According to the recent revised study conducted by Future Market Research (FMI), the video streaming market is poised for a breathtaking ascent from US$ 61 billion in 2020 to an astounding US$ 750 billion by 2031. This transformation charts an impressive Compound Annual Growth Rate (CAGR) of 25% during the stipulated forecast period. Remarkably, the video streaming domain claims approximately 40% of the digital broadcasting market’s share on a global scale.
Anticipated to unfold in the coming years, the global video streaming market is poised for a remarkable growth trajectory, spurred by the escalating adoption of Over The Top (OTT) platforms, Internet Protocol Television (IPTV), and video on-demand services. This seismic shift in customer preferences from traditional methods to these innovative channels is primed to propel the market’s remarkable journey ahead.
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Key Insights: Video Streaming Market’s Trajectory
- Dominant Segment: Within the diverse spectrum of video streaming, the live video streaming segment emerges as the trailblazer, poised to occupy a prominent share throughout the forecast period. This segment charts a robust journey, projected to surge at a commendable Compound Annual Growth Rate (CAGR) of 27% until 2031.
- OTT Ascendancy: A substantial surge is anticipated in the Over The Top (OTT) segment, projected to spearhead maximum sales in the market landscape.
- Subscribed Progress: A notable surge in the subscription-based revenue model is on the horizon, forecasted to expand at an impressive CAGR. This surge finds its roots in the growing adoption of smartphones and smart devices, catalyzed by the burgeoning penetration of high-speed internet.
- Regional Rendezvous: The year 2021 witnesses North America leading the video streaming market, closely followed by Europe. Simultaneously, the South Asia & Pacific region emerges as the vanguard of exponential growth, poised for a dynamic surge between 2021 and 2031.
- India’s Vigor: India emerges as a focal point of growth, with a projected CAGR of 34% through the year 2031. This trajectory is fueled by rising consumption of digital content via smart devices, more accessible mobile data plans, and a global proliferation of OTT services.
FMI Analyst’s Insights: “The next 5 to 10 years are poised to witness an exponential surge in demand for video streaming services, attributed to increased digital content consumption across smart devices, affordability of mobile data plans, and the proliferation of OTT services worldwide,” states a FMI analyst.
Driving Forces: Smart Devices and High-Speed Internet Adoption
In the recent landscape, the surge in smartphone adoption converges with the proliferation of high-speed internet connections. This synergy, fortified by advancements in telecommunication technologies like 3G, 4G LTE, and 5G, propels the video streaming market’s demand worldwide.
The quality of live streaming experiences hinges on robust network infrastructures and internet accessibility. Coupled with a rising appetite for smart devices supportive of digital media, these factors collectively foster an environment conducive to the expansive growth of the video streaming domain.
Who is winning?
Competition within the video streaming market is growing by the day. To gain competitive edge, the market players are expected to focus on the integration of latest technologies. Some of the leading companies operating in the market are Akamai Technologies, Apple Inc., AT&T Inc., Kaltura, Inc, Walt Disney Company, Brightcove Inc., Tencent, iQIYI, Google LLC, Kaltura, Inc, Netflix, Inc., IBM Corporation, Wowza Media Systems, LLC, Hulu, LLC, Adobe Systems, Inc.,Roku Inc., and Wowza Media Systems LLC.
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Key Segments:
Type:
- Video On-Demand
- Live Video Streaming
Content Delivery Channel:
- OTT
- Pay TV
- IPTV
- Others
Revenue Model:
- Subscription
- Pay Per View
- Premium Purchases
- Advertisement-Based Revenue Model
- Other
End User:
- Residential
- Commercial
- Media & Entertainment
- Education
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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