PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1489449
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1489449
According to Stratistics MRC, the Global Video Content Management System Market is accounted for $4.04 billion in 2023 and is expected to reach $11.08 billion by 2030 growing at a CAGR of 15.5% during the forecast period. A video content management system is a software platform that enables organizations to upload, store, organize, and distribute video content efficiently. It provides features such as video encoding, metadata tagging, search functionality, and access controls. Video CMSs are used by businesses, educational institutions, and media companies to manage their video libraries, streamline workflows, and deliver engaging multimedia experiences to audiences.
According to a report by Cisco, it is projected that by 2022, 82% of all internet traffic will consist of video content, showing a notable increase from 75% recorded in 2017. This escalating dominance of video content on the internet is anticipated to fuel the demand for robust Video Content Management System (VCMS) solutions.
Growing demand for video content
The increasing demand for video content across various industries is a key driver for the video content management system market. Organizations are leveraging video content for training, marketing, communication, and entertainment purposes. The rise of online learning, remote work, and digital marketing has further fueled the need for efficient video content management solutions. Video content management systems enable businesses to store, organize, manage, and distribute video content effectively, streamlining their video workflows and enhancing audience engagement.
Limited technical expertise
Implementing and maintaining a video content management system requires specialized knowledge and skills in video technology, data management, and system integration. Organizations may face challenges in finding and retaining talent with the necessary expertise to effectively utilize and optimize their video content management systems. This skills gap can hinder the adoption and successful implementation of video content management solutions, particularly in small and medium-sized enterprises.
Growth of the Internet of Things (IoT)
The rapid growth of the Internet of Things (IoT) presents significant opportunities for the video content management system market. IoT devices generate vast amounts of video data that need to be efficiently managed and analyzed. Video content management systems can integrate with IoT devices to collect, store, and process video data in real-time. This integration enables organizations to leverage video analytics, remote monitoring, and intelligent decision-making based on the insights derived from IoT video data, opening up new possibilities for surveillance, asset management, and process optimization.
Data security breaches
Video content often contains sensitive and confidential information, making it a prime target for cybercriminals. Unauthorized access, data theft, or leakage of video content can lead to reputational damage, financial losses, and legal consequences for organizations. The increasing sophistication of cyber threats and the growing volume of video data stored in content management systems heighten the risk of security breaches, which may hinder market growth.
The COVID-19 pandemic has had a mixed impact on the video content management system market. While the overall demand for video content increased due to remote work, online learning, and virtual events, some industries, such as travel and hospitality, experienced a slowdown. The pandemic accelerated the adoption of cloud-based video content management solutions as organizations sought to enable remote collaboration and access to video content. However, the economic uncertainty and budget constraints caused by the pandemic led to delayed investments and project postponements in certain sectors.
The platform segment is expected to be the largest during the forecast period
The platform segment is expected to be the largest during the forecast period. Platforms offer a comprehensive suite of features and functionalities for managing video content, such as ingestion, storage, transcoding, metadata management, and distribution. The growing demand for scalable and flexible video content management solutions drives the adoption of platforms across various industries. Platforms enable organizations to centralize their video assets, streamline workflows, and deliver video content across multiple channels and devices, making them an essential component of the video content management ecosystem.
The cloud-based segment is expected to have the highest CAGR during the forecast period
The cloud-based segment is expected to have the highest CAGR during the forecast period. Cloud-based solutions offer scalability, flexibility, and cost-efficiency, making them attractive for organizations of all sizes. The cloud model eliminates the need for upfront infrastructure investments and enables organizations to scale their video content management capabilities based on their evolving needs. Moreover, cloud-based video content management systems also provide remote accessibility, enabling teams to collaborate and access video content from anywhere, which is particularly relevant in the current remote work scenario.
North America is expected to hold the largest market share in the video content management system market. The region's dominance can be attributed to the presence of major market players, advanced technological infrastructure, and the early adoption of video content management solutions. The United States, in particular, has a strong presence of media and entertainment companies, educational institutions, and enterprises that heavily rely on video content for various purposes. The region's focus on innovation, digital transformation, and the growing demand for video-based communication and learning solutions further drive market growth in North America.
The Asia Pacific region is projected to experience the highest CAGR in the video content management system market during the forecast period. The region's rapid economic growth, increasing internet penetration, and the rising adoption of digital technologies are key factors driving this growth. Countries like China, India, and Southeast Asian nations are witnessing a surge in video content consumption, fueled by the proliferation of smartphones, high-speed internet connectivity, and the popularity of online video platforms. Additionally, government initiatives to promote digital transformation and increasing investments in IT infrastructure further contribute to market growth in the Asia-Pacific region.
Key players in the market
Some of the key players in Video Content Management System Market include BoxCast, Brightcove Inc., Dacast Inc., Dalet Digital Media Systems USA, Inc., Enghouse Systems Ltd., Genus Technologies, Haivision, IBM Corporation, JW Player, Kaltura, Inc., Kollective Technology, Inc., MediaPlatform, Inc., Microsoft Corporation, Panopto, Renderforest, Sonic Foundry Inc., Telestream, Vbrick, VIDIZMO, Vidyard and Vimeo, Inc.
In October 2023, IBM introduced the new IBM Storage Scale System 6000, a cloud-scale global data platform designed to meet today's data intensive and AI workload demands, and the latest offering in the IBM Storage for Data and AI portfolio.
In February 2023, Enghouse Systems announced it has successfully completed its acquisition of Qumu Corporation. Under a December 19, 2022 agreement, a wholly owned subsidiary of Enghouse completed a previously announced tender offer for all the outstanding shares of Qumu for US$ 0.90 per share in cash, resulting in a total equity value of approximately US$18.0 million. Subsequently, the Enghouse subsidiary merged with Qumu, resulting in Qumu becoming a wholly owned subsidiary of Enghouse.