The online streaming services market is segmented into two categories based on the type (online video streaming and online music streaming) and geography (North America, Europe, APAC, South America, and MEA). The market share is expected to increase by USD 191.72 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 18.74%.
Parent Market Analysis
The global online streaming services market is classified by Technavio as part of the global movies and entertainment services industry. Consumers’ increasing disposable income, the proliferation of video streaming services, and the growing popularity of online streaming services will all contribute to the global movies and entertainment market’s rise. External factors influencing the parent market’s growth potential in the following years have been extensively examined in our research report and will define the levels of growth of the online streaming services market during the projected period.
Technavio uses the total revenue generated by manufacturers to estimate the global online streaming services market size. External factors influencing the parent market’s growth potential in the coming years have been thoroughly investigated in our research analysis, to know more about the levels of growth of the online streaming services market throughout the forecast period.
Online Streaming Services Value Chain Analysis
To maximize profit margins and evaluate business plans, an end-to-end understanding of online streaming services is required. The report will help vendors drive costs and enhance customer services during the forecast period.
- Content development
- Licensing and distribution
The online streaming services market is fragmented, and the vendors are deploying various organic and inorganic growth strategies to compete in the market. To make the best of the opportunity, the market vendors should focus more on the fast-growing segment’s growth prospect while maintaining their positions in the slow-growing segments.
Product Insights and News
- Alibaba Group Holding Ltd.– Offers a complete suite of cloud services to customers worldwide, which includes elastic computing, database, storage, network virtualization services, large scale computing, security, management and application services, big data analytics, a machine learning platform, and IoT services.
- Amazon.com Inc.- Offers online streaming services such as Prime Video and Amazon music.
- Balaji Telefilms Ltd. – Offers online streaming services through its subsidiary ALTBalaji.
The online streaming services market share growth in North America will be significant during the forecast period. The US is a key market for online streaming services in North America. However, the market growth rate in North America will be slower than the growth of the market in other regions.
The entertainment industry in the region has matured and improved technologically. It produces several well-known and high-budget web series, films, and animated programs that are freely accessible via online streaming services. The high demand for online streaming services in this region has prompted additional service providers to join in. As a result, there was more rivalry, prompting existing service providers to update their offers and invest more in providing better content to win a larger market share.
Furthermore, the US, China, the UK, Japan, and Germany are North America’s top producers of online streaming services, owing to the growing on-demand video market and the declining live TV broadcast market in the region.
Key Market Dynamics-
- Online Streaming Services Key Market Drivers:
- Rising penetration of smartphones and easy access to the Internet
Users are opting for online streaming services as a result of the introduction of high-end smartphones and the widespread availability of the Internet. As the number of smartphones grows, consumers will be able to access more video and music material on the go. In addition, as the number of mobile Internet subscriptions grows, several online streaming service providers are looking at using mobile platforms to provide their services.
- Online Streaming Services Key Market Trends:
- Integration of advanced technologies with online streaming services
Artificial intelligence (AI), deep learning, natural language processing, and blockchain technology will become disruptive technologies for enhancing video quality and streaming, which will give chances for online streaming service providers to expand. In filming, editing, voice-overs, scriptwriting, and most other elements of video production, AI assists service providers. AI is being used by several service providers to improve the quality of their material. PR Newswire