The Online Video Platform Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Online Video Platform Global Market Report 2024, The online video platform market size has grown exponentially in recent years. It will grow from $10.01 billion in 2023 to $12.08 billion in 2024 at a compound annual growth rate (CAGR) of 20.6%. The growth in the historic period can be attributed to surge in online video consumption, rise of over-the-top (OTT) services, monetization opportunities, globalization of content distribution, content creation and user-generated content (UGC).
The online video platform market size is expected to see exponential growth in the next few years. It will grow to $25.49 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%. The growth in the forecast period can be attributed to proliferation of streaming services, integration of artificial intelligence (AI), emergence of virtual events and live streaming, enhanced mobile video consumption, collaborations and original content production. Major trends in the forecast period include enhanced content moderation and safety measures, global expansion of video-on-demand (VOD) services, integration of e-commerce and shoppable videos, adoption of high-quality video compression technologies, innovations in video analytics and audience insights.
The growing demand for smartphones is expected to propel the growth of the online video platform market going forward. A smartphone refers to a portable electronic gadget with cellular connectivity and a multi-functional mobile phone handset with features such as a camera, web browser, and high-density display. Smartphones can operate video streaming services such as live streaming capabilities, 24/7 support, adaptive bit-rate streaming, and other services, which act as an online video platform for video playback to provide entertainment. For instance, according to the Mobile Economy Report 2021, published by the Global System for Mobile Communications Association (GSMA), a UK-based industry organization that represents the interests of mobile network operators worldwide, the number of smartphone connections across the world was 68% in 2020 and is expected to reach 81% by 2025. Furthermore, in Europe, smartphone adoption is expected to increase from 78% in 2020 to 83% in 2025. Thus, the growing demand for smartphones is driving the online video platform market.
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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
Major companies operating in the online platform market are adopting a strategic partnership approach to provide customers with insights and real-time analysis of their video streaming services. Strategic partnerships are collaborative arrangements between two or more organizations that combine resources and expertise to achieve mutually beneficial goals. For instance, in December 2023, Agama Technologies AB, a Sweden-based technology company, partnered with THEO Technologies NV, a Belgium-based software company. With this partnership, these companies aim to deliver an enhanced video streaming experience for Telenor. The collaboration combines THEO’s video playback technology, THEOplayer, with Agama’s video observability and analytics platform. This integration aims to ensure high-quality video streaming experiences across a wide range of connected devices, including web, mobile, and smart TVs.
The online video platform market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- International Business Machines Corporation
- YouTube LLC
- TwentyThree ApS
- Akamai Technologies Inc.
- MediaMelon Inc.
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