Global Video Streaming Market Poised to Reach USD 1,277.4 Million by 2034, Fueled by Mobile Usage and OTT Platforms | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The United States video streaming industry is predicted to grow at a steady 13.3% CAGR through 2034. Changes in client preferences in the USA video streaming market, which favor personalized and on-the-go viewing experiences, drive technological and content delivery model growth.
NEWARK, Del, Aug. 05, 2024 (GLOBE NEWSWIRE) -- The global video streaming market size is projected to reach USD 279.5 million in 2024. The demand for video streaming is expected to witness a strong CAGR of 16.4% from 2024 to 2034. By 2034, the sales of video streaming are anticipated to achieve a valuation of USD 1,277.4 million.
Numerous factors are responsible for the market expansion of video streaming; mobile phone usage is one of these, as is the increased use of OTT platforms and social media, as well as the growing preference for online video games.
Supporting factors for predicted video streaming market expansion include the spread of over-the-top (OTT) platforms, increased emphasis on transcoding to reach a wider audience, continued economic digitization, and the growing adoption of video streaming in education.
When customers discontinue their memberships after binge-watching a particular piece of content or go to a new provider with a more alluring offer, high subscriber churn rates can cause concern. Assisting users in finding pertinent content in large content libraries continues to be a key obstacle to video streaming market growth. It might take time and effort to ensure that consumers find information relevant to their interests, limiting demand for video streaming.
The demand for video streaming has increased with the need for higher bandwidth internet connections. The training industry has seen rapid changes, as evidenced by Microsoft’s 2020 acquisition of Affirmed Networks. With its headquarters in the United States, Affirmed Networks offers cloud-native networking solutions to telecom providers.
Microsoft anticipates that this partnership will aid in developing edge computing and 5G technologies. Novel partnerships and technological developments are expected to propel the video streaming services market upward over the forecast period.
Regional Outlook
Widespread acceptance has resulted from consumers’ growing desire for video streaming alternatives, such as OTT platforms and video-on-demand. In Asia Pacific, the India market expanded at a rapid rate, while China held a significant share of video streaming services. Due to a rise in consumer acceptance of on-demand videos and a growing demand for online live streaming of videos, Europe retains a prominent market share.
The rapid pace of development is anticipated in North America. This is due to significant companies like Microsoft Corporation, Amazon.com, and Netflix, Inc. The rise assists the market expansion of video streaming in users of video-on-demand and video gaming platforms in the United States and Canada.
“Live streaming and on-demand content are contributing to the steady market expansion of video streaming. The video streaming industry is a dynamic and competitive landscape with many opportunities for innovation and growth. Significant trends include the broad availability of the internet, the proliferation of mobile devices, and the changing preferences of consumers.” Says Sudip Saha Managing Director and Co-Founder at Future Market Insights.
Key Takeaways
The video-on-demand segment in the type category to grab a share of 7.1% from 2024 to 2034.
In the content delivery channel category, the OTT segment is to acquire a market share of 46.5% between 2024 and 2034.
The United States video streaming sales are anticipated to surge at a CAGR of 13.3% by 2024.
Germany video streaming market to develop at a CAGR of 15.9% through 2024.
China sales of video streaming are expected to surge at a CAGR of 16.9% until 2034.
Japan video streaming industry is anticipated to boost at a CAGR of 17.6% by 2024.
Australia video streaming market is likely to exhibit a CAGR of 19.9%% by 2024.
How are Cloud-Based Solutions Influencing Video Streaming Market Growth?
Adoption of video streaming has burgeoned in tandem with the increasing adoption of OTT platforms such as Netflix, Amazon Prime, and others around the globe. Cloud-based solutions help to enhance the reach of the video content and paving scope for the expansion of the video streaming market.
Also adoption of advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and blockchain technology and the growing popularity of social media platforms and other digital mediums will continue propelling the demand for live video streaming.
AI technology is used for many purposes such as to improve digital content quality, video editing, cinematography, and other technological advances to offer improved streaming services. Thus adoption of cloud-based solutions and innovations in streaming technologies will fuel the demand in the market.
Competitive Landscape
Leading video streaming vendors invest heavily in research and development to expand their product lines and accelerate market expansion. To enhance their presence, video streaming suppliers participate in strategic activities such as collaborations, product launches, mergers and acquisitions, and higher investments. The video streaming industry needs to offer affordable solutions if it wants to survive in a fierce and shifting market.
To enhance internal collaboration within HR and with other communication specialists, Brightcove released Communications Studio in February 2023.
To comply with federal information assurance standards, Haivision introduced Haivision Hub in April 2023. Haivision Hub is a FedRAMP video network solution for the government that enables various government agencies to work together on live stream video among other government teams.
Y2k Solutions Inc. introduced an advanced Beta 1.0 video streaming platform for educational video courses in March 2022. The website offers streaming services and solutions, cloud hosting, video hosting, and free web hosting.
Ramp Holdings, Inc., a significant enterprise CDN provider, was bought by Vbrick in December 2022. By the acquisition, the skills of the two businesses are combined, creating a potent solution for delivering flawless live and on-demand video experiences.
Key Segments
By Type:
Video On-Demand
Live Video Streaming
By Content Delivery Channel:
OTT
Pay TV
IPTV
Others
By Revenue Model:
Subscription
Pay Per View
Premium Purchases
Advertisement-Based Revenue Model
Other
By End User:
Residential
Commercial
Media and Entertainment
Education
Others
By Region:
North America
Latin America
Europe
East Asia
South Asia and Pacific
The Middle East and Africa
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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