Video Streaming Market To Grow At 20.8% CAGR Till 2033
The global video streaming market size was exhibited at USD 106.95 billion in 2023 and is projected to hit around USD 707.70 billion by 2033, growing at a CAGR of 20.8% during the forecast period 2024 to 2033.
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Video Streaming Market Key Takeaways:
Innovations such as blockchain technology and Artificial Intelligence (AI) are used to improve video quality. AI is playing an essential role in editing, cinematography, voice-overs, scriptwriting, and several other aspects of video production and upload. These innovations are anticipated to positively influence the market growth.
Many video streaming service providers use AI to enhance video content quality. These channels have recently become much more popular than mainstream media outlets like YouTube and Netflix. In May 2016, AI technology was implemented by Netflix to create a superior personalized experience for its subscribed consumers. This AI-empowered system automatically accomplished several machine learning pipelines, which offered shows/movies/program recommendations. Moreover, the market expansion is predicted to be fueled by the quick uptake of mobile phones due to the rising popularity of social media platforms and other digital channels for branding and marketing.
The growing adoption of cloud-based solutions to increase the reach of video content is positively influencing market growth. Majorly this trend is witnessed in the countries of Europe and North America. The ongoing innovations and technological advancements are expected to meet users’ expectations for exceptional video quality, performance, and security. For instance, in April 2019, Akamai Technologies spotlighted its initiatives and innovations in delivering digital experiences of high quality at the 2019 NAB Show (U.S.). The company showcased its advancement in live and on-demand media services such as cloud wrapper, direct connect, cloud interconnects, VPN & DNS proxy detection, and token authentication.
The rising adoption of digital media across various industries has resulted in the consumers’ inclination toward multiple streaming solutions and services. For instance, in November 2019, Apple Inc. entered the online video cascading industry by launching its TV+ service. In June 2019, a variety of expert services for video-related solutions providers was announced to launch by Wowza Media Systems, LLC. Furthermore, in April 2022, Google, the subsidiary of Alphabet Inc., unveiled CDN tools for streaming media.
A rise in technological advancements and service providers poses a threat to the standalone streaming giants in the video streaming market. The streaming television space seems to be the fastest-growing sector for TV service providers to grab revenue share from existing key players such as Netflix. For instance, in July 2019, AT&T Intellectual Property launched a new streaming service called AT&T TV to facilitate people watching television online. In April 2018, Amazon.com , Inc. partnered with Google to bring official YouTube applications to Amazon’s Fire TV. These complementary services for television and other entertainment content are anticipated to threaten the existing key players.
In the education and academic sector, videos can be effectively used in webinars and courses to enhance teaching and learning processes. Visual recordings have a powerful impact on students’ ability to retain information. Therefore, schools, universities, and colleges are now creating multimedia content and delivering it in the form of video presentations. Factors such as easy access to educational video content, growing demand for mobile devices, and increasing availability of the internet are positively influencing the adoption of live video streaming services for educational purposes.
The COVID-19 pandemic placed more than one-fourth of the world’s population under lockdown. As millions of individuals remained locked in their homes, online video streaming and entertainment services experienced a rise of around 10% in viewership during the lockdown. As a result, various video streaming platforms, such as YouTube, Amazon Prime Video, Netflix, and Disney+ registered a spike in viewership worldwide. For instance, in March 2020, a 50% increase was registered by Netflix in the number of new installations of its mobile application in Italy and more than 30% of that in Spain.
Video Streaming Market By Streaming Type Insights
The live streaming segment accounted for the largest revenue share in 2023, with 62.28%. The increased demand for digital media devices and the accessibility of quicker internet to view media content remotely are associated with the market growth. Other elements that enhance live video streaming include the utilization of a lot of content, ad-free content, mobile viewing, analytics tracking, and a huge potential audience.
Video Streaming Market By Solution Insights
The OTT segment accounted for the largest revenue share of 43.19% in 2023. This is owing to the factor that OTT-based solutions offer film and TV content through internet without users’ subscription to traditional cable or pay-TV services. The segment is expected to witness notable growth over the forecast period, owing to the growing demand for enhanced automation of business practices and the full availability of broadband infrastructure. OTT’s emerging features such as hybrid monetization models, digital original content, and content fragmentation due to intensive competition are expected to propel the growth of OTT streaming solutions.
Video Streaming Market By Platform Insights
The smartphones and tablets segment accounted for the largest revenue share of 31.1% in 2023. This can be attributed to the factors such as easy accessibility of the internet, increasing disposable income, better standard of living, and changing lifestyles. The smart TV segment, on the other hand, is expected to register significant growth over the forecast period, as smart TV offers a comprehensive option of TV channels along with video streaming services such as Netflix.
Video Streaming Market By Service Insights
The training & support segment accounted for the largest revenue share of over 38% in 2023. The managed services segment, on the other hand, is estimated to have a significant market share, representing around 31% of the total market in 2023. Managed services help combine broadcast and OTT solutions in one online video management solution to provide a personalized experience to viewers. This advantage is anticipated to propel the growth of the segment.
Video Streaming Market By Revenue Model Insights
The subscription segment accounted for the largest revenue share of 45.1% in 2023. This can be attributed to the increasing number of video streaming subscriptions worldwide. Moreover, the subscription model offers streaming of online videos with an access fee or a subscription. For instance, Netflix offers various monthly subscription plans or programs.
Video Streaming Market By Deployment Type Insights
The cloud segment accounted for the largest revenue share of more than 59% in 2023. The cloud computing developments have transformed video streaming and enabled the creation of platforms such as YouTube and Netflix for streaming purposes. The cloud segment in Asia Pacific is expected to register the highest CAGR from 2024 to 2030. In 2023, the segment acquired the largest market share in North America,? attributed to the growth of cloud-based services in countries such as the U.S. and Canada.
Video Streaming Market By User Insights
The consumer segment accounted for the largest revenue share of nearly 50% in 2023. This is attributed to the rise in the viewership of video on demand and live streaming services from the media and entertainment sector. The consumer segment is anticipated to grow owing to the convenience offered by watching videos remotely. Emerging adoption of connected devices, especially smartphones, and mobile subscriptions are expected to contribute to the growth of the segment.
Video Streaming Market By Regional Insights
The North America video streaming market accounted for the largest revenue share of 31.6% in 2023. This was majorly owing to the rapid growth of cloud-based streaming services. Streaming giants like Netflix, Disney+, and Amazon Prime Video compete fiercely for subscribers in North America with original content and diverse libraries.
U.S. Video Streaming Market Trends
The video streaming market in the U.S. is evolving rapidly, with niche platforms rising, mobile viewing dominating, and ad-supported models gaining traction. As traditional giants push to keep up, this dynamic shift in the U.S. video streaming industry presents both opportunities and challenges. Niche platforms cater to specific audiences with hyper-focused content, creating loyal communities and fostering engagement. Mobile viewing, meanwhile, demands seamless user experiences and bite-sized content, prompting platforms to adapt their offerings.
Europe Video Streaming Market Trends
The video streaming market in Europe anticipates robust growth, during the forecast period, driven by its large and engaged online audience. Increasing disposable income and diverse content offerings, including locally produced originals, further fuel this expansion. Technological advancements, such as the widespread adoption of smartphones, enhance accessibility and convenience further.
The UK video streaming market anticipates steady growth from 2024 to 2030. Platforms even tailor their services to specific European or British markets, fostering a sense of local relevance and connection. While challenges exist in the form of competition and regulatory landscapes, the UK market presents promising future growth.
Video Streaming Market By Asia Pacific Video Streaming Market Trends
The video streaming market in Asia Pacific is projected to demonstrate growth at the highest CAGR from 2024 to 2030, owing to the rapid technological advancements, increasing use of mobiles and tablets, and the popularity of online streaming. Also, Asia has expanded the monetization opportunities by offering video streaming multichannel services along with fixed-mobile packages, with the fastest growing broadband internet population operators in Southeast.
The China video streaming market dominated the Asia Pacific region in 2023. Over-the-top (OTT) solutions have transformed the way content consumption among viewers in the country. Established telecommunications companies and multichannel operatives have keenly pursued business innovation and advancement employing cutting-edge marketing strategies like video streaming.
Video Streaming Market Recent Developments
Some of the prominent players in the global video streaming market include:
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Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global video streaming market
Streaming Type
Solution
Platform
Service
Revenue Model
领英推荐
Deployment Type
User
Regional
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