At present, the broadcasting industry is experiencing ever-increasing demand for original video content. Major competitors are spending billions on the production of new content to satisfy their existing audiences and also attract new viewers. As such, several developers and broadcasters are striving to boost their video streaming software and services by creating original content to enhance brand reputation. Availability and quality of premium live content on different devices continues to grow, as live video streaming is in its nascent stage. Viewers who were earlier watching live events and sports on TV have started to shift towards these platforms, mainly due to the availability of live video content as per their linking and convenience.
Impact of COVID-19 Crisis on Video Streaming Software Market
The ongoing COVID-19 pandemic has forced national governments to implement nationwide lockdowns. Citizens have been asked to stay at home until the lockdown orders are lifted by the authorities. During the first quarter of 2020, an accelerated adoption of media and gaming platforms was recorded on a global scale, as the requirement of digital entertainment rises among end users.
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Overview of Global Video Streaming Software Market
The video streaming software market will surpass US$ 5 Bn in 2021.
Notable rise in video streaming subscriptions and increasing demand for original media content are fueling the growth engine.
Video-on-Demand (VoD) holds leading revenue share; live video streaming to slide.
Software solutions would generate revenue twice that of services by 2030.
Adoption of video streaming software will remain predominant in media and entertainment vertical.
North America, followed by Europe, would lead the pack in video streaming software market.
“Artificial intelligence (AI) can help the video streaming software industry by solving the problem of making metadata more readily available. While dealing with rich video streaming software content, AI will be able to parse all the available metadata. This even includes video streaming software-based image recognition, where AI would be able to recognize the emotions of people in videos and allow users to search content based on that criteria.”
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Key Takeaways of Video Streaming Software Market Study
For residential end users, 4K or UHD video streaming software is becoming mainstream, and this trend is likely to grow with an increase in the availability of mobile devices that support these formats.
Although some regions such as Latin America have limited broadband penetration and high levels of piracy, they show great potential in becoming over-the-top (OTP) video streaming software market leaders in the coming years, owing to the changing habits of end users.
Although growth in the total number of video streaming subscriptions is slowing down in North America, consumption time or video streaming time per user continues to increase, as the content that is available to stream is constantly improving.
Video Streaming Software Market: Structure Analysis
Key video streaming software providers operating in the global video streaming software market include Brightcove Inc., Haivision, IBM, Kaltura Inc., Panopto, VUALTO, Ooyala, Inc., (Poly) Plantronics, Inc., Vbrick, Sonic Foundry, Kollective Technology, Inc., Cloudinary, dacast, OBS, and Wowza Media Systems, LLC, among others.
Leading video streaming service providers include Netflix, Amazon Prime Video, Hulu Disney Plus, and YouTube TV, among others.
Netflix Inc. crossed 2 million subscribers in France and Germany soon after its global launch in 2016. However, the company is still facing stiff competition from local pay-tv operators in the region.
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