Video Streaming Software Market: Drivers, Restraints, Opportunities
Video streaming software can be described as a kind of tool that broadcasters use to improve their streaming experience, according to Datacast. Individuals invest in the software to develop more professional or advanced-looking streams.
Numerous business sectors take advantage of this type of software to enhance business operations. These include leisure & entertainment, retail, real estate, healthcare, education, and internet gaming sites like GGBet casino.
The video streaming software market continues to experience significant growth over the years. This is because there has been an increase in the demand for the use of videos by various enterprises. A report from Technavio revealed that the video streaming software market is expected to grow by $6.38 billion by 2024. The market encompasses various software like:
- Video security
- Video analytics
- Transcoding and processing
- Video delivery and distribution
- Video management
What drives the video streaming software market? Read on to uncover some of the driving factors in addition to the opportunities and restraints in the streaming software market.
Major Driving Factors Behind the Growth of Streaming Software
Several factors contribute to the market growth. The major ones include the ever-increasing demand for on-demand and online video streaming services. Growing technological investments and high-speed internet services have seen more clients consume on-demand streaming services such as Netflix, Hotstar, YouTube and Prime video, among others.
The availability of better digital infrastructure has also contributed to the growth of the market. This has been spearheaded by the emergence of 4G and 5G technologies. Corporate training programs are also being delivered through digital platforms, another driving factor. Studies show that a majority of employees prefer video training over reading training material.
Research Drive also reported that the COVID-19 pandemic had a positive impact on the video streaming market. More people were using video conferencing and collaboration platforms like Zoom, social media, educational portals, cloud platforms, and gaming as well as streaming media. For instance, in March 2020, the Zoom platform recorded around 200 million participants daily around the world. This is an aspect that boosted market growth during the lockdown.
Lockdown also saw a surge in people consuming video streaming. The UK Office of Communications reported that 40% of adults who were stuck inside their houses during the lockdown spent 40% of their waking hours in front of a screen. This led to behavioural changes in individuals who made it a habit to use streaming services, contributing to its growth. Students studying at home were another driving factor for growth.
The incorporation of innovative technologies has also had an impact on the software market. Augmented reality and artificial intelligence tools are being used in the development of video streaming software to enhance video streaming networks. These allow firms to encode, distribute and organize content while preventing it from infringement. This has also been used to offer advanced platforms for content management and team collaborations in enterprises.
Examples of other technologies that are incorporated in this software include facial recognition and voice assistance. These allow video streaming firms to offer top-notch content in a sophisticated way. For instance, Wowza, which is a live streaming solution provider, offers VR and 360 streaming software. This makes it possible for people to stream high-quality and immersive video experiences.
Markets and Markets also acknowledge that the increasing penetration of mobile devices is also playing a role in the rapid growth of the software market. Additionally, the introduction of cloud services enables live video streaming service providers to transcode live streams in a timely fashion, fulfilling the demand for quality services by viewers.
Opportunities in the Video Streaming Market
In the future, product launches and acquisitions will offer lucrative opportunities to industry players. As demand for video streaming services continues to rise, there is a possibility that new companies will be introduced to offer the service. In the future, platforms that have adopted cloud scaling will probably be working with higher internet speeds and larger bandwidth to offer better viewing experiences.
The introduction of new technologies will also create more opportunities for the video streaming software market. It is also possible that key players in the market will most likely change as companies compete to outshine their competitors. Currently, some of the companies that are making significant contributions to the video streaming market include Brightcove, IBM, Kaltura, Dacast, Haivision, Qumu, Agile Content, and Sonic Foundry, among others.
Restraints in the Video Streaming Market
Even as the demand for video streaming software continues to skyrocket, the market still faces a few restraints. Network connectivity has got to be one of the major restraints. This is especially experienced in developing countries that do not have high-speed internet. Experts also reckon that technical difficulties that are involved in video streaming as well as high-cost shares in the creation of vast content are also restraining factors to the growth of the market.