Impact of COVID-19 on the Global Cloud Video Streaming Market
The cloud video streaming market has witnessed a notable boost in the recent months due to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Other businesses have been directed to practice work-from-home, which has significantly boosted consumer engagement in cloud video services. Amazon web services (AWS), a subsidiary of Amazon, is one of the leading companies in the cloud video streaming market. It is a leading cloud computing technology provider, and video services offered by it can be accessed over HTTP using REST and SOAP protocol. A-frame is also one of the major players in the cloud-based video streaming market. It is a private cloud asset management platform that majorly produces professional TV/video content.
North America is the leading region in the cloud video streaming market owing to the presence of major market players in the region. Cloud-based video streaming services are adopted by both small and medium enterprises. The factors contributing to the growth of cloud video streaming services in the region include collaboration between government and network companies, institutional partners, and large-scale investments by enterprises towards outsourcing video streaming solutions and services.
The service providers offer different types of cloud video streaming services, including live streaming, video-on-demand streaming, and video hosting. Live streaming is the integration of television watching and content on the internet. Live streaming requires a fast internet connection and computer devices such as tablets, laptops, desktops, smart TVs, and smartphones, through which video content can be streamed. Live streaming has had a great impact on globalization as it is facilitating people learning about other parts of the world. It is a whole new exposure to varied cultures, traditions, foods, and sports. It is boosting the growth of the entertainment industry owing to the busy life schedule, and people can watch their favorite TV shows, news, plays, speeches, and sports anywhere and anytime. It has also empowered the education industry by the live streaming of lectures, distant education, and live shows on different expertise such as cooking. It also helps in holding meetings for businesses, which results in faster and better results for business operations. The increasing adoption of cloud video streaming services has boosted product demand. In 2019, 87% of the businesses used video as their marketing tool, increasing from 63% in 2017. Videos shared on social media generate over 1,200% more shares when compared to other content. The keyword “Facebook live stream” witnessed a 330% increase in searches from 2016 to 2018. The demand for cloud video streaming is anticipated to propel owing to increasing adoption, busy lifestyles, and continuous advancements in technology.
Source: MRFR Analysis
Source: MRFR Analysis