— In order to remain competitive, vendors must create tighter technology partnerships to provide customers with value-added services, finds Frost & Sullivan
MOUNTAIN VIEW, Calif., Aug. 27, 2014 /PRNewswire/ — The global online video platform (OVP) market is set to double by 2019 as video rapidly becomes a critical means of stakeholder communication and collaboration for enterprises globally. Due to content proliferation and the bring your own device (BYOD) trend, OVP’s are becoming an essential fixture as media and entertainment (M&E) companies are urged to economically deliver video to fast-growing, fragmented video-enabled consumer devices.
A new analysis from Frost & Sullivan, Analysis of the Global Online Video Platforms Market, finds that the market earned revenue of $369.4 million in 2013 and is estimated to reach $800.2 million by 2019.
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“As more niche content finds its way online and intense competition causes customers to differentiate on content selection, time to market, and quality of experience, OVPs will be critical to ensure business success for M&E firms,” said Frost & Sullivan Digital Media Industry Analyst Anisha Vinny. “The inability of M&E organizations to handle the complexity of publishing video online is particularly fuelling the demand for OVPs that can manage and monetize video assets.”
Where budgets are constrained and in regions where the economy has yet to pick up, OVP deployments are slower, which in turn makes home-grown solutions or YouTube popular substitutes. Security concerns around handling branded Intellectual Property (IP) in the cloud and the lack of enterprise-wide video strategies also present challenges.
In addition, there is also confusion around what constitutes an OVP owing to the number of features, including transcoding, DRM, analytics and multi-platform delivery. From a customer’s perspective, comparing various product features, pricing and deployment options is complicated. This lack of market awareness around exact capabilities of an OVP makes consumer education and the right messaging critical.
“Investing in tighter technology partnerships to provide customers with value-added services and critically analyzing product portfolios to make partner versus acquire decisions will be key to maintaining a competitive edge in this market,” noted Vinny. “Even if they do not cultivate a strong local presence, OVP vendors must at least invest in building relationships with reseller channels in Latin America, the Middle East and Asia-Pacific to widen their market scope.”
As a result, offering analytics, metrics and personalization that enable companies to derive value from their video assets will help OVP vendors differentiate themselves in the evolving market.
Analysis of the Global Online Video Platforms Market is part of the Digital Media (http://www.digitalmedia.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: Global Big Data Analytics Market, Global Lecture Capture Solutions (LCS) Market, Global Video and Ad Insertion Server Market, Global Media and Entertainment Solutions for the Cloud, and Global Enterprise Video Webcasting Solutions. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Global Online Video Platforms Market
Corporate Communications – North America