CHICAGO, May 22, 2024 /PRNewswire/ -- AI-driven personalization, immersive VR/AR experiences, and improved video quality are all expected in the future of video streaming software. The emphasis on sustainability and privacy compliance, 5G and edge computing for quicker streaming, blockchain for security, and smooth multi-platform interaction are some of the major developments.

The Video Streaming Software Market is expected to grow from USD 13.3 billion in 2024 to USD 29.7 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period, according to a new report by MarketsandMarkets^™.

Increasing penetration of mobile devices and internet users will boost the growth of the video streaming market during the forecast period.

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270 - Tables 
68 - Figures
300 - Pages

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Scope of Report

By connected devices, the other devices segment will grow at the highest CAGR during the forecast period.

The other devices include voice-activated devices, home theatres, and in-car entertainment systems. Smart speakers and virtual assistants have streamlined the process of searching for and playing video content, offering hands-free convenience to users. In-car entertainment systems have transformed vehicles into mobile entertainment hubs, enabling passengers to enjoy streaming services during their commutes or road trips. Meanwhile, home theaters provide an immersive viewing experience, prompting streaming platforms to enhance their offerings with high-definition content and surround sound support. As these technologies become more integrated into everyday life, the demand for seamless and accessible video streaming software continues to rise, driving innovation and competition within the market.

By streaming type, the video-on-demand segment holds the largest market share during the forecast period.

Video-on-demand (VOD) streaming has revolutionized how people consume entertainment, becoming a cornerstone of the video streaming software market. With the proliferation of high-speed internet and the widespread adoption of smartphones and smart TVs, VOD platforms have experienced exponential growth. As per a survey by Wyzowl in 2023, 91% of businesses use video as a marketing tool. Major players in the VOD streaming landscape include Netflix, Amazon Prime Video, Disney+, Hulu, and HBO Max, among others. These platforms offer a vast library of content, ranging from movies and TV shows to documentaries and original programming, catering to diverse audience preferences.

Additionally, the convenience of VOD has spurred the growth of niche streaming services catering to specific interests such as anime, sports, or independent films, further expanding the market's reach. Moreover, technological advancements, including the development of streaming devices like Roku, Apple TV, and Chromecast, have made accessing VOD content effortless, contributing to its widespread adoption. As competition intensifies in the streaming landscape, providers invest heavily in original content production and personalized recommendations to enhance user engagement and retention.

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By Region, Asia Pacific will grow at the highest CAGR during the forecast period.

The video streaming software market in Asia Pacific is expected to grow at the highest rate of all the regions due to the increasing enterprise workloads. Asia Pacific includes developed and developing economies, such as China, Japan, India, Australia, New Zealand, Malaysia, and the rest of Asia Pacific. The demand for online video streaming platforms is higher than in other regions, with Asia Pacific having the highest population. With a high population, the number of available mobile devices also increases, resulting in increased demand for streaming content. There is a vast scope for international and local streaming platform providers as the demand for content genres is diverse. The Asia Pacific region is a mix of developed and developing countries, making the entry of new players into the market quite possible. According to secondary data, the entertainment market in Asia-Pacific is expected to go from $1.23 trillion in 2023 to $1.55 trillion by 2028, with more demand for fast and easy communication, digital fun, and wireless connections.

The shift from traditional to online TV viewership has occurred in APAC, indicating a favorable landscape for introducing cost-effective ad-based subscription models. Telecom companies are central to this change, shaping how entertainment develops across Asia-Pacific. Streaming providers are exploring new opportunities such as OTT aggregation, advertising, sports content, and leveraging 5G technology to drive further growth in the (Asia Pacific) APAC market.

Top Companies in Video Streaming Software Market

Some of the key players operating in the Video Streaming Software Market are – IBM (US), Brightcove (US), Kaltura (US), Edgio (US), Vimeo (US), Agile Content (Spain), Haivision (Canada), Panopto (US), Enghouse (Canada), Akamai (US), Netgem Group (France), Dailymotion (France), Hive Streaming (Sweden), Blue Billywig (Netherlands), JW Player (US), Wowza (US), Vbrick (US), movingimage (Germany), Vidizmo (US), Kollective Technology (US), Dacast (US), MediaPlatform (US), CONTOUS TECH (US), VIXY (Netherlands), uStudio (US), Vidyard (Canada), SproutVideo (US), Castr (Canada) and Muvi (US).

Recent Development

• In April 2024, Accedo and Brightcove, with Al Sharqiya Group, launched Iraq's first SVOD platform to enhance the 1001 OTT service, offering ad-free premium content alongside live linear channels. Initially an AVOD service, 1001 caters to global Arabic-speaking audiences with localized content in Arabic and English, featuring collaborations with OSN+, Rotana, and StarzPlay to deliver an extensive on-demand catalog. This partnership pioneers innovative, customer-centric media solutions in the Middle East.
• In 2023, Kaltura's Cloud TV and Streaming Platform launched enhancements for its TV operators and media customers, improving user experience and boosting revenue with personalized add-ons. These enhancements include Business Insight for data-driven decisions, Shop-in-Shop for content management, and advanced monitoring tools for real-time system control, empowering customers to expand services and drive revenue growth in cloud TV.
• In January 2023, IBM announced enhancements to its video streaming software, including features such as customizing event registration forms with dynamic fields based on user selections and improving data collection. Update published event registration forms seamlessly without unpublishing them first, ensuring uninterrupted registration processes.
• In June 2022, Edgio announced the successful completion of Limelight's acquisition of Edgecast. The combined company operates as Edgio, delivering significantly increased scale and scope with diversified revenue across products, clients, geographies, and channels and an expanded total addressable market of USD 40 billion.

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Video Streaming Software Market Advantages

• Video streaming software allows content to be accessed by a global audience, breaking geographical barriers. Viewers can access content on various devices such as smartphones, tablets, laptops, and smart TVs, enhancing convenience.
• Digital distribution eliminates the need for physical media, reducing costs associated with production and logistics. Streaming platforms can scale to accommodate large audiences without significant increases in cost.
• Platforms provide detailed analytics on viewer behavior, helping content creators and businesses to understand their audience and tailor their content accordingly.
• AI and machine learning algorithms allow for personalized content recommendations, improving user engagement and satisfaction. Viewers can access content at their convenience, increasing flexibility and control over their viewing experience.
• Real-time interaction with audiences through live streaming fosters engagement and community building. Features such as chat, polls, and Q&A sessions enhance viewer participation and engagement during live events.
• Platforms can implement various subscription tiers, offering different levels of content access. In-stream ads, pre-roll, mid-roll, and post-roll ads provide revenue streams.

Report Objectives

• To define, describe, and forecast the video streaming software market based on offering (solutions and services), streaming type, deployment mode, delivery channel, monetization model, connected devices, verticals, and regions.
• To provide detailed information about the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the market
• To forecast the market size concerning five regions—North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America
• To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
• To profile the key players of the market and comprehensively analyze their market size and core competencies.
• To track and analyze the competitive developments, such as product enhancements, product launches, acquisitions, partnerships, and collaborations, in the video streaming software market globally.
• To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies across segments and subsegments.
• To track and analyze the competitive developments, such as mergers and acquisitions, product developments, and partnerships and collaborations in the market.

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