The global video streaming market share, size is likely to hit USD 842.93 billion by 2027, exhibiting a CAGR of 12.0% during the forecast timescale. Video streaming is a form of media streaming in which a video file is streamed to a remote user with the help of the internet. Enhancing internet connectivity and increasing population are majorly driving the market growth. Fortune Business Insights has presented this information in an upcoming report titled, “Video Streaming Market, 2020-2027”. The market size stood at USD 342.44 billion in 2019.
The report divulges the several factors contributing to the video streaming market growth. For instance, a study by Cisco Systems Inc. witnessed an increase of over 47% in live streaming in 2018.
The global pandemic may have stagnated the growth of several industries and markets, but the video streaming market has experienced a positive impact throughout the pandemic. Educational institutes have switched to online teaching methods; the working population is functioning through meetings, training, and webinars over the internet. Healthcare organizations are using live video streaming for consultation, diagnosis, staff training, etc. The market is expected to experience dynamic market growth due to the uncertain duration of lockdowns and the pandemic itself.
Various businesses are experiencing the importance of live video streaming and the advantages associated with it. During the pandemic, the market has witnessed an uptick due to the growing adoption of live streaming for one or the other purposes. For instance, schools and colleges have shifted to online teaching methods for effectively imparting knowledge to students.
The increasing population and the growing fondness for online streaming platforms are also expected to accelerate the Video Streaming Market in the upcoming years. The increasing popularity of over-the-top (OTT) streaming platforms have created an unparalleled demand for live video streaming content. The growing user base of OTT services like Hulu, Netflix, Disney+, etc., due to flexible pricing and abundant video content is likely to spur market growth. New OTT platform launches by prominent broadcasting networks are also expected to augment market growth. Additionally, the ability to stream live content on mobile devices through these platforms is likely to fuel market growth.
However, the bandwidth crunch and latency problems encountered during the streaming of videos with high graphics are likely to act as a restraining factor to the market growth.
North America is likely to hold the largest chunk in the global video streaming market share. The growth is attributable to a large number of people accessing live video content during the pandemic, high internet connectivity, and enhanced internet infrastructure. Numerous streaming services present in the region are also expected to complement the market growth.
High standards of living and a well-established home entertainment market are likely to augment the growth in Europe and are expected to rank second in the global market in terms of growth.
Increasing tech enthusiastic population and growing smartphone industry in Asia Pacific is expected to promote regional growth.
Increasing investments in refining technology in countries like UAE, Brazil, and South Africa are expected to help the markets of Latin America and the Middle East & Africa witness considerable growth in the forthcoming years.
The dynamic consumer preferences are constantly shaping the streaming market. This has compelled the major players to envisage stringent strategies for growth. The key players are focusing on various growth strategies like product development, strategic collaborations, content monetization, etc. These players are also incorporating new payment methods to expand their consumer base. For instance, Netflix In. and Samsung Group announced a partnership in February 2020 to provide live streaming of content exclusively for the Galaxy smartphones users in South Korea. Fortune Business Insights