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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Major video streaming software vendors 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). These market players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product enhancements to expand their presence in the video streaming software market. Product enhancements and collaborations have been the most adopted strategies by major players from 2018 to 2020, which helped companies innovate their offerings and broaden their customer base.
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.
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