CHICAGO—The video content management system market will hit $3.5 billion in 2021 and grow at a compound annual growth rate of 14% a year to $6.8 billion by 2026, according to a new research report from MarketsandMarkets.
The growing demand for online video content, the adoption of cloud-based services by enterprises, increasing number of internet users around the world and rise in demand for video recording equipment and devices, will be key drivers in the growth the research company predicts.
MarketsandMarkets divides the business into two sectors, the platform and service categories. It predicts that services will see faster growth, thanks to the growing amount of video content consumption and cloud-based video services.
The Asia Pacific region will have the fastest growth the company noted, thanks to the proliferation of smart devices; high-speed internet connectivity; rise in digitalization of enterprises economic growth, and growing foreign investments/
The developing countries in the region are gradually advancing toward using video streaming platforms to advance and streamline their business processes and the densely populated countries, such as India and China, are embracing video streaming, the report noted.
That is offering growth opportunities to VOD players, such as Netflix, Amazon Prime Video, Yoku Tudou, iQiyi, Tencent Video, LeTV, Hooq, iFlix, YuppTV, BoxTV, and Hotstar and increasing demand for video content management system solutions, such as video analytics, delivery, and security.
