As per the latest report by IMARC Group, titled "Europe Online Video Platform Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Europe online video platform market size reached US$ 203.1 Million in 2022. An online video platform (OVP) is a digital tool that enables users to stream live videos and upload self-produced content to the cloud via the internet. It offers a structured, large-scale system that allows individuals to convert, store, and play video content while generating revenue. OVPs also provide uninterrupted delivery of content to a global audience that can be accessed on various devices, including smartphones and tablets, using HTML players. In recent years, the platform has gained significant popularity in Europe as they interactively provide information to customers. Brands are also utilizing OVPs to create a market presence worldwide as they can create and distribute content easily, allowing them to reach a wider audience and generate more engagement.
Europe Online Video Platform Market Trends:
The increasing internet penetration and the growing popularity of mobile devices are some of the key factors bolstering the market growth in Europe. This is further supported by the gradual shift from traditional television to digital streaming services in the region. In line with this, the rising demand for personalized content and the expansion of original content production are accelerating the market growth. Additionally, online video platforms are increasingly integrating with social media, allowing users to easily share and discover content, which is acting as another factor driving the market growth. Moreover, the widespread adoption of over-the-top (OTT) media services and inflating consumer per capita income are contributing to the market growth. Furthermore, the European market has seen an increase in international market players and local vendors offering video-on-demand services. This has attracted a significant number of subscribers, which, in turn, is creating a positive outlook for the market. Besides this, the integration of online video platforms with smart TVs, the development of mobile-friendly online video platforms, and the rising demand for video-on-demand (VOD) services are propelling the market growth. Apart from this, the recent COVID-19 pandemic has considerably surged the demand for online video streaming, which is favoring the market growth. Other factors, such as the growing awareness regarding the convenience and accessibility of these services and the availability of attractive deals by platform providers, are fueling the market growth. Looking forward, the market value is projected to reach US$ 364.9 Million by 2028, expanding at a CAGR of 10.21% during 2023-2028.
- By the model type, the market is divided into UGC, DIY, and SaaS models.
- Based on the application, the market is categorized into media & entertainment industry, enterprises, and others.
- On the basis of the product type, the market is bifurcated into software and services.
- By the country, the market is categorized into Germany, France, the United Kingdom, Italy, Spain, and others.
- The competitive landscape of the industry has also been examined along with the profiles of the key players.
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