New York, United States , July 19, 2024 (GLOBE NEWSWIRE) -- The Global Streaming Media Device Market Size is to Grow from USD 13.61 Billion in 2023 to USD 48.32 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 13.47% during the projected period.
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A streaming device, usually referred to as a streaming box, is a type of consumer electronics device used to playback, save, or display digital media information. Their primary function is to be included in a home theater setup and linked to either an AV receiver or a TV, or both. The industry for streaming devices is expanding quickly as a result of factors including rising internet usage, advancements in communication infrastructure, and the release of new streaming devices. Demand for these devices is being driven by consumers' desire for specific TV experiences and the freedom to watch content on any platform they choose. Typically, two channels audio and video are used for data delivery through streaming. One of the primary factors driving the growth of the streaming media devices market is the increased preference for online streaming services. This might be attributable to increased internet usage and the development of high-speed communication infrastructure, particularly in emerging markets. Significant advances have been made in video resolution, internet, and streaming in the streaming sector. Higher-resolution films and increased bandwidth capacity are projected to limit network traffic.
Browse key industry insights spread across 243 pages with 110 Market data tables and figures & charts from the report on the "Global Streaming Media Device Market Size, Share, and COVID-19 Impact Analysis, By Type (Gaming Consoles, and Media Steamers), By Resolution (HD, HDR, and 4K), By Application (Audio, Video, and Others), By End-Use (Commercial and Residential), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The gaming consoles segment is expected to hold the largest share of the streaming media device market during the projected timeframe.
Based on the type, the streaming media device market is divided into gaming consoles and media streamers. Among these, the gaming consoles segment is expected to hold the largest share of the streaming media device market during the projected timeframe. Because of their extremely high processing and graphics capabilities for streaming devices, besides their broad popularity among youth. Gaming consoles encourage developers to provide consumers with a compelling and distinctive gaming and entertainment experience.
The 4K segment accounted for the largest revenue share of the streaming media device market during the projected timeframe.
Based on the resolution, the streaming media device market is categorized into HD, HDR, and 4K. Among these, the 4K segment accounted for the largest revenue share of the streaming media device market during the projected timeframe. Set-top boxes and streaming sticks have gained significant credibility in terms of 4K capability, as they produce visuals. The need for higher-quality video prompted streaming media device manufacturers to create devices with 4K resolution.
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North America is expected to hold the largest share of the streaming media device market over the forecast period.
North America is expected to hold the largest share of the streaming media device market over the forecast period. This is because of the growth of live video streaming and large expenditures in the gaming and entertainment industries. The increased popularity of video streaming on smartphones, combined with improvements in internet speeds and broadband connections in the region, is propelling industry growth. Most key industry players make significant investments in producing such media devices with extended features, intelligent capabilities, and high resolution.
Asia Pacific is predicted to grow at the fastest pace in the streaming media device market during the projected timeframe. The sector is experiencing a surge in the popularity of online gaming and a heightened understanding of OTT media. The region is seeing fast growth in the use of analytics solutions and services across a wide range of sectors. The region's existing telecoms and multi-channel operators have actively pushed business innovation and advancement through cutting-edge marketing technologies including video streaming.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the streaming media device market include Philips Electronics, Huawei Technologies, Amazon.com, HiMedia Technology, Western Digital, Sony Corporation, Microsoft, Plex, Roku, Inc., Xiaomi Corporation, Apple, Inc., Arris Group Inc., D-Link Corporation, Google, Inc., and others.
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Recent Developments
- In May 2024, Google announced the new Android operating system for TVs and Android TVs at the Google I/O developer conference.
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