Video Streaming Market to Expand Owing to Bevy of OTT Platforms
Video streaming services are subscription offering to users for streaming films and shows of their liking. They are offered in various formats compatible with the internet speed of users. The switch to the internet for entertainment and rise of cord-cutting are expected to assist video streaming services. The global video streaming market report by Market Research Future (MRFR) takes a look at various drivers and challenges to be faced by the industry as well as projections for size and growth for the period of 2023 to 2032 (forecast period). It underscores various effects of the COVID-19 pandemic and measures taken by the industry.
Market Scope:
The global video streaming market is expected to expand at a 18.10% CAGR during the forecast period. Its size can reach an astounding value of USD 1117.79 billion by 2032. The major driver of the market is the increasing demand for live and on-demand content among consumers. This is supported by rising adoption of smartphones, tablets, and smart devices by customers for viewing content in high resolution. Moreover, vast libraries of content and flexible payment options are set to increase the number of customers in the coming years.
Enterprises are relying on video streaming for conducting meetings and live conferences with their clients. Advances in video encryption and emergence of 5G technology are expected to affect the market positively. Various video streaming services and investments on new platforms by venture capital firms owing to their large potential can fare well for the market.
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Competitive Outlook:
Microsoft Corporation, Amazon Web Services, Adobe Inc., Apple Inc., Google LLC, Cisco Systems Inc., IBM Corporation, Akamai Technologies Inc., Walt Disney Company (Hulu), and Netflix, Inc. are key players in the global video streaming market.
Market Segmentation:
By type, it is divided into on-demand video streaming and live video streaming. The on-demand video streaming segment can gain traction in the video streaming industry owing to major sports events or new releases being made popular on select platforms. The ability to gain the interest of viewers can drive the segment growth during the forecast period. On the other hand, the live video streaming segment is expected to carve a major share of the video streaming industry due to being able to broadcast important announcements and events. The outbreak of the COVID-19 virus has led to news channels using this medium to deliver news to the devices of the people.
By deployment, it is divided into cloud and on-premise.
By platform, it is segmented into laptops & desktops, smartphones, smart TVs, and gaming consoles.
By component, it is segmented into software solutions (video analytics solution, video management solution, and video security solution) and services (professional services and managed services).
By model, it is segmented into transactional video on demand, subscription video on demand, advertisement supported video on demand, and hybrid.
Regional Analysis:
The video streaming market, by region, has been segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America accounted for the largest market value of USD 12,329.3 million in 2018. It is expected to register a CAGR of 21.2% during the forecast period. It has witnessed significant adoption of video streaming in recent years. The presence of key market players such as Netflix Inc., Apple Inc., Hulu, IBM Corporation, Amazon Web Services, and Microsoft Corporation in the U.S. has driven the growth of the video streaming industry in the region.
Europe was the second-largest market in 2018, valued at USD 10,827.0 million and projected to exhibit a CAGR of 20.3% during the forecast period. However, the market in APAC is expected to register the highest CAGR of 23.1% over the assessment period. This can be attributed to the access of smart devices and access to high-speed internet. Offers on streaming multichannel services with fixed mobile packages made in conjunction with mobile service providers can contribute to the growth of the market in the region.
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