Video Streaming Software Market worth $25.5 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 9, 2023 /PRNewswire/ -- With continuing growth anticipated in the upcoming years, the market for video streaming software has a promising future. However, the market is probably going to get more crowded and competitive, so businesses will need to innovate and set themselves apart in order to succeed.
The global Video Streaming Software Market size is expected to grow from USD 11.0 billion in 2023 to USD 25.5 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 18.3% during the forecast period, according to a new report by MarketsandMarkets™. The growing need for transcoding to deliver videos to maximum end users, increase in demand for high-quality videos, surge in demand for multiscreen have driven the market growth.
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Scope of the Report
Over-The-Top (OTT) to capture a large market share during the forecast period
The Video Streaming Software Market, by delivery channel, include es Pay-TV, Internet Protocol TV (IPTV), and Over-The-Top (OTT). The Over-The-Top (OTT) is projected to lead the market as have become increasingly popular in recent years, as more consumers turn to streaming services for their entertainment needs. The growth of OTT has led to a shift in the media landscape, with traditional broadcasters and cable providers struggling to keep up with the demands of viewers who want to access content on their own terms. OTT services are accessed through a wide range of devices, including smart TVs, smartphones, tablets, and gaming consoles, making it a flexible and convenient way for viewers to access content. Examples of popular OTT services include Netflix, Hulu, Amazon Prime Video, Disney+, and YouTube. One of the key advantages of OTT delivery channels is that they allow content providers to reach a global audience without the need for costly infrastructure, such as satellite or cable networks. This has led to a proliferation of niche content providers and increased competition in the media landscape.
Subscription-based monetization model to capture a large market share during forecast period
The Video Streaming Software Market has been segmented on the basis of monetization model into subscription-based, advertising-based, and transaction-based. A monetization model is a business strategy that outlines how a company will generate revenue from its products or services. It describes the specific ways in which a company plans to make money, and often includes details about pricing, distribution channels, and target markets. The Subscription-based is projected to lead the market as this model provides businesses with a direct line of revenue from consumers without having to consult or sell to advertisers. Subscription pricing strategies can be made according to functionality, discounted to motivate bulk purchases, metered according to usage levels, or optimized to reward loyalty. A subscription-based monetization model in video streaming involves charging users a recurring fee for access to a platform's content. The subscription fee is typically charged on a monthly or yearly basis and gives users unlimited access to the platform's content library. Users can stream videos, movies, TV shows, and other types of content on-demand without any additional fees. The subscription-based model provides a predictable source of revenue for video streaming services and encourages them to invest in creating high-quality content to attract and retain subscribers.
North America segment to capture a large market share during the forecast period
The Video Streaming Software Market has been segmented by region into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. As per region, North America is estimated to account for the largest market share in the global Video Streaming Software Market in 2023, and this trend is expected to continue during the forecast period. North America is the region with the most established video streaming software adoption due to a number of factors, including the existence of large enterprises with sophisticated IT infrastructure and the availability of technical expertise. North America is expected to encourage market growth, as large enterprises and SMEs focus on developing innovative video streaming solutions integrated with technological advancements, such as video analytics, AI, and ML. North America's two largest contributors to the Video Streaming Software Market are the US and Canada. The trend is expected to persist during the forecasting period. It is a region with strict regulations for a number of economic sectors and advanced technology.
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Video Streaming Software Market Dynamics
Top Key Companies in Video Streaming Software Market:
Some of the major vendors offering video streaming software across the globe include IBM (US), Kaltura (US), Panopto (US), Brightcove, (US), Haivision (US), Vimeo (US), VBrick (US), Qumu (US), Sonic Foundry (US), Agile Content (Spain), and Akamai (US).
Video Streaming Software Market Advantages
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