February 21, 2024
Video Streaming Software Market

Video Streaming Software Market is expected to be Flourished by Increased Adoption of Video on Demand Services

The video streaming software market has witnessed significant growth in recent years owing to the rising popularity of video on demand (VoD) services across the globe. Video streaming software helps users and enterprises stream audio and video content online through the internet. Key players offering video streaming software solutions include content delivery networks (CDN), online video platforms (OVP), and video management systems. The video streaming software enables video creators to protect, store, track, and share high-quality videos. Enterprises across various industry verticals such as media & entertainment, IT & telecom, healthcare, commercial sectors, and education are increasingly adopting video streaming platforms to provide online training and eLearning services.

The global video streaming software market is estimated to be valued at US$ 12.16 Bn in 2024 and is expected to exhibit a CAGR of 46% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for the growth of the video streaming software market is the rising adoption of video on demand (VoD) services across the globe. With increasing internet penetration and availability of affordable smartphones, consumers’ preference for streaming videos online through various OTT platforms such as Netflix, Amazon Prime Video, and Disney+ Hotstar has increased significantly over the past few years. Video streaming software enables seamless delivery of high-quality video content on various devices without much buffering through effective content delivery networks (CDN). The growing trend of digital content consumption using mobile devices and smart TVs is expected to boost the demand for advanced video streaming solutions during the forecast period.

Segment Analysis

The video streaming software market is segmented based on components, deployment type, organization size, verticals and regions. The solution segment dominates the market holding around 65% share as most of the enterprises are adopting video streaming solutions for internal as well as external communications. The solutions provide features like live streaming, video on demand, video hosting, encoding/transcoding etc. which are driving its adoption.

PEST Analysis

Political: Governments across the globe are promoting digitalization and video streaming is seen as an important medium for various sectors like education and healthcare. Favorable policies are helping the market growth.

Economic: The global economy is recovering post-pandemic and organizations are increasing their digital investments. Growing online video consumption is creating opportunities for video streaming software vendors.

Social: Younger generations are technology savvy and are adopting online video for learning and entertainment. The increasing preference for digital/online learning will drive the education sector’s demand.

Technological: Emerging technologies like AI, ML and cloud are helping to enhance video streaming experiences. They are enabling features like personalized recommendations, automatic captions and intelligent optimization of video delivery.

Key Takeaways

The Global Video Streaming Software Market Size is expected to witness high growth supported by increasing internet penetration and rising adoption of video as a communication medium across industries.

Regionally, North America dominates currently due to high technology adoption. However, Asia Pacific is expected to grow at the fastest pace led by countries like China and India with huge internet user base and government initiatives for digitalization.

Key players operating in the video streaming software market are Facebook, Inc. (Meta Platforms Inc), IBM Corporation, Integrate.ai Inc., Google LLC (Alphabet Inc.), H2O.ai, Inc., SAP SE, SAS Institute Inc., Microsoft Corporation, Pymetrics Inc., FICO Inc., and Salesforce.com, Inc. Facebook dominates with its massive user base on social platforms and has integrated live streaming solutions. IBM offers video streaming technologies and solutions through its Watson and cloud platforms. Google meets the content delivery needs of OTT platforms and enterprises with its scalable infrastructure and AI/ML capabilities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it