The latest report by IMARC Group, titled “Online Video Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global online video platform market size reached US$ 792 Million in 2021. An online video platform (OVP) is a video hosting service that facilitates users to stream video content and upload self-produced material over the cloud and the internet. It allows video content owners and publishers to perform different functions such as transcoding and converting different file formats, ingesting, editing, accessibility, sharing of content, storage, content security, content syndication, distribution, monetization, and engagement analytics. OVP is also used to manage and achieve seamless delivery of the video content to the desired audience in a cost-effective manner. It achieves and manages uninterrupted content delivery to the audience around the world. Currently, OVP is gaining significant traction from handheld devices, such as smartphones and tablets, as gadgets are compatible with playing live or pre-uploaded video content according to one’s convenience.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Online Video Platform Market Trends:
The market is primarily driven by the rising popularity of online videos over traditional methods of viewing video content. Besides this, the growing penetration of the internet and the usage of smartphones, smart televisions (TVs), tablets, personal computers and other smart devices are fueling the market growth. In addition, brands extensively use OVPs to create a market presence and provide information to their customers in an interactive manner. Nowadays, key companies are extensively spending on online video advertisement, which is escalating the demand for OVP in the media and entertainment industry. Moreover, with the outbreak of the coronavirus disease (COVID-19) pandemic, OVPs are facilitating distance education by offering open educational resources to students around the world. These platforms are designed for scalable to large online masses across hundreds of public and private universities as well as organizations. Furthermore, the rising popularity and viewership of YouTube, Dalet Digital Media Systems USA Inc, MediaMelon, and Limelight Networks are also creating opportunities for the market players. Looking forward, the market value is expected to reach US$ 1,613 Million by 2027, exhibiting a CAGR of 13.20% during the forecast period (2022-2027).
- Based on the model type, the market has been segmented into UGC, DIY, and SaaS models.
- On the basis of the application, the market has been classified into media and entertainment industry, enterprises, and others.
- The market has been categorized based on the product type into software and services.
- Region-wise, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined, with some of the key players being Dalet Digital Media Systems USA Inc., MediaMelon, INC., Akamai Technologies, Kaltura Inc., Panopto, Brightcove Inc., Frame.io, Inc., Limelight Networks Inc., YouTube, and Comcast Technology Solutions.
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