Newark, NJ, Nov. 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global online video platform market is expected to grow from USD 5.9 billion in 2020 and to reach USD 22.4 billion by 2028, growing at a CAGR of 17.5% during the forecast period 2021-2028.
OVP stands for online video content solutions that allow video makers to ingest, encode, manage, publish, syndicate, analyse, store, and monetize online video using license-based software as a service (SaaS). Some services allow users to watch live videos in addition to prepared and on-demand media. OVPs are increasingly trusted by media and entertainment organisations to manage, publish, and monetize video content in a scalable way.
Customers' perceptions of media, how firms generate those media, and how marketers advertise on them have all changed dramatically in the previous decade. People may be hesitant to subscribe to streaming services such as Netflix, Amazon Prime, Hulu, and Disney+ because of the subscription costs involved. Thus online video platforms like youtube, which provide free online videos for the viewers have potential for to grow even further. COVID-19 has also pushed kids to seek instruction through online video platforms. The worldwide online video platform in the media and entertainment business is growing due to the popularity of online videos, which are outnumbering conventional methods of watching video material via television and other channels. Organizations have recognised the value of online videos in the media and entertainment industry, and are spending substantially in online video creation, which is fuelling the market's growth. Increased spending on online video advertising is also a driving driver in the market for online video platforms. However, the market's development is likely to be hampered by the availability of open source and free online video platforms.
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YouTube, Google, Inc., Dailymotion, Brightcove, Kaltura, Panopto, JW Player, Vidyard, Comcast Corporation, and Wistia are just a few of the major players in online video platform market.
- For instance, Comcast and The Walt Disney Company inked a deal in December 2020. Comcast received the rights to offer Disney+ and ESPN+ on its Xfinity X1 and Flex platforms as part of the deal. Customers may simply discover and watch the whole Disney programme and sports lineup on Xfinity X1.
- In November 2020, Google announced a partnership with Zixi SDVP. The cooperation allowed the Zixi SDVP to take advantage of Google's unique cloud architecture and platform capabilities, as well as the vast Zixi APIs.
Video Processing segment dominated the market and held the largest market share of 35.3% in the year 2020
On the basis of type, the global online video platform market is segmented into video processing, video distribution, and video management video analytics. The video processing segment held the largest market share of the global online video platform market accounting for 35.3% of the market share in the year 2020. High-density transcoding, efficient IP conversion, adaptive bitrate packaging, encryption, and streaming are all included in video processing systems, which are modular and visible. These technologies provide broadcasters with a cost-effective way to provide online video solutions, both live streaming and on demand.
E-Learning segment dominated the market and held the largest market share of 20.5% in the year 2020
On the basis of type, the global online video platform market is segmented into e-learning, media & entertainment, BFSI, retail, IT & communication, and others. The e-learning segment held the largest market share of the global online video platform market accounting for 20.5% of the market share in the year 2020. While traditional classroom education is well-known, learning methods outside of the classroom, particularly those that are aided by technology, are still being debated. Online video platforms, which provide open educational resources to students all over the world, are the ultimate stage in distant education. These platforms are built to be scalable to enormous online masses, with free participation and no formal prerequisites, allowing millions of people around the world to study from hundreds of public and private institutions and organisations across the world.
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Regional Segment of Global Online Video Platform Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global online video platform market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North American region held the largest market share of 25.16% in the year 2020.The impact of COVID-19 in North America resulted in a surge in demand for video platforms. The United States is considered as one of the major investors and creators of online video platforms due to rising acceptability among diverse end-users throughout time. With the rise in popularity of remote learning, e-learning is gaining momentum as a means of providing students with greater flexibility and convenience. In terms of establishing universal education programmes via online learning and distance education, the region, notably Canada, is considered as one of the most forward-thinking countries. Asia Pacific is projected to have the highest CAGR throughout the forecast period. The regional market is expected to benefit from the expanding scope of video-on-demand and live streaming videos across online video platforms in the media and entertainment sectors as internet penetration continues to climb across the area.
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About the report:
The global online video platform market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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