Cloud video service revenue is expected to reach $2.36bn by the end of the year.
The market includes several business models like content delivery networks (CDN), online video platforms (OVP), managed video platforms (MVP), and video content management systems (VCMS).
According to an ABI Research report, Akamai reported increase in the cloud video service market share to about 30% in early 2013, rising from the 27% share it had in 2012.
Akamai does not have any close competitors and other companies have less than approximately 5% market share, the report added.
ABI Research practice director Sam Rosen said that CDN and related markets are poised for a round of consolidation.
"We expect horizontal consolidation where rival CDNs combine to gain scale in their competition with Akamai as well as horizontal consolidation where CDNs bring in functions, especially from OVPs, to compete for the largest content producers," Rosen added.
"It's clear that big investors see space in the market for a second standalone CDN to become a clear number two in the market."
"The market for CDN is showing in excess of 15% annual growth."
The report revealed that the Highwinds completed $205m in private equity funding during August this year expecting growth as well as M&A opportunities, while EdgeCast finalised $54m funding.