Online Video Platform Market Size, Share & Trends Analysis Report 2021 - 2028
Online Video Platform Industry Overview
The global online video platform market size is expected to reach USD 22.85 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 18.4% from 2021 to 2028. 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 driving the global 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 platforms 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. In addition, The e-learning business has become one of the leading beneficiaries of the live streaming video platform 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 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 Platform Market Segmentation
For this report, Grand View Research has segmented the global online video platform market based on component, type, streaming type, end-user, and region:
Based on the Component Insights, the market is segmented into Solution, and Services.
- The solution segment accounted for the largest revenue share of 53.8% in 2020. This is attributed to the surging demand for subscription-based video content over the OTT platform, coupled with a continuous rise in demand for live streaming video platforms.
- The service segment is expected to demonstrate significant growth over the forecast period. This can be attributed to the increasing demand for professional and managed services for video streaming platforms. With the rise of cloud-based video content, data security threats are also increasing. To counter these threats, enterprise-managed services provide cloud security solutions that enable users to protect their websites, applications, and cloud data centers against a multitude of cyber attacks.
Based on the Type Insights, the market is segmented into Video Processing, Video Management, Video Distribution, Video Analytics, and Others.
- The video processing segment accounted for the largest revenue share of 38.6% in 2020. Video processing platforms provide features such as efficient IP conversion, high-density transcoding, adaptive bitrate packaging, encryption, and streaming into a modular and visualized solution.
- The video management segment accounted for the second-largest share in the online video platform market in terms of revenue. The rising popularity of video management platforms can be attributed to features such as optimized search functionality, which eases video indexing while handling large size video files.
Based on the Streaming Type Insights, the market is segmented into Live Streaming, and Video on Demand.
- The video-on-demand segment accounted for the largest revenue share of over 76.9% of the total market revenue in 2020. The growth can be attributed to the easy accessibility of videos over the cloud, which gives freedom to stream videos in real-time from any location.
- Live video streaming is becoming increasingly popular as a growing number of sports streaming events with customized chat room features are attracting more subscribers. For instance, in the 2020Indian Premier League, the thirteenth season of the Twenty20 cricket (T20) league, Disney + Hotstar has enabled spectators to join a virtual community where they can watch matches together while using an interactive emoji stream.
Based on the End-user Insights, the market is segmented into Media & Entertainment, BFSI, Retail, Education, IT and Telecom, and Others.
- The media and entertainment segment held the highest market share of over 37.8%. The segment is expected to retain its dominance over the forecast period. The segment has recorded significant growth due to a surge in internet connectivity on mobile phones and increased investments across the globe in improving the OTT infrastructure.
- Education emerged as the second-largest end-user segment in terms of revenue in 2020. The segment is also expected to register the highest CAGR over the forecast period. With the introduction of advanced learning analytics dashboards over e-learning platforms, keeping track of learning progress and live interaction has become much easier.
Online Video Platform Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The key players that dominated the market in 2020 include Akamai Technologies Inc; Alphabet (YouTube); Brightcove Inc; Comcast Cable Communications Management, LLC; Endavo Media; Kaltura, Inc; Longtail Ad Solutions, Inc; and MediaMelon Inc. Vendors are focusing on increasing their customer base to gain a competitive edge in the market.
Vendors are focusing on initiatives such as collaborations, acquisitions and mergers, and partnerships. For instance, In April 2020, Akamai, a U.S.-based content delivery network company, announced a partnership with Verimatrix, a cyber-security company based in the U.S. The partnership is aimed to provide secure watermarking capabilities. Watermarking provides a session-based, user-specific tracking and source identification, which allows broadcasters to trace sources of pirated content in real-time. The solution would help broadcasting companies to prevent the unauthorized redistribution of content, especially the re-streaming of live sports events by unauthorized broadcasters. Some of the prominent players operating in the global online platform market are:
- Akamai Technologies
- Brightcove Inc.
- Comcast Cable Communications Management, LLC
- Endavo Media.
- io, Inc.
- Kaltura, Inc.
- Limelight Networks
- Longtail Ad Solutions, Inc. (JW PLAYER)
- MediaMelon Inc.
- Ooyala Inc. (Telstra)
- Panopto
- SpotX, Inc.
- Wistia Inc. Inc.
Order a free sample PDF of the Online Video Platform Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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