Newark, Aug. 16, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global video streaming market is expected to grow from USD 99.1 billion in 2023 to USD 219.36 billion by 2033, at a CAGR of 8.27% during the forecast period 2024-2033. North America has a large and affluent consumer base with a strong appetite for entertainment. The region's willingness to pay for streaming services and its diverse demographic make it an attractive market for domestic and international streaming platforms. Some of the earliest and most successful streaming platforms, such as Netflix and Hulu, originated in North America. These pioneers helped establish and shape the streaming landscape, giving them a competitive edge.
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Furthermore, the competitive landscape in North America has driven streaming services to innovate continuously, which includes investing in technology, developing recommendation algorithms, and expanding content libraries to cater to diverse interests. The European region is projected to witness lucrative growth during the forecast years. Europe boasts a robust technological infrastructure with widespread access to high-speed broadband internet. This infrastructure supports seamless video streaming and ensures a quality viewing experience. Also, the region has high smartphone and smart TV penetration, providing consumers with multiple devices to access video streaming platforms. This convenience encourages adoption and usage. Moreover, Europe is culturally diverse, with various languages and content preferences. Streaming platforms can cater to these diverse preferences by offering content in multiple languages and genres, attracting a broader audience. On the other hand, the Asia Pacific region is projected to gain the highest growth rate over the forecast years. A significant proportion of Asia Pacific's population is young, and the youth demographic is more likely to embrace digital technology and streaming services, contributing to market growth. Apart from this, several regional streaming platforms, such as Tencent Video (China) and Hotstar (India), have gained prominence, offering a wide range of content to cater to local audiences.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 8.27% |
| 2033 Value Projection | USD 219.36 Billion |
| Market Size in 2023 | USD 99.1 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Type, Solution, Service, Platform, Revenue Model |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Video Streaming Market Growth Drivers | Increasing users of Smartphones and Mobile Devices |
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Leading market players in the industry include Apple Inc., Amazon Web Services, Inc., Adobe Inc., AT&T, Akamai Technologies, Baidu, Inc., BT, Brightcove Inc., CDNetworks, Crackle, Inc., Comcast /Corporation, Cisco Systems, Inc., Cox Communications, Inc., Deutsche Telekom AG, Disney+, Google LLC, Haivision, Inc., Hulu, LLC, Facebook, Fandango, IBM, iNDIEFLIX Group Inc., Kaltura, Inc., Microsoft, Netflix, Inc., Roku, Inc., STAR, Snagfilms Inc., Twitter, Inc., TalkTalk TV Entertainment Limited, Tencent Holdings Ltd., Ustream, Inc., Verizon Media, Wowza Media Systems, LLC and Xperi among others, are offering more significant scopes and are constantly engaged in newer product creation and venture capital investments to gain market share.
The type segment is split into live video streaming and non-linear video streaming. In 2023, the live video streaming segment accounted for the largest market share, with 63.2%. Social media platforms have integrated live streaming features, enabling users to broadcast live to their followers. This integration has popularized live streaming among influencers, celebrities, and content creators. The deployment segment includes cloud, on-premises and hybrid. In 2023, the cloud segment has dominated the market with a market share of 62.1%. Cloud-based solutions enable streaming platforms to launch new services and features quickly. This agility is crucial in the competitive streaming market, where rapid innovation is essential. The solution segment is divided into internet protocol TV, over-the-top (OTT) and pay-TV. In 2023, the over-the-top (OTT) segment registered the highest market share of 44.1%. OTT platforms invest heavily in producing original content, including critically acclaimed series and films. Exclusive content drives subscriber growth and distinguishes platforms from competitors. The service segment is classified into consulting, managed services and training & support. In 2023, the training & support segment accounted for the largest market share, with 39.3%. In the occasion of technical issues or disruptions, support services can provide troubleshooting assistance to streaming platforms, minimizing downtime and ensuring a seamless viewer experience. The platform segment includes gaming consoles, laptops & desktops, smartphones & tablets, and smart TV. In 2023, the smartphones & tablets segment has dominated the market with a market share of 33.6%. Smartphones and tablets are widely used globally, making them effective platforms for reaching international audiences. The revenue model segment is divided into advertising, rental and subscription. In 2023, the subscription segment registered the highest market share of 45.2%. Subscription-based platforms invest in recommendation algorithms that personalize content suggestions for individual subscribers, increasing user engagement and retention. The end user segment is classified into enterprise and consumer. In 2023, the consumer segment registered the highest market share of 53.1%. Consumers from different regions and cultures drive the demand for diverse content libraries and may influence platforms to expand their international offerings.
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Streaming services offer various content genres, catering to various interests and demographics. This diversity attracts a broad user base. Events like the COVID-19 pandemic increased demand for streaming services as people spent more time at home. This surge in demand accelerated the growth of the video streaming market. However, maintaining content quality and ensuring a consistent user experience across various devices and internet connections can be challenging. Technical issues, such as buffering or playback errors, can frustrate users. On the other hand, exploring augmented reality (AR) and virtual reality (VR) experiences within streaming platforms can create immersive content and attract users seeking interactive entertainment. In addition, leveraging advanced data analytics to better understand user preferences and behaviours can enable more accurate content recommendations and targeted advertising. Also, collecting and using user data for personalization and advertising can raise privacy concerns, leading to regulatory scrutiny and potential user backlash.
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