The Online Video Platform Industry Reach USD 43.2 Billion by 2032 Growing with a 19.5% CAGR Globally

Allied Market Research published a new report, titled, " The Online Video Platform Industry Reach USD 43.2 Billion by 2032 Growing with a 19.5% CAGR Globally." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The key factors impacting the primary growth of the global online video platform market include rise in number of streaming services and increase in popularity of live streams. However, availability of open-source video platforms affects the market growth to some extent. Conversely, an increase in penetration of smart phones is expected to provide lucrative opportunities for market growth during the forecast period.

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The global online video platform market was valued at $7.5 billion in 2022, and is projected to reach $43.2 billion by 2032, growing at a CAGR of 19.5% from 2023 to 2032.

The global online video platform market is segmented into type, application, end user, and region. Depending on type, the market is divided into video analytics, video content delivery network, video content management, mobile video, live streaming, and others. According to the application, it is classified into video sharing, commercial video platform, and others. By end user, it is categorized into individual, content creators, and brand & enterprises segments. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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By type, the video content management segment held the major share in 2022, garnering around two-third of the global online video platform market revenue. The video content management system offers a dynamic mechanism to ensure the correct content reaches the right viewers at the right time. The need for a video content management system is recognized by video producers and businesses as a solution to these issues, which primarily fuels the expansion of this market. The live streaming segment would also showcase the fastest CAGR of 23.6% during the forecast period, owing to its appealing features, such as an interactive and real-time connection between viewers and the video makers, consumers choose live content over on-demand content.

By application, the video sharing segment contributed to the highest share in 2022, accounting around one-third of the global online video platform market revenue, owing to increase in demand for video on demand services. In addition, marketers have discovered the power of micro-influencers operating in a certain niche who are driving the segmented audience. The commercial video platforms segment would also showcase the fastest CAGR of 21.6% throughout the forecast period, owing to increase in the number of e-learning, e-commerce, and video marketing platforms which are increasing for the commercial use.

By end user, the brands and enterprises segment accounted for nearly two-fifth of the global online video platform market share in 2022, and is expected to rule the boost by 2032, owing Businesses and brands may easily manage and broadcast videos with the help of online video platforms. Various brands are embracing the trend of streaming live events and on-demand media. Due to the platform's use of conversion-driven video techniques, companies and businesses may increase their leads and revenue. The individual segment would also display the fastest CAGR of 21.4% throughout the forecast period, owing to digitalization and increasing number of mobile users use internet video platform to publish, store, convert, and playback video content via a structured, massive system that can provide income.

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Region-wise, North America garnered the highest share in 2022, holding nearly one-third of the global online video platform market revenue in 2022, and is projected to retain its dominance by 2032, owing to increase in investments are expected to flow into the entertainment and media sector as a result of increased infrastructure investment in the U.S. The market for online video platforms in North America is expanding as a result of the surge in popularity of over-the-top (OTT) video services in the U.S. and Canada. The Asia-Pacific region would also portray the fastest CAGR of 22.4% during the forecast period, owing to enhanced wireless telecom networks and easy internet access become more widespread in developing nations in this region.

The market players operating in the online video platform industry are Akamai Technologies, Brightcove Inc., Endavo Media., Adobe Inc., Kaltura, Inc., Mediamelon, Inc., Panopto, Comcast, Wistia, and JW Player. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the online video platform industry globally.

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Covid-19 Scenario-

● The outbreak of COVID-19 pandemic had an enormous impact on the lives of people and the overall community as well as economy.
Concerning the impact of COVID-19 on the market for online video platforms, it is obvious that the pandemic has sped up the use of digital and remote research tools.

● Social distancing policies have forced many firms to switch to virtual research methodologies, which has underlined the significance of having flexible and adaptable research tools in place.

● Overall, companies that are able to successfully navigate the risks and opportunities given by new research technologies are probably going to have a competitive advantage in their respective marketplaces.

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