Online Video Platforms Market

Global Online Video Platforms Market Size, Share, Growth Analysis, By Component(Solution and services), By Application(Commercial video platforms, video sharing), By End use(Content creator, brand and enterprises), By Type(video hosting, mobile videos) - Industry Forecast 2024-2031

Report ID: SQMIG50J2003 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 117 | Figures: 77

Global Online Video Platforms Market Dynamics

Drivers

Increase in popularity of video channels, emergence of OTT platforms and video streaming services to gain more traction

  • Growing popularity of online video channels and penetration of OTT platforms to drive growth of the online video platforms market.
  • Video streaming services have become more affordable over the past few years, which has led to increased usage.
  • Video platforms are able to monetize videos in a way that other content platforms cannot. By using video platforms, businesses can reach a larger audience than they would be able to through other means.
  • Rapidly expanding e-learning sector and expansion of the ICT industry to drive the online video platforms market

Restraints

High Competition for Free Platforms:

  • Presence of several open-source video platforms in the market threatens the growth of the worldwide online video platform market. Individual viewers and many content creators choose to use a freely available open-source internet video platform rather than paid services. This has a significant impact on the sales of OVP companies that do not provide their products for free. 
  • Furthermore, growing popularity of user-generated content (UGC) websites like YouTube and social networking sites like Facebook for hosting videos for free is likely to stifle industry growth. Small and medium companies (SMBs) and smaller content providers are avoiding investing in professional OVP solutions because of local solutions and low-cost alternatives like YouTube and Vimeo.
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FAQs

Online Video Platforms Market size was valued at USD 7.21 billion in 2019 and is poised to grow from USD 8.46 billion in 2023 to USD 30.05 billion by 2031, growing at a CAGR of 17.19% in the forecast period (2024-2031).

Global online video platforms market is expected to remain highly competitive. The popularity of online videos and content creation among the viewers will create lucrative growth prospects for the market players. Key players in the global online video platforms are collaborating with social media influencers to expand their customer base and gain a competitive edge. However, most of the market players will have to change their pricing range in order to tap into price sensitive market if they want to aggressively expand their consumer base. Key players in the global market are collaborating with social media influencers to expand their customer base and gain a competitive edge. 'Brightcove Inc.', 'Kaltura Inc.', 'Ooyala Inc.', 'IBM Corporation', 'Akamai Technologies Inc.', 'Comcast Technology Solutions', 'Wistia Inc.', 'Vimeo LLC', 'MediaPlatform Inc.', 'Sonic Foundry Inc.', 'Vidizmo LLC', 'Haivision Inc.', 'Panopto Inc.', 'Vidyard Inc.', 'Qumu Corporation', 'JW Player Inc.', 'Limelight Networks Inc.', 'Dacast Inc.', 'Vplayed', 'Dailymotion SA'

Growing popularity of online video channels and penetration of OTT platforms to drive growth of the online video platforms market.

Increasing Popularity of Short Video Reels and Emergence of Hosting Platforms: The growing popularity of short videos and reels is encouraging the market players to launch and develop online video platforms with advanced features and gain a competitive edge.

In 2022, North America had the highest revenue share of 39.44%. The region's promising growth is projected to continue in the near future with the advent of 5G network technology, which will make online video platforms considerably faster and more agile. Furthermore, the Asia Pacific market is poised to expand at a robust pace during the forecast period. Expansion of the media and entertainment industry and growing penetration of OTT platforms will fuel the growth in the region.

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