The online video platform market is anticipated to grow considerably over the forthcoming timeline owing to the growing internet penetration, rising demand to enhance consumer viewing experience, and increasing social media users across the globe. Online Video Platforms or OVP are platforms which provide live and recorded video content on a website.
Today, applications such as Instagram, YouTube, and Periscope are some of the world's leading online video platforms and entertainment providers, allowing users to stream video content and also uploading their own content. Essentially, online video platforms are cloud applications which end users interact with on a day-to-day basis.
Additionally, these platforms are not limited a specific genre and could be focused towards various purposes, which includes advertising, providing paid access to video streaming, lead generation, and building brand awareness among others. Consumer-focused platforms such as Facebook Live and YouTube Live are some of the popular platforms for video sharing and hosting.
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The online video platform market is bifurcated into type, business model, application, and regional landscape.
In terms of type, the overall online video platform market is classified into live steaming, mobile video, video content management, video hosting, and video analytics. Among these, video content management segment is likely to witness substantial growth over the coming years. In 2019, the segment held a market share of nearly 20% owing to the growing demand for improving consumer viewing experience. A VCM app also lets the user record, upload, view, and share videos on numerous tablets and smartphones.
Mobile video segment is slated to witness a CAGR of more than 20% due to rapidly growing mobile internet users across the globe. Internet has been the most transformative and one of the rapidly growing technologies across the globe. The technology has paired very well with smartphones, bringing people online at a tremendous rate. This momentous rise in consumer numbers is likely to drive the market growth over the forecast timeline.
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From a regional frame of reference, Latin America online video platform market is set to witness a CAGR of around 15% through the forecast time period. The growth is attributed to growing social media users across the region. With the ongoing COVID-19 pandemic, people have been confined to their homes, and video streaming platforms have witnessed rapid growth.
Going with the times, some of the most famous and popular singers on Spotify across Brazil have held concerts on YouTube, breaking records with a million of users viewing the content. Live streaming shows have thus attracted numerous users, with people watching, commenting, and sharing content on social media platforms.
Online video platform market in Middle East & Africa is estimated to record a market share of over 5% by the end of the analysis timeline owing to growing internet penetration in the region.