The global video streaming software market size is expected to grow from USD 6.1 billion in 2020 to USD 15.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.7% during the forecast period. The major factors driving the growth of the video streaming software market include increasing penetration of mobile devices and internet users, and growing demand for VoD streaming, impact of COVID-19 pandemic and growing need for transcoding to deliver videos to maximum end users.
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Video-On-Demand segment to hold the largest market size during the forecast period
VoD is a system that allows users to select and watch videos of their choice on their Televisions (TVs) or computers. It provides users with a variety of content, thus providing the users with the choice of consumption. It allows viewers to request immediate access to video content on their PCs or TVs. VoD solutions enable users to select and watch different video content, which can belong to various fields, such as sports, entertainment, educational programs, and feature films. This choice of content can be consumed via TVs, computers, smartphones, and advanced digital media devices. It can also be deployed on the cloud as well as on-premises. The benefits of having VoD service are that the content is available months and even years later if people wish to access it. This helps in increasing the reach of the audience to the content, and archived content can be consumed later as well for other purposes, such as lead generation for a particular event. Additionally, amidst pandemic the demand for VoD has increased heavily in last six months.
Cloud deployment type to record the fastest growth rate during the forecast period
By 2023 the entertainment industry market size is expected to grow by 23% to a value of USD 2.6 trillion. The on-demand characteristics of the cloud deployment type provide significant levels of scalability and flexibility that the media and entertainment sector must cost-effectively meet the volatile customer demand. Today, businesses all over the world make use of video streaming as a tool for marketing and communication, as well as a modern means of providing entertaining or educational content. The advancements in cloud computing have revolutionized video streaming and brought forth massive corporations and popular streaming platforms. Video streaming platforms have adopted cloud scaling in order to enable the working of larger bandwidth and speed. These factors are necessary to handle heavier video requirements and provide a better viewing experience.
Cloud-based video streaming platforms provide multiple advantages, such as low operational expenses, easy deployment, scalability, and easy collaboration. Thus, it interests both large enterprises and SMEs. Due to the rise in the number of smartphone users, major players are focusing on offering handy and easily accessible solutions for platforms. Large enterprises and SMEs are deploying cloud-based video streaming platforms primarily for the flexibility these platforms offer. Thus, cloud deployment has been a preferred deployment option for the enterprises.
APAC is projected to be the fastest growing region during the forecast period
Major economies in the APAC region continue to exhibit strong growth in the video streaming software market. Positive economic growth, digital transformation, the proliferation of smart devices, and high-speed internet connectivity make this region the fastest-growing market. In the past few years, the inclination of audiences toward global video content is offering growth opportunities to VoD players, such as Netflix, Amazon Prime Video, Yoku Tudou, iQiyi, Tencent Video, LeTV, Hooq, iFlix, YuppTV, BoxTV, and Hotstar resulting in an increased demand for video streaming software solutions, such as video analytics, delivery, and security. Developing countries are gradually advancing toward using video streaming platforms to improve and streamline their business processes. Densely populated countries, such as India and China, are now advancing progressively toward video streaming monetization models to improve and streamline their business processes. Additionally, the highly competitive environment in the region is expected to trigger the growth of video streaming software solutions and services that would augment the overall RoI for the media, entertainment, and education organizations. Various major players, such as Brightcove, IBM, and Qumu, are expanding their cloud businesses rapidly in the region due to the availability of high growth potential and a positive economic outlook.
Some prominent players across all service types profiled in the video streaming software market study include IBM (US), Brightcove (US), Kaltura (US), Qumu (US), Panopto (US), Haivision (Canada), VBrick (US), Wowza (US), SproutVideo (US), Vimeo (US), Dacast (US), Sonic Foundry (US), MediaPlatform (US) and Agile content (US).
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