According to a comprehensive research report by Market Research Future (MRFR), “Cloud Video Streaming Market” information by Streaming Type, by Components, by Cloud Deployment, by Vertical and Region – Forecast to 2030” market size to reach USD 21.54 billion, growing at a compound annual growth rate of 20.50% by 2030.
Cloud video streaming market scope:
The growing consumer preference or shift to online streaming services over traditional broadcast services will offer robust opportunities for the cloud video streaming market over the forecast period. Consumer desire for online streaming services is growing, resulting in rapid growth of the Cloud Video Streaming Market. The expense of traditional broadcast services is substantial. As a result, consumers favor low-cost online streaming services. According to an integration survey, many customers use internet streaming services for more than 6 hours each week. In recent years, the usage of streaming services has increased by 59 percent. Cloud video streaming offers flexibility, convenience, cost efficiency, & variety, to name a few advantages. It is a critical aspect that will boost the market’s adoption rate in the next years. Geographically, traditional television has restrictions. The convenience of watching videos is causing the market to expand.
Dominant key players on cloud video streaming market covered are:
- Akamai Technologies Inc. (U.S.)
- Haivision Hyperstream (U.S.)
- A-frame (U.K.)
- Sorenson Media (U.S.)
- Amazon Web Services (U.S.)
- Microsoft Azure (U.S.)
- Adobe Systems Incorporated (U.S.)
- Forbidden Technologies (U.K.)
- Encoding.Com (U.S.)
Higher penetration of internet and mobile phone users to boost market growth
The cloud video streaming market is primarily driven by the penetration of mobile phones & internet users. Media and entertainment platforms are becoming more widely adopted. Users can choose their own entertainment thanks to high internet speeds & mobile devices. With video streaming services, you may get your pleasure whenever and wherever you choose. Online media is consumed by the majority of people. It provides users with greater ease and comfort. The use of the internet for online media in the coming years will result in a high rate of product adoption. Because of the large number of internet users, the market is expanding at a rapid pace. Furthermore, rising smartphone usage is beneficial to overall market expansion. Smartphone users have helped to make online video popular. Because of the widespread use of cellphones, there is a lot of traffic on the internet. The total traffic online is increasing by more than 60%. It has caused a surge in demand for cloud video streaming services. The market’s growth pace is enormous, thanks to improved access and smart gadgets. Many customers use the internet for more than 2.5 hours. More end-users will be attracted to the market as a result of low-cost video streaming.
High cost of content creation to act as market restraint
The high cost of content creation may act as a market restraint over the forecast period. The price to stream content is on the rise. To offer quality and interesting content, the cost of investment automatically is high. Besides, the majority of the users are keen in fresh content. Also, piracy in such video streaming services may also impede market growth.
Cyber-attacks to act as market challenge
Cyber-attacks in video streaming services may act as a market challenge over the forecast period. Cybercriminals are stealing high-value content from major streaming services. The cloud is a safe platform to use. The service has a substantially lower rate of cybercrime than other platforms. A data breach can occur when personal information about users is exposed. In the market, there is a possibility of login credentials being hacked. The growing number of security breaches may cause the market’s adoption rate to drop.
APAC to dominate cloud video streaming market
The cloud video streaming market will be dominated by Asia Pacific. India, China and Japan are all part of this market. This market’s rapid expansion can be attributed to these critical regions. Increased technological improvements have resulted in a high rate of adoption. In the Asia-Pacific region, cloud services are widely used. The market is benefiting due to the presence of cloud video streaming market players. It’s a fiercely competitive environment with significant demand from a variety of industries. End-users in the entertainment & education sectors are important. New product releases & developments are also expected in Asia Pacific. More prospects for expansion will arise as the economy improves. Due to superior technical innovation from nations such as India and China, the Asia-Pacific region is the fastest-growing player in this market. The growth of the cloud-based video streaming market in the region is being driven by rising urbanization, corporate expansion, industrial developments, and a developing educational sector. Due to the rising IT network in this region, developing economies such as Japan, India and China accounted for the biggest market share.
COVID-19 impact on the global cloud video streaming market
Due to the breakout of the deadly COVID-19 pandemic, in December 2019, the cloud video streaming business has seen a rapid increase in recent months. Several countries have imposed lockdowns and closed businesses except for necessary services as a result of the epidemic (allowed with minimum workforce). Work-from-home policies have been mandated for other firms, resulting in a huge increase in customer interest in cloud video services. One of the top firms in the cloud video streaming market is Amazon Web Services (AWS), a subsidiary of Amazon. It is a leading cloud computing technology supplier, and its video services may be accessed via the REST and SOAP protocols over HTTP. A-frame is also a key player in the industry for cloud-based video streaming. It’s a private cloud asset management platform that specializes in professional television and video production. Globe Newswire