South Korea Online Video Platforms (OVP) Market Insights Forecasts to 2032

• The South Korea Online Video Platforms (OVP) Market Size was valued at USD 31.75 Million in 2022.
• The Market Size is Growing at a CAGR of 15.5% from 2022 to 2032.
• The South Korea Online Video Platforms (OVP) Market Size is Expected to Reach USD 134.12 Million by 2032.

The South Korea Online Video Platforms (OVP) Market Size is Expected to Reach USD 134.12 Million by 2032, at a CAGR of 15.5% during the forecast period 2022 to 2032.

Market Overview

Online video platforms (OVPs) are software systems that allow users to upload, encode, manage, and stream video content over the internet. These platforms provide services such as video hosting, content management, analytics, monetization options, and delivery infrastructure. Online video platforms OVPs are now required for content creators, businesses, and individuals who want to share video content with a global audience. In other words, online video platforms are also known as the locations of internet video. The online video platform OVP is in charge of hosting video content and streaming it to viewers. Furthermore, the market is seeing an increase in the variety of online platforms in terms of activity, sector, business model, and size. Online video platforms can be deployed in both cloud and on-premises modes, which adds to the dynamic nature of online video platforms OVPs. Online video platforms can be used in the media industry, for marketing and sales, and in businesses.

Report Coverage

This research report categorizes the market for South Korea’s online video platform (OVP) market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea online video platform (OVP) market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea online video platforms (OVP) market.

Driving Factors

South Korea has one of the highest internet penetration rates, enabling a large user base for online video platforms. The widespread adoption of smartphones has made video content more accessible and convenient, contributing to the growth of online video platforms OVPs. Consumers are increasingly shifting from traditional television to online streaming platforms for entertainment, leading to the rising demand for online video platforms (OVPs). Provide opportunities for advertisers to reach a targeted audience through video advertisements, fueling the growth of the South Korea online video platform market. South Korea is recognized for its cutting-edge infrastructure and technology. Because of technological advancements, internet video platforms can now provide viewers with high-quality content. K-pop, in particular, has grown in popularity around the world in recent years. As a result, demand for Korean content and online video platforms is increasing. K-pop idols appearing in variety shows, Korean dramas, and other forms of entertainment increase the popularity of these platforms even further.

Restraining Factors

The South Korean online video platform (OVP) market faces challenges related to copyright infringement, piracy, and unauthorized content distribution, which can harm content creators' and online video platform (OVP) providers' revenue streams. The market is competitive, with numerous online video platforms (OVPs) vying for user attention. Both new entrants and existing players face challenges in differentiating themselves and offering unique features. Despite strong internet connectivity, certain regions or areas may experience network limitations, interfering with a smooth streaming experience.

Market Segment

• In 2022, the live streaming segment accounted for the largest revenue share over the forecast period.

Based on type, the South Korea online video platforms (OVP) market is segmented into live streaming, video content management systems, and video analytics. Among these, the live streaming segment has the largest revenue share over the forecast period. Many sports streaming events now include customized chat room functionality to attract more subscribers, so live video streaming is becoming increasingly popular. Furthermore, the growing number of users on live video game streaming platforms such as Twitch, HitBox, Beam, and Azubu is driving segment growth. This trend is being used by gaming platform vendors to diversify their revenue streams, such as ad-based streaming, paid subscriptions, and badge sales.

In 2022, the media & entertainment segment accounted for the largest revenue share over the forecast period.

Based on end user, the South Korea online video platforms (OVP) market is segmented into e-learning, media & entertainment, BFSI, retail, IT & communication. Among these, the media & entertainment segment has the largest revenue share over the forecast period. The segment has grown significantly as a result of increased mobile internet connectivity and investments in improving OTT infrastructure. Furthermore, the increase in investments in live-streaming sports events is expected to play a significant role in the development of the media and entertainment industry.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea online video platforms (OVP) market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Vimeo Inc. (Inter Active Corp.)
• YouTube LLC
• Brightcove Inc.
• Panopto Inc.
• Kaltura Inc.
• Alphabet Inc.
• Akamai Technologies, Inc.
• Bigo Technology
• Netflix, Inc.
• Wavve LLC.
• CJ ENM Co., Ltd.
• The Walt Disney Company
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In January 2021, Vimeo, one of the world's leading all-in-one video software solutions, announced that its enterprise video providers are now available directly to developers on the Google Cloud Marketplace. Users can easily find businesses of all sizes that want to integrate video into their operations. Furthermore, Vimeo offers enterprise-level video software that allows businesses to securely and efficiently create, manage, deliver, and monetize video.

• In February 2021, K16 Solutions announced a partnership with Panopto Partner, which will help customers transition from legacy providers to Panopto's video platform. It will also greatly improve the previously time-consuming conversion process, which was frequently done manually, one file or link at a time, allowing end users to complete more tasks in less time.

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea online video platforms (OVP) market based on the below-mentioned segments:

South Korea Online Video Platforms (OVP) Market, By Type

• Live Streaming
• Video Content Management Systems
• Video Analytics

South Korea Online Video Platforms (OVP) Market, By End User

• e-Learning
• Media & Entertainment
• BFSI
• Retail
• IT & Communication