PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1577322
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1577322
The Global Online Video Platform Market was worth USD 2.45 billion in 2023 and will grow at an 18% CAGR from 2024 to 2032, spurred by the surge in mobile video consumption and growth in user-generated video content. As smartphones become more prevalent, users increasingly access and share videos on mobile devices, boosting the demand for flexible and scalable video platforms. Additionally, the rise of user-generated content on platforms like YouTube and TikTok fuels the need for robust video hosting and management solutions. These trends collectively enhance market growth by increasing the demand for versatile and accessible online video platforms.
The online video platform industry is fragmented based on type, business model, application, and region.
The SaaS model segment secured 69% share in 2023 due to its flexibility, scalability, and cost-effectiveness. SaaS-based platforms enable businesses to easily manage and distribute video content without the need for extensive infrastructure. The subscription-based model also allows companies to reduce upfront costs and quickly scale operations as demand increases. With growing adoption across industries like entertainment, education, and marketing, the SaaS model has become the preferred choice, driving its dominance in the market.
The live streaming segment will achieve a 23% CAGR through 2032, owing to its increasing popularity across various applications, including entertainment, sports, and virtual events. Live streaming provides real-time engagement and interaction, which is highly valued by audiences and content creators alike. As demand for live content grows, driven by events like concerts, webinars, and online gaming, platforms that support high-quality, scalable live streaming are seeing significant adoption. This trend solidifies the live streaming segment's leading position in the market.
North America online video platform market captured a 30% share in 2023, driven by the region's advanced technological infrastructure and high internet penetration. The growing adoption of over-the-top (OTT) streaming services, coupled with increased demand for mobile video consumption, drives market expansion. Besides, the presence of key industry players and the rise of digital advertising further fuel market growth. With its strong focus on video content creation and consumption, North America remains a central contributor to the online video platform industry.