The Global Video Streaming Software Market, By Component (Solutions (Transcoding and Processing, Video Management Software, Video Distribution, Video Analytics, Video Security, Other Solutions), Services (Professional Services, Managed Services)) By Streaming Type (Live Streaming, Video On Demand) By Deployment Type (On-Premises, Cloud), By Vertical (Media And Entertainment, Banking, Financial Services, And Insurance, Academia And Education, Healthcare, Government, Others) and by Region (North America, Europe, Asia Pacific and ROW) - Global Forecast to 2030”, is expected to be valued at US$ 36.29 billion by 2030, exhibiting a CAGR of 19.3% during the forecast period (2023-2030), as highlighted in a report published by Coherent Market Insights.
Overview
The video streaming is delivering video content live or recoded to computers, smartphones, tablets, or laptops via the internet in real-time. Video streaming has become highly popular over the years. In video streaming, the media file is being played on the consumer’s device, which is transmitted from a remote location. Video streaming software is being used in various sectors such as entertainment, BFSI, government, education, transportation, energy & chemical, and utilities.
The global video streaming market is estimated to account for US$ 36.29 Bn in terms of value by the end of 2030.
Market Driver
Advancements in technology in the digital media industry are expected to boost the global video streaming software market growth over the forecast period
Digital media, which includes digital images, digital video, and software, has witnessed a significant change over the years. Technological advancements in digital media have offered high-quality content end users. The latest technologies such as virtual reality, 5G, voice assistance, and facial recognition have allowed video streaming companies to provide high-quality content in a sophisticated manner. Advanced technologies such as artificial intelligence and machine learning allow companies to encode, distribute, and organize the content and prevent it from infringement. Furthermore, virtual reality provides interactive virtual experience to end users, which will enable them to explore a service or product in a more sophisticated way. Thus, these factors are expected to propel the global video streaming software market growth over the forecast period.
Market Opportunity
Rising need for transcoding to deliver videos to maximum end users can present lucrative growth opportunities in the global video software market
Transcoding is the direct digital-to-digital conversion of one encoding to another such as audio files, data files, or character encoding. In layman’s terms, transcoding refers to converting audio to video file from one encoding format to another, in order to increase the number of compatible devices. Video transcoding is a unique way to increase the reach of content to as many end users as possible. Video transcoding can allow creating a set of time-aligned video streams, each with different frame sizes. Key companies in the market can capitalize on these opportunities by providing novel solutions and gain a competitive edge in the market.
Market Restraint
Network connectivity and technological challenges are expected to hinder the global video streaming software market growth over the forecast period
Video streaming services require sophisticated and high-speed internet connectivity. Although many countries have 4G connectivity, emerging regions such as Latin America, Asia Pacific, and Africa are facing network connectivity issues. As a result of this, the adoption of video streaming services is hindered significantly. Furthermore, technological challenges such as bandwidth limitations, device compatibility, and latency issues prevent users from experiencing seamless video streaming. Thus, these factors are expected to hinder the global video streaming software market growth over the forecast period.
Market Trends
- Rapid expansion in the variety of streaming contents
There is a vast variety available when it comes to streaming content. Different streaming companies such as Amazon Prime Video, Netflix, Hulu, HBO, and Disney+ offer a variety of content suitable for every age group. There are different streaming services for sports, technology, and education-related content such as ESPN+ or Sky Sports, while Netflix and HBO provides entertainment and movies. Such vast availability of content offers consumers multiple options to choose from, which can boost the market growth.
- Adoption of IoT is another emerging trend
Internet of Things (IoT) is already popular in the market in a variety of sectors including automobile, manufacturing, and petroleum. However, video streaming software companies are also integrating IoT with their products to provide an enhanced experience to consumers. Voice-driven functionality is an emerging IoT technology that can provide an immersive experience to consumers with visual components.
Competitive Section
Major companies operating in the global video streaming software market are IBM Corporation, Haivision, Brightcove, Qumu, Kaltura, Sonic Foundry, Vimeo, SprountVideo, VBrick, MediaPlatform, Dacast, Agile Content, and Wowza, and Panopto.
Key Developments
- Major companies are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in February 2019, Brightcove, a provider of cloud services for video, acquired Ooyala, a provider of cloud video technology.
- Key players are involved in merger and acquisition activities, in order to gain a competitive edge in the market. For instance, in September 2017, Vimeo LLC., a U.S.-based video sharing, hosting, and service platform, acquired Livestream and launched its own live streaming product ‘Vimeo Live’.
Segmentation
Market Taxonomy:
- By Component
- Solutions
- Transcoding And Processing
- Video Management Software
- Video Distribution
- Video Analytics
- Video Security
- Other Solutions
- Services
- Professional Services
- Managed Services
- Solutions
- By Streaming Type
- Live Streaming
- Video On Demand
- By Deployment
- On-premises
- Cloud
- By Vertical
- Media and Entertainment
- Banking, Financial Services, and Insurance
- Academia and Education
- Healthcare
- Government
- Others
- By Region
- North America
- Europe
- Asia-Pacific
- ROW
