With 19.9% CAGR, global video streaming market size worth USD 1,690.35 billion in 2029
The global video streaming market size was valued at USD 372.07 billion in 2021. The market is projected to grow from USD 473.39 billion in 2022 to USD 1,690.35 billion by 2029, exhibiting a CAGR of 19.9% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Video Streaming Market Share, 2022-2029.”
Key Industry Development:
January 2022: IBM Corporation declared an innovative IBM streaming mobile application that globally refines the communications happening in workplace. The mobile application is made accessible on the app store and play store. IBM’s video streaming application permits users to broadcast and live stream videos.
Drivers and Restraints:
Growing demand for video on demand (VOD) streaming services to help market growth
Growing number of video on demand services users throughout the globe owing to the rise in consumer expenditure on media and entertainment assists the video streaming market growth. According to the Motion Picture Association Report in 2020, online VoD users jumped to about 1.10 billion during the COVID-19 pandemic and is predicted to reach 2.00 billion users by 2023.
However, the surging worries among users associated with content piracy and protection are anticipated to obstruct corporate operations, declining consumers’ viewing content. This is estimated to influence the market growth in the coming years.
The report offers a rounded study of the market along with current trends and future expectations to inaugurate proximate investment gains. An extensive examination of any upcoming prospects, threats, competitions or driving aspects is also mentioned in the report. Step by step, detailed regional analysis is presented. The COVID-19 influences have been added to the report to help investors and business experts comprehend the jeopardies in a better manner. The key players in the market are acknowledged, and their strategies to spur the Global Video Streaming Market growth are shared in the report.
Growing progression of advanced streaming software to bolster market growth
The scope involves software and content delivery services based on component. Under the software, transcoding and processing, video delivery and distribution, video management, and others are involved. Moreover, software is increasing at reasonable pace owing to rise in the development of progressive streaming platforms by the dominating players.
Growing number of the OTT users to drive market growth
In the scope, satellite TV, cable TV, IPTV (internet protocol television), and OTT streaming are measured under the channel. Among these, cable TV is anticipated to hold the greatest share in 2021, owing to the upsurge in the acceptance by the households across the world.
Augmenting number of e-sport/sports audiences to spur market growth
Based on vertical, the scope includes Video Streaming Market share by education/e-learning, healthcare, government, sports/e-sports, gaming, enterprise and corporate, auction and bidding, fitness & lifestyle, music & entertainment, and others (transportation).
Geographically, the Video Streaming Market is fragmented into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
North America to lead stoked by presence of crucial players
North America is anticipated to lead the video streaming market share during the forecast period owing to the existence of dominating players. Further, surging number of users for video on demand and video gaming platforms across the U.S. and Canada helps the market growth.
Asia Pacific is estimated to grow with the noticeable CAGR during the forecast period. The market is developing with a substantial growth rate, owing to the rapid adoption of the numerous video streaming solutions such as video on demand and OTT platforms among consumers.
Furthermore, Europe is developing on an average note owing to the surging demand for online live streaming videos and rising adoption of on-demand videos among consumers.
Growing acceptance of live streaming platforms across education and healthcare sectors to assist market growth
The influence of the COVID-19 pandemic is anticipated to impact the market size of video streaming significantly positively during the forecast period. Additionally, the COVID-19 pandemic has fast-tracked digital transformation globally. The surging implementation of online learning, work from home (WFH) and remote patient monitoring in health services, e-commerce, and other has amplified the demand for services.
Radical product launch declarations by prime players to boost market growth
The important players adopt numerous strategies to spur their position in the market as dominating companies. One such key strategy is procuring companies to bolster the brand value among users. Another vital strategy is intermittently launching radical products with a comprehensive study of the market and its target audience. Globe Newswire
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