The online video platform market has witnessed exponential growth, increasing from $10.01 billion in 2023 to $12.08 billion in 2024, reflecting a CAGR of 20.6%. This surge is driven by the rise in online video consumption and the popularity of over-the-top (OTT) services. The market is expected to reach $25.49 billion by 2028, with a CAGR of 20.5%. Key growth drivers include the proliferation of streaming services and integration of AI technologies. Notable trends involve innovations in video analytics and the rise of shoppable videos.
Major Driver In The Online Video Platform Market
The burgeoning demand for smartphones is poised to drive the expansion of the online video platform market in the foreseeable future. Smartphones, versatile portable electronic devices equipped with cellular connectivity and multifunctional capabilities like high-density displays, web browsers, and cameras, serve as conduits for video streaming services and online entertainment platforms. According to the Mobile Economy Report 2021 by the Global System for Mobile Communications Association (GSMA), global smartphone connections reached 68% in 2020 and are projected to reach 81% by 2025. Moreover, in Europe, smartphone adoption is forecasted to rise from 78% in 2020 to 83% in 2025. Thus, the escalating demand for smartphones emerges as a key driver behind the growth of the online video platform market. The market size of online video platforms witnessed substantial growth in 2023, with projections indicating continued expansion in 2024 and 2028.
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Online Video Platform Market Competitive Landscape
International Business Machines Corporation, YouTube LLC, TwentyThree ApS, Akamai Technologies Inc., MediaMelon Inc., SproutVideo LLC, Ziggeo Inc., Vimeo Inc., VideoBloom Inc., Edgio Inc., Dailymotion SA, Brightcove Inc., Comcast Technology Solutions, SpotX Inc., Longtail Ad Solutions Inc., Dalet Digital Media Systems USA Inc., Ooyala Inc., Vidyard Inc., Kaltura Inc., Wistia Inc., Pixability Inc., Livestream LLC, Vplayed Inc., Dacast Inc., Endavo Media & Communications Inc., Cincopa Ltd., Frame.io Inc., Panopto Inc., Niche Video Media LLC, Ensemble Video Platform
Key Online Video Platform Market Trend
Technological advancement is a key trend in the online video platform market. Major companies operating in the market are advancing toward video technology. For instance, in September 2022, Minute Media, a UK-based digital-first media company, launched its own supply-side platform (SSP) to provide a more efficient and direct connection between publishers and brands working within the programmatic advertising ecosystem. Minute Media's SSP integrates with Voltax, its proprietary video and multimedia publishing-as-a-service platform, as well as a number of third-party video players, demand wrappers, and some of the world's largest DSPs connecting directly or via programmatic infrastructure provider, BidSwitch, with new partners continuously being added.
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Online Video Platform Market Segmentation
The online video platform market covered in this report is segmented –
1) By Type: Video Processing, Video Management, Video Distribution, Video Analytics, Other Types
2) By Business Models: User Generated Content (UGC) Model, Software As A Service (SaaS) Model, Do It Yourself (DIY) Model
3) By Streaming Type: Live Streaming Type, Video On Demand
4) By Application: Content Creator, Brand And Enterprise
5) By End-User: Media And Entertainment, BFSI, Retail, Education, IT And Telecom, Other End-Users
By Geography:The regions covered in the online video platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the online video platform market in 2023.
The Online Video Platform Global Market Report 2024 furnishes information about the global online video platform market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
