Video streaming software is a huge market, given the intense competition developers face in coming out with applications that can hook end users. With software tools aplenty, several considerations go into shaping the choice of customers, enterprise as well as individual use. Hence, there is a demand for video streaming software that are easy to install, easy to use, and are not expensive. The strides that the streaming market has been making over the past few years in emerging economies of the world is worth mention in understanding the growth dynamic of the video streaming software market. Resultantly, there is a demand for platform-agnostic video streaming software.
Several end-use industries are leveraging the potential of such video streaming software. A prominent example could be the education sector. One of the target population is those who are passionate about gaming and want the best interactive medium without hassle of the technical nuances. The gaming industry has made rapid advances to boost the trend. Growing popularity of professional broadcasting software tools, especially the live streaming ones, is likely to become a key accelerator of the expansion of the video streaming software market.
Global Video Streaming Software Market: An Overview
Worldwide, online consumption of media has grown remarkably, particularly those streamed wirelessly. The most robust impetus to the evolution of the video streaming software market comes from the application of the software and platforms among enterprises and organizations for the live streaming of videos. Particularly, the live media streaming software is witnessing rise in applications in sports, conferences, game streaming, entertainment events, and entertainment events. Particularly, corporate communications have seen widespread adoption of various technologies in the video streaming software market.
Proliferating numbers of users who share videos through Facebook and YouTube are becoming sizable source of video streaming software. In this class, the rising class of prosumer has increasingly reshaping the contours of the video streaming software market. This class of consumers has shown considerable interest in video streaming services.
Some of the key types of services in the video streaming software market are consulting services, integration and deployment services, training and support services, and managed services. Major types of video streaming software are live streaming and video on demand streaming.
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Global Video Streaming Software Market: Growth Dynamics
Over the past few years, the need for delivering streaming video to a range of mobile devices has undoubtedly risen. This has propelled the demand or transcoding, which is a crucial aspect of video streaming. This has bolstered the prospects of the video streaming software market world over.
A growing number of millennials and generation Xers are increasingly consuming streaming videos, which has spurred the demand for streaming services. This is a key trend boosting the video streaming software market. The advent of cutting-edge platforms for delivering these services has augmented the potential of streaming video software.
In recent years, video as a service (VaaS) has gathered remarkable steam, its pace has been directly propelled by the uptake corporate video conferencing services, notably for the purpose of training. Growing numbers of customer-facing services is also fueling the demand of VaaS in the video streaming software market. In particular, cloud-based video services have grown traction, this strengthening the prospects in the video streaming software market.
Spiraling popularity of on-demand video streaming among consumers in developed as well as emerging economies is opening doors to vast lucrative avenue or players in the video streaming software market. Further, the education sector is emerging a key application area, and will see a promising growth during 2019 – 2027.
Despite the vast potential in video streaming, a few concerns pertaining to privacy of users’ data and technical constraint remain. Hopefully, the future strides of the video streaming software will take of several of these concerns.
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Global Video Streaming Software Market: Notable Developments
High-speed 5G networks are finding new business propositions for bolstering their applications in end-use industries. Growing application of 3D video streaming software has added a new dimension. Coupled with the use of artificial intelligence, video streaming software has enabled service providers to meet volumetric video of humans. Telecommunication companies are showing keen interest in acquiring the technical expertise of these software providers. The following development underlines the trend.
Recently in September 2019, Verizon Wireless, has acquired the volumetric video capture tools by Jaunt, a company that infuses machine learning and AI to develop such videos. The company aggregates and distills multi-camera feeds of people into 3D avatars, mainly with the use of its video streaming software. These feeds can be viewed by users in multiple devices. Jaunt was keen on sharing its technical expertise in video streaming powered by AI, and this development gave shape to its intentions. Acquisition of video streaming technologies by telecom providers is paving way for new growth trajectories for the market.
Some of the prominent players in the video streaming software market are:
- Qumu Corporation
- Polycom, Inc
- Ooyala, Inc.
- Kollective Technology, Inc.
Global Video Streaming Software Market: Regional Outlook
Some of the key regional markets are North America, Europe, Asia Pacific, the Middle East, and Latin America. Of all the key markets, Asia Pacific has shown remarkable potential in the video streaming software market. Growing demands for video streaming platforms in numerous industries and rapid pace of digitization in its economies have created several lucrative opportunities in the region.
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