The Global Market for Online Video is Projected to Reach US$66 Billion by 2022
Massive Shift to Online Entertainment Brought About by
Smartphones Drives the Growth of the Online Video Market, According to a New
Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size and
demand forecasts on the global Online Video market. The global market for Online Video is projected to
reach US$66 billion by 2022, driven
by changing consumer behavior and attitudes to entertainment and media brought
about by the rapid proliferation of Internet enabled smartphones and tablets.
Globally,
there has been a steady increase in the acceptance of online video with people
across all age groups watching videos on Internet-connected devices on a
regular basis. A host of factors are contributing to ongoing surge in video
volume growth. Huge increase in Internet-connected population, expanding user
base of mobile devices, proliferation of dedicated video platforms, penchant
for video distribution among communication services providers (CSPs), and
favourable demographic and socio-economic factors are some of the key factors encouraging
growth. Internet has proliferated the world and a huge portion of world
population is accessing Internet for various purposes, with video being one
primary application. At the same time, soaring penetration of mobile devices such
as smartphones and tablets, which have become entertainment devices of choice for
modern consumers, is paving the way for huge consumption of online video. Currently,
a significant portion of online video viewed is accounted for by mobile
devices, and the share of mobile video as a proportion of total video viewed is
poised to increase further in the coming years.
Emergence
and evolution of Internet video platforms such as YouTube, Netflix and Hulu has a major bearing on
online video consumption trends. The market is benefiting from significant
improvements in video broadcasting and technologies which allow delivery of
quality video content to various devices including desktop PCs, laptops,
smartphones, tablets and Internet TVs. Growing inclination among CSPs towards
video integration in their portfolios is also creating a conducive growth environment.
The market is also gaining traction through favourable demographic and
socio-economic factors such as rapidly expanding urban households, increasing
consumer affluence and rising living standards. Although online video has become
ubiquitous in the Internet domain, revenue generation potential of video
remains largely below expectations mainly due to reluctance among users to make
paid subscriptions and wider availability of free content. However, there is a
growing shift towards paid video content in several parts of the world. Paid
subscriptions are already popular in developed countries including the U.S. and
Western Europe, and there has been a marked increase in the number of video subscribers
in developing countries such as China, in recent years. Along with paid
subscriptions, online video market is sensing high-potential opportunities
coming in its way through newer revenue channels such as ad-funded/ad-supported
video, copyright licensing, Over-the-Top TV (OTT TV), and joint operation of
online gaming and e-commerce portals.
As stated by the new
market research report on Online Video,
Asia-Pacific represents the largest market worldwide. With a projected CAGR of
25.8% over the analysis period, Asia-Pacific ranks as the fastest growing
market led by factors such as robust development of telecommunication and
Internet services market, rapid urbanization and the ensuing digitalization of
lifestyles especially of the affluent middle class population; falling tariffs
for mobile broadband on the back of maturing 2G and 3G technologies; robust
increase in Internet speeds and the resulting increase in appetite for media
and entertainment that demands low latency and high speed network connections; and
innovative development of content for various types of videos such as Live
Action, Screencasts, Motion Graphics, Slideshows and Live Streaming etc.
Major players covered in
the report include Amazon.com Inc., Apple Inc., Baidu Inc., Brightcove Inc.,
Hulu LLC, JW Player, Kaltura Inc., Netflix Inc., Ooyala Inc., Panopto, Piksel,
Sohu.com Inc., Tencent Holdings Limited, Vimeo, VOOT, Wistia, Youku Tudou Inc.,
and YouTube LLC, among others.
The research report titled
“Online Video: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides
a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections of revenues for all major geographic markets such as the US, Canada,
Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe),
Asia-Pacific (China and Rest of Asia-Pacific), Latin America (Brazil and Rest
of Latin America) and Rest of World.
Global Industry Analysts, Inc. 6150 Hellyer
Ave., San Jose CA 95138, USA, All Rights Reserved.
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