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OTT-based segment accounted for largest revenue share in global video streaming market

Innovations are expected to drive the market growth of the global video streaming market for several years to come. Innovations, such as blockchain technology and artificial intelligence, to improve video quality are expected to boost the market growth. AI is playing an essential role in editing, cinematography, voice-overs, scriptwriting, and several other aspects of video production and upload. Various video streaming solution providers use AI to improve the content quality of videos. In the recent past, the popularity of such platforms over broadcast media such as YouTube and Netflix has increased considerably. Moreover, the rapid adoption of mobile phones owing to the growing popularity of social media platforms and other digital mediums for branding and marketing is anticipated to further fuel the growth. The growing adoption of cloud-based solutions to increase the reach of video content is influencing the market growth positively. This trend is majorly observed in the countries of North America and Europe. Furthermore, ongoing innovations and technological advancements are expected to meet the growing users’ expectations for exceptional video quality, performance, and security. Also, the high adoption of digital media across various industry verticals has led to the population’s inclination towards different streaming solutions and services. Active Companies in the markets today include Grom Social Enterprises, Inc. (NASDAQ: GROM), Roblox (NYSE: RBLX), Netflix, Inc. (NASDAQ: NFLX), Hasbro, Inc (NASDAQ: HAS), ViacomCBS (NASDAQ: VIAC).

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A report from Grand View Research said that the global video streaming market size was valued at USD 50.11 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 21.0% from 2021 to 2028. The report concluded: “The OTT-based segment accounted for the largest revenue share in 2020, with over 41% of the market share. It is owing to a feature that OTT based solutions deliver film and TV content through the internet without the need for users to subscribe to traditional cable or pay-TV services. Further, the segment is expected to witness a noticeable growth over the forecast period owing to the growing demand for improved automation of business processes and the full availability of broadband infrastructure. Emerging trends in OTT, such as hybrid monetization models, rising demand for digital original content, and content fragmentation due to intensive competition, are expected to contribute to the growth of OTT streaming solutions.” PR Newswire

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