Online Video Platforms Market Size, Share, Growth Analysis, By Component(Solution and services), By Application(Commercial video platforms, video sharing, and others), By End use(Content creator, brand and enterprises, and individual), By Type(video hosting, mobile videos, live streaming, video analytics), By Region - Industry Forecast 2024-2031

Drivers

Increase in popularity of video channels, emergence of OTT platforms and video streaming services to gain more traction

• Growing popularity of online video channels and penetration of OTT platforms to drive growth of the online video platforms market.
• Video streaming services have become more affordable over the past few years, which has led to increased usage.
• Video platforms are able to monetize videos in a way that other content platforms cannot. By using video platforms, businesses can reach a larger audience than they would be able to through other means.
• Rapidly expanding e-learning sector and expansion of the ICT industry to drive the online video platforms market

Restraints

High Competition for Free Platforms:

• Presence of several open-source video platforms in the market threatens the growth of the worldwide online video platform market. Individual viewers and many content creators choose to use a freely available open-source internet video platform rather than paid services. This has a significant impact on the sales of OVP companies that do not provide their products for free. 
• Furthermore, growing popularity of user-generated content (UGC) websites like YouTube and social networking sites like Facebook for hosting videos for free is likely to stifle industry growth. Small and medium companies (SMBs) and smaller content providers are avoiding investing in professional OVP solutions because of local solutions and low-cost alternatives like YouTube and Vimeo.