Video streaming technology facilitates the transmission of video files with the help of streaming transcoders, streaming servers, and other related software, to provide uninterrupted videos to the viewers. Concerns over the security and privacy of the video content can be seen hindering the growth of the video streaming market, but this is expected to be impactful for a short period only. MarketsandMarkets expects the global video streaming market size to grow from USD 3.25 Billion in 2017 to USD 7.50 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 18.2%.
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The key forces driving the video streaming market include the increasing traction of Video-as-a-Service (VaaS) in enterprises due to lower cost of ownership, extensive growth of online videos, and the growing needs for on-demand video streaming services. Moreover, with the subsequent increase in the adoption rate of cloud-based video streaming software solutions and network bandwidth optimization, the video streaming market is expected to gain a major traction during the forecast period.
Companies such as Brightcove, Inc., Haivision, Inc., IBM Corporation, Kaltura, Inc., Kollective Technology, Inc., Ooyala, Inc., Panopto, Polycom, Inc., Qumu Corporation, Sonic Foundry, Inc., VBrick, and Wowza Media Systems, LLC have created leading video streaming software and platforms to cater to the needs and demands of the video streaming software market. These players have adopted various growth strategies, such as acquisitions, agreements, partnerships, and new product launches.
The key market players are entering into collaborations and partnerships to provide innovative offerings and increase profitability. For instance, IBM Corporation adopted the strategies of partnerships, acquisitions, and new product launches. In April 2016, IBM partnered with the CBC, Canada’s national public broadcaster, to deploy its Cloud Video Clearleap platform, which will enable CBC to provide next-generation, ad-supported streaming video services to Canadian customers
Wowza Media Systems adopted the strategies of partnerships, new product launches, and product upgradations to expand its market presence. In April 2017, Wowza released new updates of its Wowza Streaming Engine (version 4.7) and Wowza Streaming Cloud Service. These updates were aimed to assist broadcasters to deliver large-scale streams to global audiences through Content Delivery Networks (CDNs) and Facebook Live. The updates also improved the monitoring and resiliency of streaming workflows.
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