Mumbai: A new study has been added to ResearchAndMarkets.com's collection titled "Online Video Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027." In 2021, the market for online video platforms reached a size of $792 million. Looking ahead, ResearchAndMarkets.com projects that the market will grow at a CAGR of 12.59 per cent from 2021 to 2027, reaching $1.6 billion.
The company stated that it is continuously tracking and evaluating the direct as well as indirect influence of the pandemic on various end use industries while keeping in mind the uncertainties of Covid-19. These observations are cited in the study as a significant market contributor.
An online video platform (OVP) enables a user to stream video content and upload self-produced material over the cloud or the internet. It is primarily used to achieve and manage the uninterrupted delivery of content to an audience around the world.
At present, a significant amount of OVP viewership is generated through devices such as smartphones and tablets that use a dynamic HTML player, allowing the viewers to access live or pre-uploaded material at any point of time. OVPs are also extensively being used by brands to create a market presence worldwide and provide information to their customers in an interactive manner.
The increase in internet penetration rate as well as the usage of smartphones, smart televisions (TVs), tablets and personal computers (PCs), along with the rising expenditure on online advertisements, are the key factors driving the market's growth.
Furthermore, the inclination of the market leaders to utilise online videos as a medium for content marketing and stakeholder communication is also driving the demand for OVPs. The shift of consumer viewership from conventional video platforms such as cable television (TV) to OVPs has positively influenced the market growth.
Additionally, the ever-growing popularity and continuously increasing global viewership of market players such as YouTube, Dalet Digital Media Systems USA Inc, MediaMelon, and Limelight Networks are also contributing to the market's growth.
