According to the latest report by IMARC Group, titled “Online Video Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global online video platform market size reached US$ 624.5 Million in 2018. With the advent of digital marketing, online video platforms (OVPs) have become one of the most common means of advertising around the world. OVPs are widely being used by brands for creating a market presence and providing information in an interactive manner. They are used by individuals for viewing and uploading pre-recorded as well as streaming live videos at any point in time. They have content management system (CMS) wherein users can sign in, upload and monetize their videos, and access video analytical tools that provide engagement analytics such as locations, impressions, unique views, total video views and video watch time.
Global Online Video Platform Market Trends:
The increasing internet penetration, along with the boosting sales of smartphones, laptops, tablets, personal computers (PCs) and smart televisions (TVs), represents one of the significant factors impelling the market growth. Moreover, the growing popularity of online videos over conventional methods of viewing video content is resulting in the increasing expenditure on online advertisements across the globe. Furthermore, the trend of live streaming is aiding in the management and delivery of video content to the targeted audience in a cost-effective manner. As a result, numerous e-commerce companies are going live on platforms such as Facebook, YouTube and Instagram to endorse their products. Looking forward, the market value is projected to reach US$ 1,335.1 Million by 2024, expanding at a CAGR of around 13.5% during 2019-2024.
- Based on the model type, the market has been segmented into user-generated content (UGC), do it yourself (DIY) and software-as-a-service (SaaS) models.
- On the basis of the application, the market has been segregated into the media and entertainment industry, enterprises, and others. At present, enterprises exhibit a clear dominance in the market.
- The market has been analyzed on the basis of the product type into software and services. Services account for the majority of the total market share.
- Region-wise, North America represents the largest market. Other major markets include Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Dalet Digital Media Systems USA Inc., MediaMelon, Inc., Akamai Technologies, Kaltura Inc., Panopto, Inc., Brightcove Inc., Frame.io, Inc., Limelight Networks Inc., YouTube Inc. and Comcast Technology Solutions.
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