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Short Video Platform Market Segmented By Type such as Application Sharing, Website Sharing having Entertainment and Business Application
Short videos are becoming an important way for companies to reach consumers. Companies are utilizing this platform as a great tool for brand awareness and marketing campaigns. By using personalized and creative content, market players use short video platforms to deliver concise brand messages to users without losing consumer engagement.
Production cycle of short videos is flexible that works well with brands marketing budgets and plans. With the help of personal interactions with the target audience, companies are constantly working towards improving user experience at a steady pace and come up with effective marketing plans quickly.
There is a progressive number of prominent market players investing time in creating their video releases and venturing with other companies in order to gain momentum in the short video platform market.
Such strategic collaborations and involvement of companies will propel the growth of the short video platform market across the globe.
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The short video platforms market has suffered a certain impact owing to the pandemic outbreak, but the market is maintaining a relative optimistic growth. As the lockdowns were imposed by governments of various countries, and thus the usage and downloads of such short video applications had increased.
Around 35.7 million users downloaded TikTok in March 2020, 23.5 million in April 2020 and 17 million in May 2020. Thus, the number of users increased significantly amidst the lockdowns. Hence, the short video platforms market is anticipated to grow by 2x times by the end of year 2020.
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Get a Customized VersionInteractive Short Form and Bite-Sized Videos Platform will Gain Momentum in Future
In the highly competitive marketplace, short form and bite-sized videos are paving their ways significantly. In 2019, Tik Tok surpassed Instagram to become a hit and gain higher adoption among millennial and Gen-Z. At the same time, Twitter innovated their ad-videos of 6-seconds.
This created competition in the market with Facebook, Snapchat, and Instagram short video ads to stay in the game. Such competitions are likely to continue over the forecast period. Companies are expected to capture the attention of the viewers with the crisp and short messaging.
The short video platform is poised to witness further development such as innovative and ultra-short videos that will aim at major product features, share sneak peeks, capture micro-moments of customer interaction, and create awareness.
Moreover, interactive videos in the market will continue to be a trend for brands as they drive and keep the users involved in the video. A thoughtfully designed and planned interactive short video will motivate the viewers to buy more and enhance user experience.
Drones and Artificial Intelligence to Better Personalize Short Videos
Short video platform market is witnessing technological advancements such as adoption of drones and artificial intelligence. Brands developing hyper-personalized short videos for targeted content are adopting these technologies for crafting relevant and personalized messages.
Marketers are utilizing AI to know viewers preferences, to serve the relevant video to target audience. This will help the marketers to tweak the video marketing strategy and understand the performance of the videos in real-time.
Additionally, drone videos help create better experiential campaigns for users by generating memorable experiences. Market players are using drone footage to improve brand recall and brand awareness. This also helps in creating authentic experiences for the targeted customers.
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Examples of some of the market participants in the global short video platforms market identified across the value chain include Instagram, Snapchat, YouTube, TikTok, VivaVideo, PowerDirector, Dubsmash, ByteDance, Vigo Video and others.
North America will remain the major revenue contributor in the global short video platform market over the forecast period. Subsequently, APAC is witnessing a significant adoption of short video platforms, particularly in China and India. In line with the TikTok ban in India, many start-ups are spreading their presence in the market.
For instance, Gaana, a popular locally developed app, is rapidly garbed the opportunity and released a new short video platform- HotShots. HotShots allow the established influencers to build their success stories and migrate to a robust Indian platform. In addition, growing usage of smartphones along with social media networks are the major factors driving the growth of the short video platform market.
The short video platform market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
