Video streaming software has become an integral part of digital marketing strategy for organizations to engage with customers online. Video streaming platforms offer flexibility to stream live and on-demand videos across devices and different digital channels such as websites, social media, and connected TVs. With the ability to track viewership and metrics, video streaming assists businesses in understanding customer behavior and preferences. Organizations can utilize engaging videos to introduce new products and services, provide product demonstrations, educate customers, and for internal communications.
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 key trends:
One of the key trends in the video streaming software market is the integration of artificial intelligence and machine learning capabilities. Video streaming platforms are leveraging AI to personalize video recommendations, automate video transcription, optimize video delivery, and implement chatbots for customer support. AI also assists in analyzing video metadata and user behavior to gain insights for content strategy and marketing campaigns. Another major trend is the increasing utilization of cloud-hosted video streaming solutions. Cloud-based models provide benefits like scalability, reduced infrastructure costs, multi-device support, and easy upgrades. They are becoming the preferred choice for organizations looking for hassle-free video streaming capabilities.
- Threat of new entrants: The threat of new entrants in the video streaming software market is moderate. The entry barriers such as huge capital requirement and strong branding of existing players makes it difficult for new players to enter the market. However, opportunities exists for new players with innovative technologies.
- Bargaining power of buyers: The bargaining power of buyers in the video streaming software market is high. Buyers can opt for alternative service providers and switches between applications. The availability of free and low-cost solutions increases their bargaining power. Bargaining power of suppliers: The bargaining power of suppliers in the video streaming software market is low. The suppliers of video streaming software are fragmented with no dominant player controlling the market. This enables buyers to source from multiple suppliers minimizing dependency on any single supplier.
- Threat of new substitutes: The threat of substitutes in the video streaming software market is moderate. New technologies like online video and social media platforms pose threat of substitution. However, specialized use and advantages of video streaming solutions makes it difficult to completely substitute.
- Competitive rivalry: The competitive rivalry in the video streaming software market is high due to presence of numerous international and regional vendors competing on parameters of features, pricing and customer support. The major players focus on product differentiation and target both large enterprises as well as small and medium businesses.
The Global Video Streaming Software Market Demand is expected to witness high growth.
Regional analysis: North America holds the highest share in the global video streaming software market primarily driven by growing number of online video consumers and presence of major players in countries like US and Canada. According to a recent study, in 2020 around 50% of the US population watched online videos on a daily basis.
Key players analysis: 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. Players are focusing on product innovation and customizations as per industry requirements to strengthen their market presence. For instance, in 2020, IBM introduced new capabilities in its video streaming platform to help media companies connect with viewers.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it