Online Video Platform Market is driven by Surging Demand for Video On-Demand Services
The online video platforms market has witnessed substantial growth in recent years owing to the surging popularity of video on-demand services among consumers. Online video platforms refer to cloud-based software solutions that help enterprises manage the uploading, transcoding, storage, playback, reporting, and monetization of video content. It provides functionalities to ingest, encode, store, retrieve, and deliver online videos to a vast audience. With the advent of high-speed internet connectivity, consumers have increasingly started accessing online videos for streaming television shows, movies, tutorials, product demonstrations, and more on various devices such as smartphones, smart televisions, desktops, and laptops.
The global online video platforms market size was valued at US$ 1.5 billion in 2020 and is estimated to be valued at US$ 3.5 billion in 2028 and is expected to exhibit a CAGR of 21 % over the forecast period 2021-2028.
Key Takeaways
Key players operating in the online video platforms are Brightcove, Ooyala (Telstra), thePlatform, SpotX, VdoCipher, Anthropic, Accedo Broadband, Hanson Robotics, and Kaltura.The surging popularity of Online Video Platforms Market Demand has boosted the demand for online video platforms solutions globally. According to a report, over 80% of the US population accessed online videos in 2020, exhibiting a jump of over 10% compared to 2018. Video streaming services such as Netflix, Amazon Prime Video, Disney+, and Hulu have witnessed exponential subscriber growth in recent years.
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