Digitization Has Increased the Scope of Online Video Platforms in Businesses and Education
In the past few years, the widespread use of live streaming and online video content in the professional space has created a great need for online video platforms (OVPs). Especially during the outbreak of the COVID-19 pandemic when the whole world moved to digitization, the demand for online video platforms experienced significant hype.
Online Video Platform for Business Purposes
Despite the barrier of physical location, online video platforms enable businesses and enterprises to connect with their audiences on a deeper level. These innovative platforms allows professional broadcasters to host virtual gatherings and live-stream in-person events for internal training, service promotion, product marketing, and sales purposes. For B2C businesses, billions of people around the world use YouTube Live and Facebook Live for video sharing and self-hosting as these consumers focused platforms help to reach massive audience at free of cost.
However, YouTube and Facebook are mostly seen as social media platforms and not just video platforms. This is why, in B2B businesses, professionals use online video platforms that are cloud-based and offer easy integration and advanced security features. For instance, unlike YouTube & Facebook, cloud-based online video platforms such as Dacast provide on-the-spot tech support which is a key feature for live streaming events.
Likewise, IBM Cloud Video is another popular platform that is primarily geared towards the enterprise streaming market with an array of cloud video hosting and streaming services. Hippo Video is widely used by real estate, healthcare, insurance, tech, and tourism industries. At the same time, Flowplayer, which is known for its outstanding monetization solutions and white-label streaming services, serves small businesses and large media houses.
Online Video Platforms for Education Purposes
In 2020, online video platforms made significant inroads into education, as schools, colleges, and universities were temporarily closed due to the implementation of global lockdown. Many observed the use of online video platform has motivated students and teachers to carry out their tutoring and learning more effectively.
Undeniably, online video platforms have enabled students to engage more with multimedia content, hence leading to better comprehension. The fact that online video platforms involve an attractive and interactive style of teaching, a larger number of our senses are engaged during the learning process. Compared to reading, writing, and listening exercises, watching videos is more engaging. It grabs and holds student’s interest on the subject. It allows students to discover themselves in many creative ways, providing them the exposure to explore and enhance their talents.
Moreover, students can now refer the recorded videos after the online session in order to learn concepts better or to clear a doubt at their own pace, which was not previously possible in traditional classroom learning setups.
Current Market Scenario
According to a report published by Allied Market Research, the global online video platform market size is anticipated to reach $915 million with a considerable CAGR from 2018 to 2025. With the seamless integration of social media into our daily lives, the popularity of online video among viewers is rapidly increasing, which in turn, is boosting the growth of the market to a great extent.
In addition, due to rise in consumer preferences for online video, many business professionals and publishers have increased their investment in online video advertising, which is driving the growth of the global online video platform market even more. Companies are focusing on enhancing their cloud infrastructure. Sports and entertainment events are creating huge demand for live streaming of content, especially on social media. Consumer focused platforms, such as YouTube Live and Facebook Live are gaining audience attention. All these factors, altogether, are gathering opportunities for the growth of the global online video platform market in more than one way.
[Editor's note: This is a contributed article from Allied Market Research. Streaming Media accepts vendor bylines based solely on their value to our readers.]