The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global online video platform market is set for robust growth, with the market size projected to surge from $8.28 billion in 2022 to $9.97 billion in 2023, showcasing a compelling compound annual growth rate (CAGR) of 20.4%. Looking ahead, the momentum continues, with expectations pointing toward a market size of $20.63 billion in 2027, driven by a CAGR of 19.9%.

Riding the Smartphone Wave: Catalyst for Growth

A significant driver behind this surge is the escalating demand for smartphones. These portable electronic wonders, equipped with features like cameras, web browsers, and high-density displays, serve as the conduit for the online video platform market’s expansion. The Global System for Mobile Communications Association (GSMA) reports a global smartphone connection rate of 68% in 2020, projected to reach 81% by 2025. In Europe, smartphone adoption is anticipated to rise from 78% in 2020 to 83% in 2025. This upward trajectory in smartphone usage fuels the demand for online video platforms, as smartphones become the preferred devices for accessing video streaming services, live streaming, and more.

Industry Giants: Powerhouses in the Online Video Platform Landscape

The online video platform market is a competitive arena, with key players shaping the industry landscape. Leading the charge are prominent names such as MediaMelon Inc., Akamai Technologies Inc., Kaltura Inc., Panopto, and Brightcove Inc. These companies leverage their expertise to provide cutting-edge solutions that cater to the evolving needs of the market.

Technological Innovation: A Driving Force

A pivotal trend in the online video platform market is the relentless pursuit of technological advancement. Major industry players are investing in video technology, exemplified by Minute Media’s launch of Voltax Video in May 2020. This digital-first media company’s online video platform, Voltax Video, is designed to enhance the video strategies of digital publishers. Voltax Video employs a publishing-as-a-service (PaaS) model, eliminating upfront costs and providing scalability to enhance engagement, content delivery, audience reach, and monetization. This commitment to innovation underscores the industry’s dedication to creating a more efficient and effective video experience.

Segmentation Unveiled: Navigating the Online Video Platform Landscape

The online video platform market is multifaceted, segmented based on various criteria:

1. By Type: Video Processing, Video Management, Video Distribution, Video Analytics, and 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, and Other End-Users.

This segmentation enables a nuanced understanding of the market dynamics, allowing businesses to tailor their strategies to specific niches and target audiences.

Regional Dynamics: North America Leading, Asia-Pacific Surging Ahead

In 2022, North America emerged as the largest region in the online video platform market. However, the spotlight is shifting towards Asia-Pacific, anticipated to be the fastest-growing region during the forecast period. The burgeoning demand for online video platforms in the Asia-Pacific region underscores the global nature of this market, with diverse regions contributing to its expansion.

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The Online Video Platform Global Market Report 2023  provides an overview of the online video platform market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The online video platform market forecast analyzes online video platform market size, online video platform market share, leading competitor and their market positions.

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