The Video Streaming Software market is evaluated at US$4,080.814 million for the year 2019 and is anticipated to grow at a CAGR of 14.44% to reach a market size of US$10,488.083 million by the year 2026.
The rise in the number of smartphone users, coupled with the increasing internet users all across the globe is anticipated to be one of the key drivers supplementing the market growth of video streaming software. With the rise in the availability of high-speed internet, consumers now prefer to watch the content that they want to watch at the moment. There on-demand video streaming has increased over the years and the OTT platforms like Netflix, Amazon Prime, and others have become hugely popular in recent years, which has impacted the video streaming software market positively and contributed to its growth. Also, the Covid-19 pandemic has played a huge role in shifting the consumers towards watching online video streaming and created a long-lasting impact on the preferences of people, which is further expected to boost the video streaming software market in the coming five years.
The recent outbreak of the novel coronavirus has impacted the video streaming software market to a large extent. Since the lockdown was implemented all over the world due to the concerns regarding the rapidly increasing Covid-19 cases, the time people spent in front of the screen and watching videos increased hugely. According to the Office of Communications, the United Kingdom, the adults which were stuck inside their houses in the lockdown during the pandemic, 40% of them spent their waking hours in front of a screen. The lockdown witnessed a huge surge in people consuming video streaming leading to behavioral changes in people and made people habitual of using video streaming software, which led to the growth of the video streaming software market. Also, as the schools were closed, and children were also stuck inside their homes, there was a rise in children studying from online videos, further propelling the growth of the market. The lockdown period has made the population habitual of consuming more online media, which has led to a permanent shift in the preferences of people and the market for video streaming software is still growing. This lasting impact is anticipated to further keep increasing the market growth during the forecast period.
The Video Streaming Software market has been classified based on Solutions, Services, Streaming Type, Deployment, Vertical, and Geography. By Solutions, the market has been classified on the basis of Transcoding and Processing, Video Management, Video Delivery and Distribution, Video Security, Video Analytics, and others. On the basis of Services, the segmentation has been done into Professional Services and Managed Services. By Streaming type, the market has been classified on the basis of Live Streaming and Video-on-Demand Streaming. On the basis of Deployment, the segmentation has been done into On-Premise and Cloud. The Vertical segment has been categorized into Media and Entertainment, BFSI, Education, Healthcare, Government, and others. Geographically, the market for Video Streaming Software has been distributed in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The rise in the number of internet and smartphone users
One of the key factors supplementing the Video Streaming Software market growth includes the growing number of people using the internet and smartphones all around the globe. With the rise in internet and smartphone users, the usage of video streaming software is increasing leading to market growth. According to International Telecommunication Union (ITU), 28.7% of the population of the world were internet users in 2010 which increased to 41.5% in 2015 and further increased to 51% in 2019. Also, there were 553 million people in the world who had fixed broadband subscriptions in 2010 which rose to 841 million in 2015 and further rose to 1.13 billion in 2019. With the rise in digitalization, the number of people using the internet has been increasing at an even greater pace. Moreover, the number of smartphone users has been increasing at a great pace around the world. For example, according to India Cellular and Electronics Association (ICEA) report, India witnessed a 14.5% growth rate in the smartphone market in 2018 with 142.5 million units shipped. The report also states that the country is expected to have 829 million smartphone users by 2022. The world is witnessing a rapid increase in smartphone users, along with the increase in internet usage, which is anticipated to surge the market growth during the forecast period.
The rise in on-demand video streaming
On-demand video streaming has seen a huge surge in recent years across the world, which is anticipated to be one of the prominent drivers supplementing the market growth of video streaming software during the forecast period. The major TV media companies have been entering the Video streaming market and rolling out their streaming services. Disney has released their video streaming platform named Disney+, HBO has released HBO Go, and NBC has released Peacock Premium. Moreover, there are other entrants like Apple TV+, AT&T, and many others including sports, which have further increased the interest of people in video streaming software. Also, the increase in the usage of smart TVs has fuelled the market growth further and led to making the population habitual of watching on-demand videos whenever they want. The factors leading to the rise in video-on-demand are expected to have a positive impact on the market growth and are anticipated to be a prominent driver for the video streaming software market in the next five years.
The Asia Pacific to witness substantial growth
Geographically, the Asia Pacific region is anticipated to witness the highest growth in the market owing to the rapid digitalization and continue spreading the digital capabilities of the region in countries like China, South Korea, Singapore, India, and Hong Kong. The North American region is anticipated to hold a substantial share due to the presence of highly advanced and progressive countries in terms of technology.
Prominent/major key market players in the Video Streaming Software market include IBM Corporation, Kaltura, Inc., Haivision among others. The players in the Video Streaming Software market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Video Streaming Software market.
Video Streaming Software Market Scope:
|Market size value in 2019||US$4,080.814 million|
|Market size value in 2026||US$10,488.083 million|
|Growth Rate||CAGR of 14.44% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Solutions, Services, Streaming Type, Deployment, Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Wowza Media Systems, LLC, Amazon, Kollective Technology, Inc., Ooyala, Inc., Haivision, IBM Corporation, Kaltura, Inc., Panopto Inc., Brightcove, Vbrick, Qumu Corporation|
|Customization scope||Free report customization with purchase.|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for video streaming software market?
A1. The video streaming software market is anticipated to grow at a CAGR of 14.44% during the forecast period.
Q2. What will be the video streaming software market size by 2026?
A2. The global video streaming software market is anticipated to reach a market size of US$10,488.083 million by 2026.
Q3. What is the size of global video streaming software market?
A3. Video Streaming Software market was valued at US$4,080.814 million in 2019.
Q4. Which region holds the maximum market share in the video streaming software market?
A4. The North American region is anticipated to hold a substantial share due to the presence of highly advanced and progressive countries in terms of technology.
Q5. What factors are anticipated to drive the video streaming software market growth?
A5. The rise in the number of smartphone users, coupled with the increasing number of internet users all across the globe is anticipated to be one of the key drivers supplementing the growth of video streaming software market.