Global Online Video Platform Market Poised for Magnanimous Growth—Projected to Reach Worth USD 16.7 Billion By 2027

Published | 25 October 2021

The global online video platform market is growing at a high CAGR because of the development in internet infrastructure, the growing popularity of online videos over other conventional mediums, and the surge in online video advertising spending…

A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global online video platform market was worth USD 5.81 billion in the year 2020. The data yielded by the study reveals that the market is estimated to grow at a CAGR of 16.3%, earning revenue of around USD 16.7 billion by the end of 2027. The global online video platform is growing at a high rate because of the development in internet infrastructure, the growing popularity of online videos over other conventional mediums, and the surge in online video advertising spending. Furthermore, live streaming of videos is increasingly getting popular, especially among the young demographic. Therefore, various organizations are adopting these platforms for live-streaming videos to create brand awareness and expand their consumer base, which is also fueling the market's growth. Increasing internet access in urban areas, as well as the wide availability of digitally-enabled gadgets, such as smartphones, desktops, laptops, tablets, smart TVs, and others, contribute to market growth. The monopoly created by giant video platforms such as YouTube, however, may act as a significant restraint on market growth in the forecast period.

Shift of Marketers Towards Digital Media Is Propelling the Global Online Video Platform Market Growth

Digital media consumption has overtaken conventional media consumption, such as TV, print, and radio, as consumers' preferences. Therefore, marketers have been spending a greater proportion of their advertising budgets on online media over the past few years, reducing the share of conventional advertising media. Such development promotes quality content and the growth of online video platforms. With a higher audience share on these online video platforms, marketers can target a larger audience, giving content creators a greater chance of earning ad revenue. These factors are significantly influencing the growth of the global online video platform market.

Growing Trends of Professional and Managed Services is Favoring the Global Online Video Platform Market

With the growing potential of the online video platforms, content creation and live-streaming is emerging as a full-fledged profession. Several companies are now offering professional and managed services similar to those offered by the entertainment industry. These platforms now provide their content creators with the resources they need to create and live-stream their stories, and they are paid according to the number of audiences they pull in. Services of this type are gaining traction in countries like China, South Korea, Japan, and others in East Asia. This has resulted in a rise in traffic on online video platforms, boosting the growth of the market.

The Brand & Enterprise Segment is Driving the Global Online Video Platform Market

Based on end-users, the global online video platform market is segmented into individuals, content creators, and brands & enterprises. The brand & enterprise segment accounts for the largest share in the market as they invest heavily into creating attractive and engaging content as well as promoting it on various platforms. Nevertheless, the content creator segment is also catching up in the market. The segment has gained considerable traction, especially after the outbreak of COVID-19. Content creators offer various types of content to their streams, including bizarre content that attracts large audiences.

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Global Online Video Platform Market - Regional Insights

Geographically, the global online video platform market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Globally, North America dominates the online video market. However, the Asia-Pacific region is projected to experience the highest CAGR during the forecast period. Online video platforms are experiencing explosive growth in countries such as China, India, Japan, South Korea, and Taiwan. The growing penetration of smartphones and affordable internet rates in these countries is one of the major factors propelling the market growth. For instance, India alone has 744 million users having access to the internet through smartphones, and it is tops in the number of YouTube users with around 225 million.

Impact of COVID-19 on Global Online Video Platform Market

The global online video platform witnessed tremendous growth after the sudden outbreak of the COVID-19 pandemic. As the countries imposed a lockdown to curb the spread of the virus, people were quarantined into their homes with very limited activities to do. This caused an increase in internet traffic on these platforms. OTT platforms such as Netflix, Amazon Prime Video, Disney+ saw significant traffic on their platforms. YouTube, for example, grew in popularity due to its free and advertising-based platform.

Global Online Video Platform Market: Competitive Landscape

The leading market in the global online video platform market are Akamai Technologies, Ooyala Inc., Kaltura Inc., MediaMelon Inc., Brightcove Inc., Comcast Technology Solutions, Panopto, Limelight Networks Inc., YouTube, Frame.io, Inc., Alphabet, Endavo Media, Longtail Ad Solutions, Inc., SpotX, Inc, Wistia, Kollective Technology Inc., IBM Corporation, Dacast Inc, Pixability, and other prominent players.

The market is highly fragmented, with numerous industry participants. However, certain market leaders such as YouTube maintain their dominance. To target a potential consumer base, the companies invest massively in launching a new platform and creating attractive features. Also prominent in this market are competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc.

Don’t miss the business opportunity of the global online video platform market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global online video platform market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global online video platform market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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