Fact.MR states the global sales of video streaming market to surpass US$ 241 Bn by registering a CAGR of 17% in the forecast period 2022-2032.
A majority of consumers cite viewer profiles as a major benefit of video streaming services. Separate viewer profiles in platforms such as HooQ, Netflix help users track their favourite shows and films.
Historically, from 2017 to 2021, the market for video streaming services surged at a CAGR of 15%. COVID-19 is a financially rewarding prospect for video streaming market players. But it also is the ultimate test of technical capabilities and infrastructure strength. As countries struggle to manage economic and potential loss of human lives, consumers and employees are extensively using video streaming services.
Furthermore, educational institutions are conducting online classes, employees are video conferencing, add entertainment and casual video streaming to this, you would see the enormity of the market. Such increase in video streaming has made telecommunication authorities worried. The global video streaming market will continue to multiply in size during the forecast period.
COVID-19 has impacted video streaming positively
Omnipresent lockdowns across the globe have generated a meteoric increase in video streaming. As organizations shift to work-from-home as a step towards mitigating financial losses. Video streaming services such as video conferencing, and video call meetings garner multiplying users every day.
Popular service providers such as Zoom Video Communications, Microsoft Teams are continuously adding infrastructure capacity to keep their video streaming services from crashing. COVID-19 presents a true test of technical infrastructure and scalability models of video streaming service providers. However, this test also presents remunerative opportunities for market players to gain market value share.
Entertainment video streaming giants such as Netflix, Amazon Prime, HooQ are tackling the increase in pressure by reducing the quality of videos. For instance, in Europe, Netflix has limited the highest quality to HD videos, whereas in India Netflix has been requested by Cellular Operators Association of India (COAI) to limit video streaming quality to SD. These are preventive steps to ensure that telecommunication infrastructures aren’t disrupted due to excessive video streaming.
Key segments covered in the video streaming industry survey
- Live Video Streaming
- Non Linear Video Streaming
- Video Streaming via Internet Protocol TV
- Over-the-Top (OTT) Video Streaming
- Video Streaming through Pay-TV
- Video Streaming across Gaming Consoles
- Video Streaming across Laptops & Desktops
- Video Streaming across Smartphones & Tablets
- Video Streaming across Smart TV
- Video Streaming for Consulting
- Video Streaming for Managed Services
- Video Streaming for Training & Support
- Video Streaming through Advertising
- Rental Video Streaming
- Subscription-based Video Streaming
- Video Streaming for Enterprises
- Video Streaming for Corporate Communications
- Video Streaming for Knowledge Sharing & Collaborations
- Video Streaming for Marketing & Client Engagement
- Video Streaming for Training & Development
- Video Streaming for Consumers
- Video Streaming for Real-Time Entertainment
- Video Streaming for Web Browsing & Advertising
- Video Streaming for Gaming
- Video Streaming for Social Networking
- Video Streaming for E-Learning
Prominent video streaming service provides are expanding their global presence by collaborating with existing players or online security and traffic management providers. Prominent developments in the industry are as follows:
- In November 2019, Netflix, Inc and CJ ENM/Studio Dragon entered a three-year strategic partnership that began in 2020. Both the companies have signed a multi-year production and distribution agreement.
- Likewise, in November 2021, Akamai Technologies Inc. and Queue-it announced a global commercial partnership, aimed at offering consumer-friendly means to manage challenges caused by surges to online traffic.
How are video streaming services performing in North America?
According to Fact.MR, the U.S accounts for the largest market value share in North America. Presence of major video streaming platforms such as Netflix and Amazon Prime are primary factors for share-wide dominance of this region.
In addition, innovation and development of advanced streaming technology enables data efficient streaming of content. The average consumption of video streaming services is over 38 hours of content in the U.S. This points to favourable consumer trends in North American countries.
Moreover, strong cloud network and internet connectivity such as 5G network is accelerating the demand for video streaming. Thus, North America is expected to account for 20% market share for video streaming market. Globe Newswire