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In recent years online streaming is becoming extremely popular among the consumers. The rise of online streaming services such as Netflix, Hulu, and Amazon among others has dramatically transformed the media habits of the consumers. Ongoing investments in advanced broadband technology, consumers tend to experience ubiquitous internet connectivity. Increasing smartphone penetration and low data tariffs would ensure to surge the demand for streaming video platforms. Mobile devices are likely to be the preferred devices for leveraging streaming video platforms. This has made the content creators and service providers to tailor the video content and services for mobile users.
The market is likely to exhibit an exponential growth during the outbreak of pandemic COVID-19. Many market players and businesses are seeing over-the-top (OTT) services as a reliable option for future investments owing to the significant opportunities in the digital ecosystem. Owing to the mandatory lockdown imposed by the government across the regions social media has become the primary channel of communication, information consumption, and other such application. These factors are expected to create unprecedented market opportunities in the coming years.
Live video streaming is poised to augment market growth by driving additional consumer engagement and online video consumption. Major social media platforms such as Snapchat, Facebook, Twitter, and Amazon are making strategic investments and developments into live video to improve user experience and increase user engagement and consumption on the platform. For instance, In March 2018, Facebook signed a deal to live-stream Major League Baseball seasons. Similarly, in 2018 Twitter in partnership with ESPN Inc., an American cable sports channel to do ‘SportsCenterLive’. In 2017, Amazon live-streamed the National Football League games. Hence, live video streaming is likely to surge the market growth in the coming years.
In April 2018, the European Union adopted the General Data Protection Regulation (GDPR), expanded the regulations on personal data, and increased penalties for noncompliance. Followed by Europe, the federal government of the United States intends to pass legislation to enhance the data breach notification rules. Similarly, in June 2018, the government of California passed a Consumer Privacy Act for data privacy protections. Hence, the inability of the service providers to comply with the regulatory laws is observed to be a significant market restraint.
Key Market Driver -
Live Video Streaming to drive the market growth by tapping additional consumer engagement
Key Market Restraint -
Inability to comply with regulatory laws are likely to restrict the market growth
The major companies in the global B2C streaming video platform market report include Google LLC (Youtube), Twitch Interactive, Inc., HUYA Inc., DouYu, Twitter, Inc., Facebook, Inc.(Instagram), Microsoft Corporation (Mixer), Snap Inc., Uplive, Vimeo, Inc., YouNow among others.
The global B2C streaming video platform market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa and Latin America The regions are further categorized into countries. North America is expected to dominate the global B2C Streaming Video Platform platform. The major share of the region can be attributed to the significant consumer technology spending, driven by rapid deployments of fifth-generation wireless technology. Asia Pacific is forecast to exhibit remarkable growth during the forecast period. Increasing social media penetration on mobile devices has fuelled market growth across the region.
Europe is anticipated to exhibit a moderate growth rate in the coming years. According to Cisco System Inc. Annual Internet Report (2018-2023). The number of internet users as a percentage of the regional population in central and eastern Europe is expected to be 65% in 2018 and forecast to be 78% by 2023. Whereas, in Western Europe internet users are approximately 82% and projected to be 87% by 2023. The statistics represent that ubiquitous internet connectivity is likely to support the market growth in the region. The Middle East and Africa and Latin America are foreseen to have potential market opportunities in the near future.
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