The global online video platform market was worth US$ 624.5 Million in 2018. An online video platform (OVP) enables a user to stream video content and upload self-produced material over the cloud or the internet. It is primarily used to achieve and manage the uninterrupted delivery of content to the audience around the world. At present, a significant amount of OVP viewership is generated through devices such as smartphones and tablets that use a dynamic HTML player allowing the viewers to access live or pre-uploaded material at any point of time. OVPs are also extensively being used by brands to create a market presence worldwide and provide information to their customers in an interactive manner.
The increase in internet penetration rate as well as the usage of smartphones, smart televisions (TVs), tablets and personal computers (PCs) along with the rising expenditure on online advertisements are the key factors driving the market growth. Furthermore, the inclination of the market leaders to utilize online videos as a medium for content marketing and stakeholder communication is also driving the demand for OVPs. The shift of consumer viewership from conventional video platforms such as cable television (TV) to OVPs has positively influenced the market growth. Additionally, the ever-growing popularity and continuously increasing global viewership of market players such as YouTube, Dalet Digital Media Systems USA Inc, MediaMelon and Limelight Networks is also contributing to the market growth. Looking forward, IMARC Group expects the market to reach a value of US$ 1,335.1 Million by 2024, registering a CAGR of around 13.5% during 2019-2024.
The report has also analysed the competitive landscape of the market 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, Comcast Technology Solutions, etc.
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