Video streaming is a rapidly growing market space. It was once considered a niche, but is currently one of the major sectors for viewing video content online. Established companies in the global video streaming market are driving innovation for viewers. On the other hand, new entrants are leaping into this rapidly-expanding market.
Top Trends in the Global Video Streaming Market
Video Streaming not Only for Entertainment but Education Too
Though, a majority of the population stream online video content to watch their favorite shows or movies, a growing number of people are accessing online video streaming sites for educational purposes. A variety of online courses are available online on several fields. Additionally, classroom video streaming has become a trend which is being welcomed in several education institutions. Video streaming is growing in prevalence in enterprises. Enterprises by tapping the opportunity of online video streaming are streamlining and optimizing their processes.
Better Personalized Experience for Users
At present, personalization in video streaming is at its nascent stage. Though users’ log history is used to provide recommendations to users about which videos they can watch next, this system is not as relevant. In future, video streaming companies will aim to deliver a much pleasurable and personalized experience to users.
Companies are focusing on collecting detailed log details of the users to understand their requirements and provide better video recommendations. Simultaneously, this data will be employed by companies to provide relevant ads to the user. This strategy will help companies to generate higher ad revenue.
Continuous Playback to Become Another Important Feature
The video streaming market is still evolving and expanding. The feature of continuous playback of videos will become a strategic asset in the coming few years. Sites that offer the best continuous playback will attract more users. Currently, users opt for skipping an ad instead of watching it. Furthermore, after watching a particular video, users tend to search for new videos they can stream.
Sites will offer a feature of continuous playback, where the user can seamlessly switch from one video to another without tediously searching for relevant videos. In addition to this, the ads delivered to users will be much personalized so that the video playing goes uninterrupted.
Innovative Technologies to Drive the Video Streaming Market
Many entertainment firms are realizing the potential of video streaming market and penetrating the market with better features, larger video database, and faster speed and resolution technologies. This will make technologies such as set-top box redundant. One of the most promising technologies in the video streaming market is 4K. This technology will provide videos in super-high resolutions, thus resulting in a better viewing experience.
At present, Netflix and Amazon are the two giants in the global video streaming market driving innovation. Apple’s Hulu and Google’s YouTube are two other prominent companies operating in the video streaming market. Amazon in 2014 streamed more videos than Hulu, and jumped over the services of online caching and video delivery solutions. However, Netflix represented around 60% of the video steaming market share in 2014 and remained the undisputed champion in the industry.