Video streaming
services are a subscription offering to users for streaming films and shows of
their liking. They are offered in various formats compatible with the internet
speed of users. The switch to the internet for entertainment and rise of cord-cutting
are expected to assist video streaming services. The global video streaming market report by
Market Research Future (MRFR) takes a look at various drivers and challenges to
be faced by the industry as well as projections for size and growth for the
period of 2020 to 2030 (forecast period). It underscores various effects of the
COVID-19 pandemic and measures taken by the industry.
Market Scope
The global
video streaming market is expected to expand at a 18.1% CAGR during the
forecast period. Its size can reach an astounding value of USD 102,097.1
million by 2030. The major driver of the market is the increasing demand for
live and on-demand content among consumers. This is supported by rising
adoption of smartphones, tablets, and smart devices by customers for viewing
content in high resolution. Moreover, vast libraries of content and flexible
payment options are set to increase the number of customers in the coming
years.
Enterprises are
relying on video streaming for conducting meetings and live conferences with
their clients. Advances in video encryption and emergence of 5G technology are
expected to affect the market positively. Various video streaming services and
investments on new platforms by venture capital firms owing to their large
potential can fare well for the market.
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Segmentation
By type, it is
divided into on-demand video streaming and live video streaming. The on-demand
video streaming segment can gain traction in the video streaming industry owing
to major sports events or new releases being made popular on select platforms.
The ability to gain the interest of viewers can drive the segment growth during
the forecast period. On the other hand, the live video streaming segment is
expected to carve a major share of the video streaming industry due to being
able to broadcast important announcements and events. The outbreak of the
COVID-19 virus has led to news channels using this medium to deliver news to
the devices of the people.
By deployment,
it is divided into cloud and on-premise.
By platform, it
is segmented into laptops & desktops, smartphones, smart TVs, and gaming
consoles.
By component,
it is segmented into software solutions (video analytics solution, video
management solution, and video security solution) and services (professional
services and managed services).
By model, it is
segmented into transactional video on demand, subscription video on demand,
advertisement supported video on demand, and hybrid.
Regional Analysis
The video
streaming market, by region, has been segmented into North America, Europe,
Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America
accounted for the largest market value of USD 12,329.3 million in 2018. It is
expected to register a CAGR of 21.2% during the forecast period. It has
witnessed significant adoption of video streaming in recent years. The presence
of key market players such as Netflix Inc., Apple Inc., Hulu, IBM Corporation,
Amazon Web Services, and Microsoft Corporation in the U.S. has driven the
growth of the video streaming industry in the region.
Europe was the
second-largest market in 2018, valued at USD 10,827.0 million and projected to
exhibit a CAGR of 20.3% during the forecast period. However, the market in APAC
is expected to register the highest CAGR of 23.1% over the assessment period.
This can be attributed to the access of smart devices and access to high-speed
internet. Offers on streaming multichannel services with fixed mobile packages
made in conjunction with mobile service providers can contribute to the growth
of the market in the region.
Competitive Outlook
Microsoft
Corporation, Amazon Web Services, Adobe Inc., Apple Inc., Google LLC, Cisco
Systems Inc., IBM Corporation, Akamai Technologies Inc., Walt Disney Company
(Hulu), and Netflix, Inc. are key players of the global video streaming market.
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