SaaS online video platforms allow organizations to host videos for numerous applications that include internal team training, customer relationship management and lead generation, marketing, amongst others. SaaS model, or software-as-a-service, allows the companies to avail the services on a subscription basis, thereby providing the flexibility of cancelling these services anytime. Furthermore, SaaS platforms also ensure that the end-users needn't have specialized equipment for handling the technicalities of video storage and broadcast, as these will be provided by the company. The rise in demand for online video marketing, especially in advanced economies such as the U.S., Canada, the UK, amongst others, coupled with the rise in number of businesses that are using online video marketing platforms in the Asia Pacific and North America region, is a major reason for the growth of the global SaaS online video platform market.
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The COVID-19 pandemic has had a favourable impact on the revenue forecast in the global SaaS online video platform market. Companies are increasingly utilizing online marketing tools, especially online video marketing, for reaching more users. The pandemic has lead to a rapid increase in online data consumption, as individuals were forced to stay indoors due to lockdown and social distancing norms mandated by government bodies to prevent the spread of the pandemic. Studies show that video content is the most effective way to reach more customers online, as the audience prefer to watch content in comparison to reading them. Moreover, online video marketing allows the companies to target a wider range of audience, especially in the rural and semi urban regions in various countries. The pandemic has put more emphasis on the need for online video marketing, and companies are largely relying on online video platform providers for the hosting of higher resolution videos that can be streamed from any part of the globe without any lag. Thus, it can be concluded that the pandemic's impact on the global SaaS online video platform market has been positive.
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Further key findings from the report are mentioned below:
- The media and entertainment sector is a prominent end-user of online video platforms. Media companies are heavily relying on online video platforms for providing hosting services, as video content forms a crucial part of the media and entertainment sector. Online video platform providers are coming up with specialized packages for the media and entertainment sector as well. IBM Corporation, for instance, provides online video hosting solutions driven by the company's AI technology, namely, IBM Watson, for OTT streaming.
- Large enterprises accounted for the highest market revenue in the global SaaS online video platform market in 2020. This is due to the higher budget availability in terms of video marketing, coupled with the increased spending towards highly secure video content solutions amongst large companies.
- In terms of regions, the Asia Pacific region is expected to show the highest growth rate during the forecast years in the global SaaS online video platform market. The growth in digitally literate individuals in highly populous countries such as India and China, coupled with the increase in spending by companies in the Asia Pacific region on video marketing as part of their digital marketing strategy is expected to drive the revenue growth in the Asia Pacific region. More importantly, the region is being urbanized at a faster pace, and individuals are able to consume online video content at faster pace due to the availability of cheaper internet, and affordable smart devices. China and India have around 1.4 billion smartphone users, and the number is projected to increase rapidly in the coming years. In India, for instance, the scope for smartphone penetration is high, as around 68% of the country's population is yet to venture into the world of smartphones. Therefore, the companies can reach more potential customers in the coming years, thereby providing additional growth opportunities for the online video platform providers.
Absolute Markets Insights has segmented the global SaaS online video platform market based on offering, organization size, end-users, application, pricing model, and region.
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Global SaaS Online Video Platform Market Offering Outlook (Revenue, USD Million, 2015 - 2029)
- Solutions
- Services
Global SaaS Online Video Platform Market Organization Size Outlook (Revenue, USD Million, 2015 - 2029)
- Small and Medium Enterprises
- Large Enterprises
Global SaaS Online Video Platform Market End-User Outlook (Revenue, USD Million, 2015 - 2029)
- Education and Training
- Healthcare and Pharmaceutical
- Retail/Consumer Product
- Media and Entertainment
- Government and Non-Profits
- Marketing and Advertising
- Banking, Financial Services and Insurance (BFSI)
- Information Technology and Telecommunication
- Manufacturing
- Others
Global SaaS Online Video Platform Market Application Outlook (Revenue, USD Million, 2015 - 2029)
- Internal Team Training
- Marketing and Advertisement
- Sales and Customer Relationship Management
- Others
Global SaaS Online Video Platform Market Pricing Model Outlook (Revenue, USD Million, 2015 - 2029)
- Freemium
- Subscription
Global SaaS Online Video Platform Market Regional Outlook (Revenue, USD Million, 2015 - 2029)
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries, Benelux Union, Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia, Rest of Asia Pacific)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
Key Companies in the global SaaS online video platform Market are:
- Brightcove Inc.
- Buildscale, Inc ( Vidyard)
- Cincopa
- Dacast
- Flowplayer AB
- hippovideo.io
- IBM Corporation
- Kaltura, Inc.
- Longtail Ad Solutions, Inc. (JWPlayer)
- Muvi LLC
- Panopto
- StreamShark
- Vimeo.com, Inc.
- Wistia, Inc.
- Wowza Media Systems, LLC.
- Other Market Participants
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