Online Video Platforms - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2024 - 2029

The Online Video Platforms Market was valued at USD 848.78 million in the previous year and is expected to grow at a CAGR of 13.23%, reaching USD 1804.16 million by the next five years. The growing adoption of smartphones, tablets, and other devices drives the market's growth. The online video platforms would also allow users to host, broadcast, and stream their videos.

Key Highlights

• The demand for online video platform solutions has been driven by a rapidly aging population, increased consumer demand, and improving advertising income, and by rising 3G and 4G usage, the coming of 5G, and portable devices.
• Video analytics is also set to gain a significant market share shortly. Modern analytics tools offered by vendors allow for gathering detailed information on the audience and their viewing habits. For example, YouTube Analytics (found in the Studio section) provides overall channel traffic over time, which is one of the ways to spot any peaks and seasonality a content creator may want to incorporate into his ongoing strategy.
• Additionally, ownership of mobile devices is already widespread in industrialized nations and is steadily catching up in emerging economies. As a result, companies that wish to promote on online video platforms have tailored their advertising expressly to be more mobile-friendly.
• The increasing use of the Internet has significantly altered the dynamics of industry and society. After two decades of the modern Internet's growth, various significant industries and businesses now run on software and offer services online. The upshot is that the Internet is producing tremendous economic value, but it has also disrupted many different markets.
• The Post-COVID effect on the market for global online video platforms led to higher adoption rates, altered content strategies, and technological developments. Online video platforms are anticipated to play an even bigger role in determining the future of media consumption and content distribution as consumers continue to embrace digital entertainment and streaming possibilities.

Online Video Platform Market Trends

Increase in Trends in Online Advertisements is Expected to Hold Significant Share

• Due to the COVID-19 pandemic, streaming consumption has considerably increased. The company owners benefited from adopting online advertising to expand their consumer base. Although the pandemic also significantly increased the number of individuals streaming videos, far more video content is being seen on various displays and devices.
• As a result of the rising demand for online streaming content and shifting consumer preferences, media services providers have seen a significant increase in their subscriber base and a peak in viewing across several areas. For the businesses competing in the market, this should present several chances to promote to specific consumers.
• Moreover, the increasing technological advancements and rising digital spending by enterprises across the globe are also anticipated to drive online advertisement. Over the years, various technological developments regarding the internet, combined with its increasing commercial usage and the rapidly increasing number of internet users globally, have shaped the transformation of online advertising and created various forms of digital advertising formats but have also given rise to newer advertising business models.
• The possibilities for video-based advertising and marketing have increased with the emergence of new platforms and formats. The expenditure on television advertising is decreasing. More money is expected to be spent on digital video. According to the Interactive Advertising Bureau (IAB), nearly two-thirds of the total video ad advertising budget was spent on mobile and desktop advertising.
• According to SentiOne, from January 2022 to May 2022, Netflix was mentioned around 12 million times in online conversations, making it the most-talked-about streaming platform brand at that time. HBO and Disney+ followed, with approximately one million and 803 thousand online mentions, respectively.

Asia Pacific is Expected to Hold Significant Market Share

• Demand for live-streaming e-commerce is rising in Asian nations like China, India, and Japan. For example, some large e-commerce giants launched their streaming platforms to promote their own e-commerce companies and meet these demands. Amazon Live is an example that is anticipated to compete with the traditional QVC retail platform with more customer participation. Numerous automakers are interested in the forum as well.
• Also, there is now a vast global demand for Korean content due to the global expansion of K-pop, K-drama, and Korean culture, motivating the domestic market. According to the Korea Communications Commission, the Korean video streaming market is expected to stand at over USD 680 million presently.
• Furthermore, it is anticipated that South Korea's user penetration will reach 35 to 40 Percent by the next five years. The market's ARPU is expected to be USD 63. Korean consumers between the ages of 10 and 40 have the most significant market penetration in the domestic Over the Top (OTT) market, according to the Korea Information Society Development Institute (KISDI).
• Moreover, the content was made available in videos, increasing the need for video content management systems. Some of the e-learning platforms developed by the government of India are Swayam, Diksha, e-ShodhSindhu, NPTEL, and Swaam Prabha.
• On the other hand, Australia is home to more than 30 e-learning platforms and gained more traction during the spread of the COVID-19 pandemic as the need for distance learning increased. Moreover, the government of Australia implemented Australian Strategic Partnerships in remote education to convene experts in open, distance, and online learning in the country. Such initiatives are driving e-learning and increasing the need for online video platforms.

Online Video Platform Industry Overview

The Online Video Platforms Market is semi-consolidated, with the presence of major players like Vimeo Inc. (InterActive Corp.), YouTube LLC, Brightcove Inc., Panopto Inc., and Kaltura Inc. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

• December 2022 - Amazon intends to release a stand-alone streaming application. This action would align with Amazon's plan to improve the sports content options available on its Prime Video platform. Sports are one of the most popular live-streaming genres, and they can increase viewership on services like Amazon Prime.
• June 2022 - Vimeo, one of the world's leading all-in-one video software solutions, has announced the introduction of new interactive video capabilities with Vimeo; this derives from the successful integration of the WIREWAX feature-set and enables Users to produce dynamic films that generate results quickly. This will significantly advance in realizing video's full potential for all businesses.

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