FREMONT, CA: Technavio unveils a latest report on the growth of online video platform market and finds it to grow at a CAGR of 15 percent in the forecast period 2016-2020. The report further foresees the growth of smartphones and expansion of social media channel as the major contributor to the market growth.

The constant rise of the internet users has brought better opportunities for businesses to expand their customer base through advertising videos in the social media platform. The media and entertainment industry is deploying this platform for uploading TV episodes andtelecast on current affairs. The social media platform provides an easy way to engage customers and connect to the target audience in a cost-efficient manner. The globalisation of sports and expansion of online viewers will further spur the market growth, reports Technavio.

The video-on-demand platform is expected to find exponential growth in U.S. in the forecast period. The availability of high-speed internet and the exponential rise of mobile phone and tablets users will aid the market growth in this region. The report finds North America to be the major share holder of the market with US and Canada as the major revenue generating countries.

“Digital media and marketing professionals are driving the growth of online advertisement market, which in turn, increases the demand for online video platform market. In 2015, internet advertising by social media accounted for 32%-34% of the global internet advertisement market, online video accounted for 23%-26%, which is likely to increase during the forecast period, and paid research accounted for 15%-17%,” says Shmeet Kaur, a lead analyst from Technavio.