|Status : Published||Published On : Oct, 2019||Report Code : VRICT5073||Industry : ICT & Media||Available Format :||Page : 202|
The global video streaming market is projected to reach USD 687.2 billion by 2024, registering a CAGR of 18.8% during the forecast period. Increasing demand of video streaming on mobile devices, rising internet penetration across the world, and increasing the growth of video streaming services in the developing economies, propelling the growth of the market.
Insight by Solution
On the basis of solution, the global video streaming market is categorized into internet protocol television (IPTV), pay TV, and over the top (OTT), wherein the OTT category has a widespread application and huge adoption rate can be witnessed in smart devices such as phones, laptops and tablets. OTT used for viewing TV content with the help of internet without requiring the viewers to subscribe such as Time Warner Cable and Comcast.
Insight by Platform Type
On the basis of platform type, the global video streaming market is segmented smartphones and tablets, smart TV, laptops and desktops, and gaming consoles, wherein the smartphones and tablets category is expected to witness the fastest growth in the global video streaming market. The development of mobile applications has enhanced the business opportunities of small business enterprises along with generating a large market base for particular content. Video streaming in mobile devices offers flexibility, convenience, and easy handling to users.
Insight by Deployment Type
Based on deployment type, the video streaming market is segmented into on-premises, and cloud-based. Among the two segments, the cloud-based video streaming market is anticipated to witness faster growth during the forecast period since cloud media streaming helps the users to solve the problem of encoding video content and resolves compatibility issues. Moreover, cloud media streaming ensures easy accessibility of online content anytime and anywhere.
Insight by Type
Based on type, the video streaming market is segmented into video-on-demand streaming and live linear streaming. Among these two segments, the live linear streaming category is expected to witness faster growth during the forecast period owing to its ability to provide ease of viewing and time-shifting ability to the users. In live linear streaming, the content of a particular video comes to the user on a direct basis as compared to on-demand streaming. Moreover, the users no longer are required to develop a playlist and the viewers can play videos as and when displayed in accordance to their choice.
Continuous upgradation in the technology and emergence of social media sites are the key trends identified in the global video streaming market. Social media networks are gaining huge momentum owing to the extensive adoption of video content. It has been observed that Facebook is excessively displaying a large number of videos to the viewers since the company focuses upon laying extensive effort in attracting the users to browse more and more videos.
The increasing adoption of video-as-a-service (VaaS) in companies due to low total ownership cost and extensive requirement for transcoding in order to deliver videos to large number of users are the major factors driving the growth of the global video streaming market.
Moreover, the increasing demand for online video along with extensive demand for on-demand streaming and excessive utilization of videos in corporate training are other factors pertaining towards the growth of the video streaming market across the globe. VaaS is a visual communication system that comprises of a high capacity low latency connection and this system includes set up, installation and a wide range of support services.
This system enables the enterprises to provide their users with high definition video conferencing tools from completely immersive to desk-based, room-based and PC clients. This system is helping the business enterprises to develop virtual receptionists in order to greet people at the time of joining meetings and further act as a technical expert to support team and ensure smooth functioning of the meeting. Thus, VaaS is ensuring smooth and efficient administration of business processes which in turn is significantly contributing towards the growth of the video streaming market across the globe.
The high cost pertaining to development of content is the major factor hampering the growth of the global video streaming market. The content streamed on videos require high accuracy, animations, graphics and person possessing technical skill in order to develop an effective video. Furthermore, complexities pertaining to this system such as technical problems and network connectivity are other factors hindering the growth of the market.
Geographically, North America has accounted for the largest share in video streaming market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards increasing adoption for streaming services by households in the U.S. that has significantly contributed towards revenue growth of service providers such as Netflix. The adoption of mobile devices by citizens of the U.S. is thus enhancing the continuous display of information, entertainment and media. For instance, it has been estimated that approximately 80% of the adults in this region view news on mobile devices that provides latest news feed on a continuous basis.
Moreover, extensive utilization of videos in corporate training is another factor pertaining towards the growth of the video streaming market in North America. Videos that are utilized in corporate training enhance interactivity and make the task of eLearning specialists easy, that helps the participants in applying their knowledge in an effective manner. The online videos help the users to receive more personalized content and further enable the users to view the e-learning content on smartphone or tablet on mobile location that provides flexibility to user in deciding upon the best time for learning. The above factors are boosting the growth of the North American market.
Asia-Pacific is expected to witness the fastest growth in this market. Large social media companies like Twitter Inc. are capitalizing on the increasing popularity of this system. Twitter has signed deals with the National Football League and National Basketball Association to attain large audience for their services. Facebook has also observed increasing revenue in this region, especially from Indian market as it has observed increasing popularity of this system feature among the citizens of this country. The company has developed deals with several celebrities and media and entertainment companies in the region to produce videos for Facebook Live. Moreover, this will further help in strengthening the Asia-Pacific market in the near future.
Key players in the global video streaming market are investing more in improving the quality of videos and developing latest technologies that are strengthening their position in the market. However, it has been observed that local players are depending upon new technology to develop cost efficiencies in their business operations, thus increasing the rivalry in the market to some extent.
Some of the key players operating in the global video streaming market are Akamai Technologies, Adobe Systems Incorporated, Amazon Web Services, Netflix, Inc., Ustream, Cisco Systems, Inc., Apple, Inc., Google Inc., Microsoft Corporation, and Hulu.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- The bottom-up and top-down approach has been used for estimation and forecast of market data, whereas the top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behavior.