Between 2020 and 2026, the global video streaming market is estimated to grow at a compound annual growth rate of 20.1 percent. The expansion in this market is a result of innovations, such as blockchain technology and artificial intelligence (AI), required to improve the video quality. Artificial intelligence has been playing an essential role pertaining to editing, voice-overs, scriptwriting, and other aspects of video production and uploading.
The global video streaming software market witnessed unprecedented growth during the coronavirus pandemic in 2020. To stop the spread of the virus, countries have adopted strict lockdown. About 25 percent of the world’s population was forced to be stuck at home for at least a month. This has caused a demand expansion for online streaming and entertainment services. Major online streaming software, such as Netflix, Amazon Prime Video, Dinesy+, YouTube, and so forth have recorded a spike in global viewership. On average, the global video streaming software market has seen a rise of nearly 10 percent in viewership during the pandemic lockdown. Around the globe, film producers have been forced to release big or small budget films on online streaming software due to the closure of multiplexes to maintain social distancing. Individuals stuck at home are using online streaming platforms for news updates, for entertainment, for socializing, and playing games. Different live streaming platforms, like, Facebook Live, Twitch, so forth, have gained popularity.
Based on type, the live streaming segment holds the largest market share of over 60 percent in 2019. This resulted from the surging demand for digital media devices paired with faster internet allowing people to access digital content remotely. Moreover, other factors, including analytics tracking, ad-free content, mobile watching, unlimited content use have also driven the segment growth. On the other hand, the non-linear segment is estimated to grow considerably in recent years. Video-on-demand is the major source of growth for this segment.
Based on the solution, the OTT-based segment leads the global video streaming software market with a market share of over 40 percent in 2019. The segment is also likely to record the fastest growth during the forecast period due to the incipient trends in OTT, such as hybrid monetization models, amassed requirements for digital original content, and content fragmentation due to intensive competition.
Based on the platform, smartphones and tablets held the largest market share of more than 31 percent as of 2019. The ease of internet access, rising personal disposable income, and improved standard of living and developing lifestyle have attributed to the growth of this segment. This segment is followed by the smart TV segment. Mobiles and tablets allow problem-free streaming of contents due to reliable internet access.
Based on service insights, the training and support segment accounted for the biggest revenue share of more than 37 percent in 2019. But the managed services segment is probable to have the fastest CAGR over the forecast years.
Based on revenue model insights, the subscription model lead the global video streaming software market with a revenue share of 43 percent in 2019 and will record the largest growth between 2020 and 2026. In the subscription model, online streaming software charges an access fee, such as monthly or yearly subscription charges. Advertising is the second important source of revenue for the online streaming software market.
Based on the deployment type, the cloud segment held the largest revenue share of more than 57 percent in 2019. The improvements in cloud computing have transformed the global online streaming software market tremendously since it is capable of handling substantial data content and providing a better viewing experience.
Based on user insights, the consumer segment held the largest revenue share of about 51 percent in 2019. This resulted from the increase in demand for video-on-demand and live streaming services. However, the enterprise segment is estimated to witness the fastest growth between 2020 and 2027 owing to the increasing use of video streaming services by enterprises for training and consulting.
Lastly, based on regional analysis, North America enjoyed the largest market share at 39 percent due to the massive growth of cloud-based streaming services. Europe is a close second and is projected to record the fastest growth in the coming years.
Some of the key players in the global video streaming software market include Akamai Technologies, Amazon Web Services, Inc., Apple Inc., Google LLC, Kaltura, Inc, Netflix, Inc., International Business Machine Corporation, and many more.
Check the Report Description at Video Streaming Software Market Size, Trends & Analysis - Forecasts to 2026