According to a new report published by Grand View Research, market has recorded significant growth over the past few years due to the rising popularity of online videos, with viewership steadily surpassing traditional video content platforms such as cable and satellite television.
The global online video platforms market size is expected to reach USD 18.7 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 17.3% from 2020 to 2027. The increasing adoption of video content for advertisement and branding activities over traditional marketing campaigns across sectors/industries, such as e-commerce, healthcare, manufacturing, and real estate, is driving the market. For instance, sellers on e-commerce sites such as Amazon and Zappos.com use product videos on their portals to provide customers a 360-degree view of products and help them choose the best match. The increased expenditure on online video advertisements is acting as a major factor driving the growth of the market. For instance, in 2019, SAMSUNG Electronics spent around USD 2.41 billion majorly on an online video campaign to promote its Galaxy series smartphones in the U.S.
The rising participation of the global population in online video streaming activities has been recognized as a significant factor in driving the market growth. Live video streaming is gradually becoming an essential advertisement model for various brands. One of the biggest gainers of this business model is live sports streaming channels. The rising number of sporting events globally and a continuously increasing number of subscribers make online video platform (OVP) a lucrative investment opportunity for the media and entertainment industry. Furthermore, the advent of the 5G telecom network is enabling viewers to stream HD video content seamlessly. The e-learning business has become one of the leading beneficiaries of the live streaming video platforms due to the increasing adoption of e-learning in corporate and academic setups coupled with the increased number of mobile learning applications containing analytics that helps track the progress of students.
The outbreak of the novel coronavirus (COVID-19) has led to lockdowns across several regions, resulting in a significant rise in the consumption of online video content as people look at indoor entertainment options to pass their idle time. The lockdowns have also resulted in several governments mandating schools and colleges to conduct online classes. The pandemic has played a significant role in increasing the overall share of the education segment in the market. The rise in online classes has resulted in an overall rise in the revenue of many e-learning platforms. Platforms such as KopyKitab, Unacademy, Vedantu, and Byju’s, have witnessed revenue growth in the range of 60% to 200% on a week-on-week basis during the pandemic.
Online Video Platforms Market Report Highlights
• The media and entertainment end-use sector is expected to exhibit significant growth during the forecast period owing to an increase in the demand for live video streaming and Video on Demand (VoD) content
• The Asia Pacific regional market is projected to record the highest CAGR of nearly 19% during the forecast period
• The key market players are Akamai Technologies Inc.; Brightcove Inc.; Comcast Cable Communications Management, LLC.; Endavo Media.; Frame.io Inc.; Kaltura, Inc.; Limelight Networks; Longtail Ad Solutions, Inc.; MediaMelon Inc.; Ooyala (Telstra); Panopto; SpotX, Inc.; and Wistia Inc. Inc.
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Online Video Platforms Market Segmentation
Grand View Research has segmented the global online video platform (OVP) market based on component, type, streaming type, end-use, and region:
Online Video Platforms Component Outlook (Revenue, USD Million, 2016 – 2027)
Online Video Platforms Type Outlook (Revenue, USD Million, 2016 – 2027)
• Video Processing
• Video Management
• Video Distribution
• Video Analytics
Online Video Platforms Streaming Type Outlook (Revenue, USD Million, 2016 – 2027)
• Live Streaming
• Video on Demand
Online Video Platforms End-use Outlook (Revenue, USD Million, 2016 – 2027)
• Media & Entertainment
• IT and Telecom
Online Video Platforms Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South America
• Middle East & Africa (MEA)
List of Key Players of Online Video Platforms Market
• Akamai Technologies
• Brightcove Inc.
• Comcast Cable Communications Management, LLC
• Endavo Media.
• Frame.io, Inc.
• Kaltura, Inc.
• Limelight Networks
• Longtail Ad Solutions, Inc. (JW Player)
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Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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