The increase in the online advertisement due to the gain in popularity of online videos has aided the growth of the online video platforms market over the forecast period.
– The use of online video platforms is catching trends among brands and enterprises who use it for the awareness of their products and offerings among their target market to generate revenue and for marketing.
– Online video platforms are also used for educational purposes too. For eg., Kaltura provides broadcasts classrooms where it helps staff as well as students to create, upload, edit, manage, publish, and deliver educational video to any device live or on-demand.
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Media & Entertainment Holds the Significant Market Share in the Industry
– Since the traditional method of viewing content is getting outdated such as billboards, print advertisings, tv commercials, and others; due to which popularity of online media is getting into limelight due to its extensive reach to the viewers and availability of the open sources has driven the growth of online video platform in media and entertainment market.
– Due to the massive shift in the online advertisement, the online video platform service providers have started investing more in video analytics that is used by advertisers so that they can keep track of their online content and extract the relevant data from it. For, e.g., find the reach of the content, manage a large volume of video, pattern recognition, etc.
– However, considering a slow internet connection could be a factor that can affect the growth of the market.
North-America Holds the Major Market Share
– North America holds the largest market share due to the presence of established companies in the region, like Vimeo, YouTube, Brightcove, and Kaltura, among others. The United States holds the largest market for the online video platform market.
– The rapid growth of the cloud-based service in the North American region is a significant factor for being the largest market for the online video platform market.
– Asia-Pacific is the fastest-growing industry due to the emerging market in the IT & Communication sector, also the increase in the penetration rate of the smartphone has an emerging impact on the video platform market in the coming years. China, Japan, India, and South Korea are significant contributors to the market in the region.