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Online Video Platform Market Size, Development Analysis, Key Trends, Growth Rate And Future Forecast (2024-2033)
Online Video Platform Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
Technological advancement is a key trend in the online video platform market. Major companies operating in the market are advancing toward video technology. For instance, in September 2022, Minute Media, a UK-based digital-first media company, launched its own supply-side platform (SSP) to provide a more efficient and direct connection between publishers and brands working within the programmatic advertising ecosystem. Minute Media's SSP integrates with Voltax, its proprietary video and multimedia publishing-as-a-service platform, as well as a number of third-party video players, demand wrappers, and some of the world's largest DSPs connecting directly or via programmatic infrastructure provider, BidSwitch, with new partners continuously being added.
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Major Key Players of the Market:
International Business Machines Corporation, YouTube LLC, TwentyThree ApS, Akamai Technologies Inc., MediaMelon Inc., SproutVideo LLC, Ziggeo Inc., Vimeo Inc., VideoBloom Inc., Edgio Inc., Dailymotion SA, Brightcove Inc., Comcast Technology Solutions, SpotX Inc., Longtail Ad Solutions Inc., Dalet Digital Media Systems USA Inc., Ooyala Inc., Vidyard Inc., Kaltura Inc., Wistia Inc., Pixability Inc., Livestream LLC, Vplayed Inc., Dacast Inc., Endavo Media & Communications Inc., Cincopa Ltd., Frame.io Inc., Panopto Inc., Niche Video Media LLC, Ensemble Video Platform
Online Video Platform Market 2024 Key Insights:
• 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%.
• Smartphone Boom Fuels Surge In Online Video Platform Market
• Minute Media's Technological Leap With The Launch Of Its Supply-Side Platform
• North America was the largest region in the online video platform market in 2023
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