As the necessity of communicating and delivering information effectively has increased more than ever, the use of videos in small and large enterprises has become essential. Transcoding and processing, video delivery and distribution, video management, video analytics, and video security are the popular video streaming software.
The video streaming software are used for sharing and delivering videos with the help of the internet for corporate communications. Data streaming technique is used for video streaming process. In this technique, the video files are compressed and sent to a requesting device.
Factors Enhancing the Growth of the Market
The video streaming software market has experienced a massive growth in recent years because of the popularity and demand for on-demand and online video streaming services. High adoption rate of such software in corporate training programs is another major factor propelling the growth of the market.
Kaltura, a leading video technology service provider, has conducted a survey on how video platforms are being utilized and its impact on the corporate training. The survey proved that around 69% of employees accepted the fact that learning through video streaming platforms is more effective compared to the tradition training methods.
In addition, due to the COVID-19 outbreak and lockdown imposed throughout nations, the demand for online video streaming services such as Netflix, Prime Video, Hotstar, and You Tube has increased which will contribute to the growth of the market in upcoming years.
Trending Advances of the Industry
According to the recent report published by Research Dive, the leading players of the global video streaming software market are Sonic Foundry, IBM, Qumu Corporation, Plantronics, Inc., Akamai Technologies, Haivision, Kaltura Inc., Brightcove Inc., Limelight Networks, Vbrick among many others.
These market players are focusing on developing unique strategies including upgradation of existing technology, mergers and acquisitions, product launches, and collaborations and partnerships to withstand the market competition.
Some of the latest developments of the market are as follow:
- According to the most recent news, Brightcove Inc., the world’s leading video technology platform has announced its partnership with Cvent, a leading hospitality technology provider. The main purpose behind this partnership is to offer its video solutions to Cvent’s newly-launched Virtual Attendee Hub®.
This partnership will help Cvent to launch reliable, scalable, and broadcast-grade video experiences for their audiences.
- In June 2020, Brightcove launched new technology solutions called “Brightcove Virtual Event Experiences”. It is a solution that enables enterprises to offer improved quality events and interactive experience to customers.
- In March 2020, the Special Committee of Independent and Disinterested Directors of Sonic Foundry, Inc has retained Silverwood Partners LLC to assess its strategic alternatives and its Mediasite video streaming and video management solutions business, as per a recent news. Based out of Boston, Silverwood Partners LLC is an investment banking firm specifying in digital media technology.
- The leading provider of content delivery network (CDN) and edge cloud services, Limelight Networks Inc. has recently stated in a press release that SimulTV selected its Edge Compute services to help deliver more than 130 live, online channels worldwide.This collaboration with Limelight will help SimulTV in accelerating its time-to-market in prominent regions and thus ensuring quality viewing and streaming experiences.
- Based on USA, AVer Information Inc is an award-winning video collaboration solutions provider. The company joined the Kaltura Video Technology Marketplace in September, 2019. Kaltura is known for its live and on-demand video SaaS solutions, along with its Video-Platform-as-a-Service.
The partnership will be beneficial for the customers who use AVer Auto Tracking and PTZ cameras through Kaltura’s market-leading video platform, as stated by the report.
- Akamai Technologies Inc., is one of the leading intelligent edge platform for securing and delivering digital experiences. The company completed its acquisition of Exceda in September 2019.
- Another report states that in April 2019, Brightcove Inc., completed the acquisition of the online video platform business of Ooyala, a provider of cloud video technology. This acquisition was initiated to strengthen Brightcove’s position as a market leader in the online video streaming platform.
To sum up, it has become clear that the leading players of the global market of video streaming software are focusing on R&D while concentrating on other strategies such as partnership, merger and acquisition, and product launches to sustain the growth of the market in upcoming years.