Global Video Streaming Market to Boost in Coming Years – Projected to Reach worth USD 213.1 Billion in 2028
Published | 25 March 2022
The growth of the global video streaming market can be attributed to the emergence of innovative advancements like artificial intelligence and blockchain technology which have resulted in the enhancement of the video quality. Moreover, the extensive adoption of smartphones coupled with the rising popularity of social media platforms for marketing and branding purposes is projected to further propel the growth…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global Video Streaming market was worth USD 60.1 Billion in 2021 and is anticipated to reach USD 213.1 Billion by USD 2028 at a CAGR of 19.9%. This is attributable to the large-scale augmenting viewership of the video streaming platforms for various purposes like for enhancing the learning process, including visual recordings of webinars and others. Moreover, the emergence of technological innovations and advancements is also expected to boost the video streaming market during the forecast period.
Upsurge In The Popularity Of Streaming Channels Amidst The Pandemic To Propel The Market Growth
Some popular streaming platforms, such as Netflix, Amazon Prime Video, Hulu, Disney+, and HBO, offer unlimited real-time access to their high-quality and original content. Such innovative streaming tactics enhance the home entertainment experience, expanding the customer base. Moreover, with the growing demand for OTT media entertainment content, the live streaming of talk shows, news, concerts, and games is also attaining an upsurge in popularity. The escalating live game streaming demand has made several market players collaborate with sports authorities to provide sports content to the viewers. For instance- In March 2021, Amazon Web Services, Inc. collaborated with National Football League to stream all the game events exclusively. Furthermore, the repercussions of the pandemic-induced lockdown coupled with rapid advancements in 5G installation are likely to fuel the market growth rate of the global video streaming market during the forecast years 2022-2028.
Consumer Segment Anticipated To Propel The Market Growth During The Forecast period
On the basis of the end-user, the global video streaming market has been segmented into consumer and enterprise. Amidst the segmentation, the consumer segment accounted for the largest market share in 2021, occupying more than half of the market share. This can be ascribed to the increment in the viewership of video on demand as well as live streaming services from the entertainment and media sector. Moreover, the consumer segment is projected to grow due to the opportuneness offered in watching videos remotely. Factors like rising mobile subscriptions and the adoption of connected devices, mainly smartphones, are anticipated to further contribute to the growth of this segment. On the other hand, the enterprise segment is likely to grow at a compounded annual growth rate during the forecast period (2022-2028). This growth can be attributed to the increasing use of video streaming services by enterprises for consulting and training purposes. Moreover, various technological advancements like web-based real-time communication, superior video codec, indexing, captioning, transcoding, and aggregation are anticipated to boost the demand for video streaming for enterprises.
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Impact of COVID-19 on the Video Streaming Market
Although the deadly COVID-19 pandemic had a disastrous impact on various industries, the Video Streaming market is one of those markets that gained tremendously due to the increasing consumption of online content in developing economies like India and China. Individuals worldwide accessed different live streaming platforms to obtain recent updates about the status of COVID-19, play games, stay entertained, and socialize. Moreover, escalation in demand for digital content from numerous sources, such as TV streaming, mobile apps, and gaming platforms, has been observed in China and Italy during the outbreak. As a result, many live streaming platforms, including YouTube Live, Facebook Live, Twitch, and others, gained surging popularity during the outbreak. For instance, Twitch's viewership escalated by 31% in March 2020, as more individuals connected with the platform.
North America Dominates The Video Streaming Market While Asia-Pacific To Witness The Highest Growth During The Forecast Period
Based on the regional analysis, the global Video Streaming market can be segmented into North America, Europe, the Asia-Pacific, Latin America, the Middle East and Africa. Amidst the segmentation, North America dominated the global video streaming market with the largest share in 2021. However, the Asia-Pacific region is anticipated to exhibit the highest CAGR during the forecast period. The Over-the-top (OTT) solution has renovated the way of content consumption in the Asia Pacific region. The region's multichannel operators and telecommunication providers have also proactively pursued business advancement and innovation using video streaming for advanced marketing techniques. The fastest-growing internet population and operators in Southeast Asia have extended the monetization prospects by providing video streaming multichannel services and fixed-mobile packages. Factors contributing to the market growth of the video streaming market in the Asia-Pacific region.
The video streaming market is fragmented with numerous players serving the market. The key players dominating the global Video Streaming market are Akamai Technologies, Amazon Web Services, Inc., Apple Inc., Cisco Systems, Inc., Google, Kaltura, Inc., Netflix, Inc., International Business Machine Corporation (IBM Cloud Video), Wowza Media Systems, LLC, Hulu, LLC. BM, Kaltura, Brightcove, Panopto, Haivision, Vimeo, VBrick, Polycom, Qumu, Sonic FoundryMediaPlatform, and other prominent players. The key marketing strategies adopted by the players are the introduction of new offers, new and advanced service launches, collaborations, partnerships and acquisition to expand their customer reach.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global video streaming market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global video streaming market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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