The report forecasts the global online video platform market to grow at a CAGR of 14.88% during the period 2016-2020.
One of latest trends in the market is introduction of video analytics. The increased number of online forums have boosted the demand for video analytics. The majority of the vendors in the market have started offering analytics solutions that track the number of viewers at any given time, along with videos viewed, viewing rate, geographic distribution, and real-time data about upload and download speed. This analytical solution offers actionable insights like data correlation that organizations and video content publishers can use to manage video content. Analytical solutions work as a backbone for the interaction of online and mobile videos and help track and manage marketing campaigns. The video analytics market is at a nascent stage and will gain significant traction during the forecast period.
According to the report, one of the primary drivers in the market is growing requirement from online advertising industry. Digital media and marketing professionals have been increasing their expenditure on online video advertisements to attract consumers. Since 2010, companies have increased their spending on online videos by nearly 60%. As consumers are more likely to watch online video advertisements than TV commercials, advertising firms are focusing more on online video advertisements. The increased reach of mobile devices such as smartphones, laptops, and tablets have made online advertisements more effective than TV commercials. Companies adopt online video platforms for analyzing, uploading, distributing, managing video content, and publishing online video advertisements.
Further, the report states that one major challenge in the market is presence of open-source video platforms. Open-source video platforms are easy to download and run on all platforms. Therefore, they pose a significant threat to online video platforms.