Online Video Platform Market Outlook
According to the report by Expert Market Research (EMR), the Global Online Video Platform Market Size reached a value of approximately USD 909.08 million in 2022. Aided by the surging demand for high-quality video content and the proliferating applications of online video platforms across various sectors, the market is projected to further grow at a CAGR of 13.30% between 2023 and 2028 to reach a value of USD 1,917.93 million by 2028.
Online video platforms, often referred to as OVPs, are SaaS (Software as a Service) based platforms that allow users to distribute video content to various platforms and devices. They offer services such as video hosting, encoding, video player, analytics, social sharing, and monetisation. Given the massive growth in the digital ecosystem, these platforms play an instrumental role in content strategy, marketing, and monetisation.
The escalating consumer preference for high-quality video content is driving the global online video platform market growth. With the rapid rise of internet usage and the proliferation of smartphones, there has been a significant shift towards digital content consumption, leading to a surge in demand for OVP-based services. Additionally, the rising trend of remote working and learning has further augmented the popularity of online video platforms, which are frequently used for webinars, virtual meetings, and online classes.
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The burgeoning applications of online video platforms in various sectors also play a significant role in bolstering the online video platform market expansion. In the media and entertainment industry, OVPs are used for video hosting and broadcasting, helping content creators reach a global audience. The education sector utilises OVPs for e-learning solutions, while corporations use these platforms for training, marketing, and communication purposes.
Furthermore, the growing demand for video marketing solutions in the advertising industry has led to an increased focus on online video platforms as a potent tool for consumer engagement. With the advent of personalised marketing and the increasing effectiveness of video content, OVPs have emerged as a crucial part of the advertising ecosystem, thereby boosting the online video platform market expansion.
The ongoing shift from traditional television to digital streaming services is another key factor propelling the online video platform market development. The increasing consumer preference for on-demand video content has resulted in a boom in OTT (Over the Top) platforms, which rely on OVPs for content management and distribution. The market is further propelled by the constant technological advancements in video technologies, including virtual reality (VR) and augmented reality (AR), which are enhancing the video viewing experience.
Online Video Platform Market Segmentation
The market can be divided based on model type, application, product type, and region.
Market Breakup by Model Type
- UGC Model
- DIY Model
- SaaS Model
Market Breakup by Application
- Media and Entertainment Industry
- Enterprises
- Others
Market Breakup by Product Type
- Software
- Services
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global online video platform companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Dalet Digital Media Systems USA Inc.
- MediaMelon, INC.
- Akamai Technologies
- Kaltura Inc.
- Panopto
- Brightcove Inc.
- Others
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