July 20, 2024
Video Streaming Software Market
Ict

Artificial Intelligence Projected To Boost The Growth Of Video Streaming Software Market

The global Video Streaming Software Market is estimated to be valued at US$ 10.55 Bn in 2023 and is expected to exhibit a CAGR of 19.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Video streaming software allows users to stream audio and video content over the internet or local area network. It is used to deliver live as well as on-demand streaming video content through websites and mobile applications. Video streaming software provides a platform for organizations to broadcast corporate communications, educational content, live events, and news bulletins. It allows live video streaming, video-on-demand streaming, and manages video assets. Video streaming solutions offer security, scalability, multiscreen delivery, user management, and analytics capabilities to deliver robust video experiences. Increasing adoption of video streaming platforms across sectors such as corporate communications, entertainment, and education is expected to drive the market growth over the forecast period.

Market key trends:

Artificial intelligence integration is emerging as a key trend in the video streaming software market. AI capabilities allow platforms to analyze viewership data and provide personalized recommendations. It also helps optimize video delivery by pre-loading popular clips to reduce latency. Chatbots and virtual assistants powered by AI are being integrated with video platforms to improve customer support experience. AI-powered technologies such as automatic transcription, indexing, information extraction, and tagging are enabling advanced search capabilities. Such innovations are enhancing the viewing experience and engagement levels on video portals. Growing AI capabilities are therefore expected to boost the adoption of video streaming software globally.

Porter’s Analysis

Threat of new entrants: The video streaming software market requires significant investment in infrastructure and development for new entrants. The presence of large established players also poses barriers to entry.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various software from different vendors. However, switching costs are relatively low.
Bargaining power of suppliers: A few large tech companies dominate the supply of critical components for video streaming software. This gives them significant bargaining power over vendors.
Threat of new substitutes: There is a threat of new substitutes like social media live streaming and video hosting platforms. However, the customized features of video streaming software make it difficult to completely replace.
Competitive rivalry: The market is highly competitive due to the presence of major global players. Companies compete based on product features, pricing, and customer support.

Key Takeaways

The global Video Streaming Software Market Share is expected to witness high growth, exhibiting CAGR of 19.% over the forecast period, due to increasing demand for video on demand and live streaming videos across various sectors.

Regional analysis: North America dominated the market in 2023, accounting for around 35% of global revenue due to strong internet infrastructure and rising adoption of video platforms among businesses for training and marketing. Asia Pacific is expected to be the fastest growing region, expanding at a CAGR of over 21% during the forecast period due to growth in IT spending in major countries like India and China.

Key players operating in the video streaming software market are IBM Corporation, Haivision, Brightcove, Qumu, Kaltura, Sonic Foundry, Vimeo, SprountVideo, VBrick, MediaPlatform, Dacast, Agile Content, and Wowza, and Panopto. Major players are focusing on product innovations and mergers & acquisitions to strengthen their global presence. For instance, in 2022, Panopto acquired VideoQ to enhance its capabilities in live streaming technologies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it