LONDON, May 09, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the online video platform market forecasts significant growth in the market in the coming years. According to industry reports, the online video platform market size is projected to grow from $8.2 billion in 2022 to $9.9 billion in 2023, at a compound annual growth rate (CAGR) of more than 20%. Further, the market size is projected to reach $20.6 billion in 2027, at a CAGR of more than 19%. North America was the largest region in the market in 2022.
One significant driver of the online video platform market is the growing demand for smartphones, which offers users live streaming capabilities, 24/7 support, adaptive bit-rate streaming, and other services for video playback and entertainment. The number of smartphone connections worldwide was 68% in 2020 and is projected to reach 81% by 2025, according to the Mobile Economy Report 2021 published by the Global System for Mobile Communications Association (GSMA).
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The major online video platform market companies include MediaMelon Inc., Akamai Technologies Inc., Kaltura Inc., Panopto, Brightcove Inc., Comcast Technology Solutions, Endavo Media & Communications Inc., Frame.io Inc., Edgio Inc., Vimeo Inc., and Dailymotion SA.
A key trend in the market is the increasing focus on technological advancements. Major companies in the industry are exploring video technology solutions to enhance their online video strategies. For example, in May 2020, UK-based digital-first media company Minute Media launched Voltax Video, an online video platform designed to improve the online video strategies of digital publishers. Voltax Video offers a publishing-as-a-service (PaaS) solution for other digital publishers using video technology tools to increase engagement, content, audiences, and monetization.
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The global online video platform market is segmented as-
1) By Type: Video Processing, Video Management, Video Distribution, Video Analytics, Other Types
2) By Business Models: User Generated Content (UGC) Model, Software As A Service (SaaS) Model, Do It Yourself (DIY) Model
3) By Streaming Type: Live Streaming Type, Video On Demand
4) By Application: Content Creator, Brand And Enterprise
5) By End-User: Media And Entertainment, BFSI, Retail, Education, IT And Telecom, Other End-Users
The global online video platform market report provides an overview of the market, highlighting its expected growth and key drivers such as the increasing demand for smartphones. It also discusses major players in the market and technological advancements that are shaping the industry.
Online Video Platform Global Market Report 2023 by The Business Research Company provides insights on the online video platform market size, online video platform market segments, online video platform market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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