The global video streaming market is expected to reach a value of USD 932,000.0 million by 2027, at a CAGR of 25.0%

To improve video quality, new technologies such as blockchain and artificial intelligence (AI) are being deployed. Editing, cinematography, voice-overs, scriptwriting, and a variety of other aspects of video creation streaming, and upload are all aided by artificial intelligence. These advancements are expected to have a favorable impact on the market’s growth. AI is being used by a number of video streaming service providers to improve the content quality of videos.

Further, growing preferences for online streaming services over traditional TV are also projected to create a wide scope for the growth of the market during the forecast period. People are opting for online streaming services due to the ease, variety, flexibility, and cost-effectiveness they provide. VoD users, unlike traditional TV viewers, are not restricted in their material selection by geography.

The ability to watch films on the go with the help of mobile apps and high-speed network connectivity has pushed viewers to move away from traditional televisions and toward on-demand video streaming services. On-demand video services are substantially less expensive than cable TV providers’ premium memberships. COVID-19 has seen a 20% spike in viewing across many OTT platforms as a result of its rapid distribution. According to the OpenX OTT Report 2019, 60% of viewers between the ages of 18 and 34 utilize OTT services.

The global video streaming market is segmented based on component, streaming type, deployment mode, and industry vertical. Based on components, the global video streaming market is categorized into solutions, transcoding, and processing, video management software, video distribution, video analytics, video security, and others. The solutions segment is likely to witness a significant share in the market during the forecast period.

Based on streaming type, the global video streaming market is categorized into live streaming and video-on-demand streaming. The video-on-demand segment is likely to witness a significant share in the market during the forecast period. Based on deployment mode, the global video streaming market is categorized into on-premises and cloud. The cloud segment is likely to witness a significant share in the market during the forecast period. Based on industry vertical, the global video streaming market is categorized into media and entertainment, BFSI, academia and education, healthcare, government, and others. The media and entertainment segment is likely to witness a significant share in the market during the forecast period.

Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA. The Asia-Pacific region is projected to hold the most significant share in the market during the forecast period. Australia, Singapore, China, India, New Zealand, and South Korea are among the developed and developing economies in the region. Attributing to the improved technological infrastructure, developed countries in this region are likely to increase significantly.

Developing countries are gradually improving and streamlining their business processes by using video streaming services. In order to simplify and optimize their business processes, densely populated countries such as India and China are moving toward video streaming monetization models. Furthermore, the region’s high competitiveness is projected to spur the development of video streaming software solutions and services, which will improve the overall return on investment for media, entertainment, and education companies. Globe Newswire