The market for streaming media services is projected to reach US$ 7.9 billion in 2022 and grow at a CAGR of 18.5% through 2032. The market will probably be valued at US$43.13 billion by 2032.
Over the anticipated period, the market for streaming media services is anticipated to have strong expansion. The application of blockchain and artificial intelligence (AI) to improve video quality is responsible for the estimated market growth. To improve the content quality of videos, a number of streaming media services providers are using artificial intelligence (AI), which is crucial for editing, voice-overs, scriptwriting, and cinematography, among other aspects of video creation and upload.
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Technological Advancements and Innovations to Aid Market Growth
The global expansion of mobile phones and the internet is helping to boost the market for streaming video services. Additionally, the market for streaming media services is expanding due to the booming trend of cloud-based solutions, which is primarily seen in Europe and North America.
Streaming Media Services Market: Drivers and Restraint
Streaming media was created with the intention of eliminating the protracted wait periods associated with downloading digital media content when it was first presented in 1995. (As the audio and video from the streamed media start playing as soon as the data connection is established.) The widespread accessibility of high-speed internet access has sped up the adoption of streaming media services, significantly reducing the lag time in content delivery and enhancing the user experience.
Growing consumer demand for digital media material, particularly among young people, as well as webcasting—in which businesses transmit media content (audio, video, and multimedia presentations) through a specialised IP-based network—are a few factors driving its growth in the industry.
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Streaming Media Services Market: Segmentation
The market for streaming media services can be divided based on the services offered, applications, end users, and geographical regions.
The streaming media services market is further divided into the categories of audio streaming, video streaming, and others based on the type of services offered (includes live closed captioning, ticker tape and real time text). The sub-segment of these involving video streaming is predicted to increase at the fastest rate. The development is mostly related to the rising demand for on-demand entertainment services like movies, television series, videos, and live sporting events on platforms for TVs and other portable devices.
Streaming Media Services Market: Key Players
Apple Inc., Adobe Systems Inc., Microsoft Corporation, RealNetworks Inc., Google Inc. (You Tube), Netflix Inc., Amazon.com Inc., and Pandora Media Inc. are a few of the major competitors in the streaming media services sector. Midwest Tape and Spotify AB.
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The report covers exhaustive analysis on
- Global Streaming Media Services Market Segments
- Global Streaming Media Services Market Dynamics
- Historical Actual Market Size, 2012 – 2015
- Global Streaming Media Services Market Size & Forecast 2016 to 2026
- Supply & Demand Value Chain
- Global Streaming Media Services Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
- Global Streaming Media Services Market Drivers and Restraints
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