The global video streaming market is projected to attain USD 184.3 billion by the end 2027, according to a new report released by Million Insights. The market is anticipated to expand at a CAGR of 20.4% throughout the forecast period, 2020 to 2027. Increasing advancements in technology like artificial intelligence and blockchain technology is the major driving force for the growth of this market. Moreover, rising penetration of smartphones for online video streaming at remote locations is anticipated to further drive the market.
Cloud-based streaming services are gaining popularity among the large consumer base owing to improved data accessibility. Moreover, Asia Pacific and North America are the largest market for video streaming owing to rising popularity of over-the-top (OTT) solutions, rising number of subscriptions, increasing disposable income levels, growing trend of mobile video streaming at remote locations and increasing digitalization.
Factors such as availability of high-speed internet plans at low cost and increasing popularity of on-demand video streaming is anticipated to drive the market growth. In addition, rising demand for digital media for easy accessibility of data is projected to propel the growth of the market over the forecast period. On the basis of solution, the market is categorized into pay-TV over-the-top (OTT), and internet protocol TV. The OTT segment is gaining high popularity among the consumers owing to free delivery of TV and film content through internet.
The segment of tablets and smartphones accounted for the largest video streaming market share in 2019 owing to factors such as portability, easy data accessibility, availability of high-speed internet at low costs, changing lifestyles of people, and rising demand for mobile video streaming. However, smart TV segment is projected to grow at the fastest rate owing to availability of TV channels and video streaming services like Amazon Prime and Netflix on a common platform. On the basis of revenue model the segment of subscription model accounted for the largest market share and is anticipated to grow significantly from 2020 to 2027 owing to availability of different video streaming solutions and cheaper monthly and annual subscription plans.
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Further key findings from the report suggest:
• The education and academic sector is opting to video learning methods which is anticipated to propel the demand for video streaming services
• The segment of OTT solutions accounted for the largest market share in 2019 and is projected to attain the fastest growth from 2020 to 2027
• Asia Pacific is projected to grow significantly from 2020 to 2027 owing to rising penetration of smartphones and high-speed internet data
• Leading players operating in this industry include Amazon Web Services, Inc.; Akamai Technologies; Apple Inc.; Google; Cisco Systems, Inc.; Kaltura, Inc.; International Business Machine Corporation (IBM Cloud Video); Netflix; Wowza Media Systems, LLC; Hulu; and AT&T Intellectual Property.
Million Insights has segmented the gobal video streaming market based on streaming type, solution, platform, service, revenue model, deployment type, user, and region:
Video Streaming Type Outlook (Revenue, USD Billion, 2016 - 2027)
Video Streaming Solution Outlook (Revenue, USD Billion, 2016 - 2027)
• Internet Protocol TV
• Over-the-Top (OTT)
Video Streaming Platform Outlook (Revenue, USD Billion, 2016 - 2027)
• Gaming Consoles
• Laptops & Desktops
• Smartphones & Tablets
• Smart TV
Video Streaming Service Outlook (Revenue, USD Billion, 2016 - 2027)
• Managed Services
• Training & Support
Video Streaming Revenue Model Outlook (Revenue, USD Billion, 2016 - 2027)
Video Streaming Deployment Type Outlook (Revenue, USD Billion, 2016 - 2027)
Video Streaming User Outlook (Revenue, USD Billion, 2016 - 2027)
• Corporate Communications
• Knowledge Sharing & Collaborations
• Marketing & Client Engagement
• Training & Development
• Real-Time Entertainment
• Web Browsing & Advertising
• Social Networking
Video Streaming Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• South America
• Middle East and Africa (MEA)