Online video platforms (OVP) are utilized for processing and delivering online video material to the desired audience. OVP stands for online video content solutions that allow video creators to ingest, convert, manage, publish, syndicate, analyze, store, and monetize online video using license-based software as a service (SaaS). Some services allow users to watch live videos in addition to prerecorded, on-demand material.
A video hosting service provides online video platforms by assisting users in uploading, transcoding, storing, and playing back video content over the internet. It includes features including file conversion and transcoding, editing, ingestion, content sharing and accessibility, content storage and security, and more. OVPs are increasingly trusted by media and entertainment firms to manage, publish, and monetize video content in a scalable manner.
Major Drivers, Restraints, Challenges and Opportunities
The key drivers propelling the online video platform market expansion are an increase in internet penetration rate, as well as the use of smartphones, smart televisions (TVs), tablets, and personal computers (PCs), as well as increased expenditure on online advertisements. Demand for OVPs is also being driven by market leaders' preference for using online videos as a platform for content marketing and stakeholder communication. The market is being driven by an increase in the use of video content for advertising and branding activities over traditional marketing campaigns in sectors/industries such as e-commerce, healthcare, manufacturing, and real estate.
In terms of revenue, the video content management category had the second-largest share of the online video platform market. The popularity of video management software is growing due to features like enhanced search capabilities, which makes video indexing easier while handling massive video files. Due to an increase in demand for live video streaming and Video on Demand (VoD) content, the content producer category is likely to develop significantly throughout the projection period.
North America dominated the global online video platform market and accounted for the largest revenue share. With the launch of superior 5G network technology, which makes online video platforms much faster and more agile, the region's optimistic growth is set to continue in the near future. Furthermore, an increasing number of businesses in the United States are adopting online video platforms to promote their products and services and strengthen their brand identification.
Companies that want to use a cost-effective and scalable service that can react to the flow of live streaming have turned to cloud infrastructure. Collaborations, acquisitions and mergers, and partnerships are among the activities that vendors are working on. To acquire a competitive advantage in the market, vendors are concentrating on growing their customer base.
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