Ascent of the Video Streaming Software Era
The video streaming software market is worth $4,080.814 million for the year 2019 and is expected to grow at 12.0% CAGR to reach a market volume of US$10,488.083 million by 2026.
Video streaming has gained significant prominence in recent years owing to the ever-growing need to communicate and exchange information effectively. Video streaming is a method of transmission of audio and visual content through the internet from a server to a client remotely. Video streaming software dates back to the early 1920s with Muzak being the first patented streaming platform. With the advent of computers in the 1980s, video streaming software gained significant prominence owing to the availability of advanced computers with stream supporting capabilities. The video streaming software works on data streaming techniques where a large set of data is sent to a requesting device and are then connected to the compatible streaming server. The video streaming software market covers software solutions such as transcoding and processing, video delivery, security, analytics and management. These video streaming software services have been extensively used for corporate as well as for large audiences.
Video streaming software has proved to be a fundamental component in corporate communications and has helped large companies in greater efficiencies and reduced management costs. The recent outbreak of the COVID-19 has impacted the video streaming software market emphatically. Owing to lockdowns and containment measures imposed around the world, various entertainment places, educational institutions were forced to remain. This resulted in a shift towards the Consumption of online video streaming software applications. The pandemic has also played a significant role in shifting consumer preferences towards online video streaming solutions.
Keytop players in the market are IBM, VBrick, Sonic Foundry, Qumu Corporation, Panopto Inc, Kaltura, Haivision, Brightcove, Polcycom Inc. and Plantronics.
Key Market Drivers in the Video Streaming Software Market:-
Growth in the video streaming software market has been fuelled majorly through the need for transcoding videos to a large set of people, extensive growth in the online video market and the ever-growing demand for on-demand services.
Furthermore, the growth in the video streaming software market has been driven by increasing penetration of mobile devices and other allied internet service demanding electronic devices. With recent technological advancements, demand for VoD streaming of videos and allied files over the internet has grown exponentially.
Besides, the underlying opportunities in SME's, educational and other allied sectors have grown over recent times and are expected to provide significant market demand growth in the coming years.
The education industry is projected to grow at the most prominent rate with the coming of age video streaming solutions to facilitate the growing demand in the education market through various online platforms and domains. This would aid in the enhancement of the classroom experience and create better engagement between teachers and children.
Moreover, the broadcasting and the media agencies are projected to gain significant market share over the forecasted timeframe of 5 years.
The growth in the industry has been restrained due to technical and network difficulties associated with online video streaming.
Moreover, concerns over the privacy and security of online video streaming have significantly impeded the market growth.
Video Streaming Software Market Segments:
The video streaming software market is segmented into the following subdivisions, namely component, streaming types, deployments and verticals. Further, the components are sub-segmented into solutions and services offered by the companies. The solution segment is then further classified into transcoding and processing, video management, delivery and videos security. whereas based on the streaming types, the market is classified into live streaming and video-on-demand services. besides, based on deployment, the market is segment based on the premise and cloud services and handling, and the market is segmented into BSFI, education, healthcare, entertainment and others based on verticals.
Trends in Video Streaming Software Market by Region:
Key market players around the world have adopted various business strategies to sustain, grow and develop in the video streaming market. Various business strategies employed by organizations around the world are partnerships, acquisitions, mergers and other related commercial agreements which have assisted conglomerates to develop and provide services to a large group of people worldwide.
Through such collaborative agreements between market players and governments and other allied government agencies in the North American region have resulted in significant development of the market on the whole. The North American region is projected to gain the highest market share in the imminent future through various forms of partnerships, research collaborations and large scale investments in online video streaming platforms and services.
Europe is expected to account for the second-largest growth by market share with several leading companies such IBM, Brightcove, and Microsoft have established a strong presence in these markets. Supportive governmental policies have aided in the growth of the market through favourable policies and ease in censorship regulations.
APAC is forecasted to grow at the fastest rate in the coming years. APAC region provides potential growth opportunities owing to positive economic growth, increase in usage of electronic devices, availability of internet services to a large group of people and digital transformation schemes formulated by the government. The recent inclination of people towards consumption of various global video content through online platforms such as Netflix, Hotstar, Amazon Prime, BoxTv, Tencent video has collectively led to an increase in video software solutions such as analytics, delivery and online security.
Countries such as China, India are expected to grow progressively owing to large population numbers. These highly competitive markets have incentivized several global companies to enter these countries to expand their video streaming solution portfolios and gain a positive economic outlook.
Emerging Opportunities in the Video Streaming Software Market:
An exponential rise is projected in the Video streaming software market in the coming years. The advent of new technological mediums such as Artificial intelligence and other advanced technological solutions will benefit the video streaming market largely and aid in the two-fold growth of the market.
