Video Streaming Market Insights And Remarkable Growth Rate Forecast Till 2027 | Fortune Business Insights™
"Increasing Penetration of Smartphones with Quality Resolution to Add Impetus to Market"
The advent of digitalization into entertainment media is a significant factor in boosting this market. In addition to this, the penetration of smartphones and the increasing popularity of live videos are also propelling the video streaming market growth. Furthermore, due to the outbreak of COVID-19, people are choosing to stay safe at home. Besides video streaming for entertainment purposes, many educational and medical institutions are adopting this medium to continue serving the public interest, education, and welfare, thereby aiding in the expansion of the market.
On the contrary, latency and bandwidth issues and unauthorized platform may pose a significant challenge to the market, both in terms of poor quality video and loss of personal and financial details. Nevertheless, the drastic increase in the number of over-the-top (OTT) platforms and subscribers are likely to create lucrative growth opportunity in the future.
The global video streaming market size stood at USD 342.44 billion in 2019 and is projected to reach USD 842.93 billion by 2027, exhibiting a CAGR of 12.0% during the forecast period.
"Content Delivery Services Segment to Cover Major Share Owing to their Impactful and Effective Features"
In 2019, the content delivery services segment earned 88.4% video streaming market share as they are majorly used in wildlife broadcasting, product and services promotions, and online classes, among others. Under this segment, the OTT services sub-segment is expected to rise remarkably on account of its low-cost and flexible model. This segment requires a minimum network infrastructure as compared to the high-cost support involved for streaming IPTV and pay-TV.
Media streamers and gaming consoles are the main hardware components used to connect the television with the internet for streaming videos. These devices are capable of organizing and accessing user’s media libraries using the same interface. The popular media streamers available in the market are Amazon Fire TV, Apple TV, Google Chromecast, Roku, among others. The demand and supply of these devices were high before Coronavirus pandemic hit. However, as the production facilities have been halted and logistics have slowdown across the globe, these devices are expected to witness a decline in production.
"Asia Pacific to Grow Rapidly on Account of Increasing Penetration of Smartphones"
Geographically, North America earned USD 148.20 billion in 2019 in terms of share. This is attributable to the presence of advanced network infrastructure and high internet connectivity. The U.S. alone consists of more than 200 streaming service providers.
Additionally, the COVID-19 pandemic has propelled people to stay safe at home and opt for home streaming, wherein video gaming and OTT services have gained traction. Similarly, the market in Asia Pacific is likely to grow fast and exhibit high CAGR in the forecast period on account of the presence of tech-savvy population and the advent of smartphones with HD quality resolution, apt for video streaming. This, coupled with the availability of better network at cost-efficient rates that propels viewers to opt for live streaming instead of downloading content are expected to help this region witness rapid growth in the coming years.
Fortune Business Insights™ lists out the names of players providing these services in this market. They are as follows:
- Wowza Media Systems, LLC
- Walt Disney Company
- Roku, Inc.
- Netflix, Inc.
- Kaltura, Inc.
- IBM Corporation
- Google LLC
- Cisco Systems, Inc.
- Brightcove, Inc.
- AT&T, Inc.
- Apple, Inc.
- com, Inc.
- Akamai Technologies
Other Exclusive Reports:-
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Name: Ashwin Arora
Phone: US +1 424 253 0390 / UK +44 2071 939123 / APAC: +91 744 740 1245