage online video for branding, advertising and marketing is further fueling the demand for online video platforms. However, lack of high-speed internet in underdeveloped regions may restrain the market growth.

Key Market Trends:

In terms of trends, the preference for online video over traditional TV and emergence of AR/VR technology are expected to create lucrative opportunities for market players over the forecast period. Major companies operating in the online video platforms market are focusing on development of interactive and immersive video experiences by integrating augmented and virtual reality technology. Furthermore, popularity of user-generated content across various social media platforms has boosted the demand for UGC video platforms. Key players are launching innovative tools and features to facilitate creation, sharing and monetization of user videos which will subsequently propel the market expansion. More coverage can be found in the sample copy.

Online Video Platforms Market Opportunity

The online video platforms market by component insights is segmented into solutions and services. In 2019, the solutions segment accounted for the largest market share of 65%. The growing demand for easy video uploading, editing, encoding, ingesting, live streaming, analytics, metadata tagging, digital rights management, and monetization is contributing to the segment’s large share. Solutions enable organizations to manage, store, secure, stream videos on any device, track and measure video performance.

The streaming type segment of the online video platforms market is divided into video-on-demand (VOD) and live streaming. In 2019, the VOD segment held the largest market share of 80%. The growth can be attributed to the increasing popularity of over-the-top (OTT) streaming services. VOD allows viewers to watch content at their convenience. It provides nonlinear access to archived video content through streaming or downloading. Many organizations are relying on video platforms for on-demand and catch-up TV to engage audiences.

Key Market Takeaways

The online video platforms market is anticipated to witness a CAGR of 21% during the forecast period 2024-2031, owing to the rising demand for cloud-based video content management solutions. On the basis of component insights, the solutions segment is expected to hold a dominant position, owing to the increasing need for video hosting, management, monetization and analytics solutions. By streaming type, the video-on-demand segment is expected to continue its dominance over the forecast period, due to the growing popularity of OTT video services.

Competitor Insights:

• Brightcove Inc

• Ooyala (Telstra)

• Panopto

• Poroply, Inc

• Flowplayer

Recent Developments in Online Video Platforms Market

The Growing Dominance of Subscription Video on Demand – Subscription video on demand (SVOD) services like Netflix, Disney+, Amazon Prime Video, and Hulu have seen tremendous growth over the past few years as more consumers cut the cord and shift to streaming. This trend is expected to accelerate even further in 2023-2024. Netflix still leads the pack with over 200 million subscribers worldwide, but Disney+ surpassed over 100 million subscribers only two years after its launch. Disney is putting more of its budget toward original content to fuel further subscriber growth for its service. Other major studios like Warner Bros. and NBCUniversal are also focused on growing their own SVOD platforms like HBO Max and Peacock respectively. Full coverage of the report available here.