It is expected that the market for video streaming software would grow at a remarkable CAGR of 10.2%, from US$ 5.9 billion in 2022 to US$ 12.87 billion by the end of 2030. The need for original video material is now growing rapidly in the broadcasting sector. Major rivals are pouring billions of dollars into the creation of fresh content to both satiate and draw in new viewers.
As a result, several companies and broadcasters are working to improve their video streaming services and software by producing original content to bolster their brands. Given that live video streaming is still in its infancy, the quantity and caliber of premium live content available on various platforms are expanding. Viewers who formerly watched live sports and events on TV have started to switch to these platforms, mostly because live video content is available according to their liking and convenience.
The market for video streaming software, which is expected to rise by roughly threefold over the next ten years, will benefit from this demand-side trend.
Key Findings from the Market Study on Video Streaming Software
Residential end-users are increasingly using 4K or UHD video streaming software, and this trend is anticipated to continue as more mobile devices become available that can play these formats.
Although some regions, like Latin America, have low internet penetration and high levels of piracy, they have a tremendous chance to overtake other markets as the leaders in over-the-top (OTP) video streaming software in the upcoming years due to shifting consumer behavior.
The total number of video streaming subscribers in North America may be growing more slowly, but the average amount of time spent watching videos per user is rising as a result of better and better streaming content.
In this paper, prominent providers of video software solutions are highlighted, including Brightcove Inc., Haivision, IBM, Kaltura Inc., and Panopto.
Video streaming software companies are utilizing both organic and inorganic growth strategies to bolster their offerings in the market. These strategies include new product launches, product upgrades, partnerships and agreements, business expansions, and mergers and acquisitions.