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The global video streaming market size is expected to reach USD 842.93 billion by 2027 owing to the increasing adoption of digital media for entertainment purposes and building of consistent network infrastructure at efficient rates. This is one of the currently trending influential media used for accessing information. As per a recent report by Fortune Business Insights, titled, “Video Streaming Market Size, Share & Industry Analysis, By Component (Hardware, Software, Content Delivery Services), By Streaming Type (Live Video Streaming, On-demand Video Streaming), By Streaming Model (Advertisement-based, Subscription-based, Transactional-based/Rental), By Deployment (On-Premise, Cloud), By End-Use (Commercial, Residential), and Regional Forecast, 2020-2027,” the market value was USD 342.44 billion in 2019 and is expected to rise at 12.0% CAGR between 2020 and 2027.
Launch of Mi Box 4k Marked the Advent of New Digital Experience in India
The 10-year-old Chinese Electronics Company, Xiaomi Corporation introduced Android T.V. 9Pie O.S. in India with the launch of its Mi Box 4K on May 2020. This new streaming device was launched at the Mi 10 event and is available at an affordable price of USD 46 and INR 3,499. It will be available on online sale portals from 11th May onwards. This device comes with a USB port, a jack of 3.5mm, and can be directly plugged into the television set with the help of HDMI port. With its wholly supported Wi-Fi connectivity, viewers can get access to a wider variety of streaming platforms for videos, such as Disney+, Netflix, Hotstar, Amazon Prime Video, and others in full HD quality. Additionally, the company also collaborated with numerous other brands such as Shemaroo, HoiChoi, Epic, Docubay, and others to offer more exciting deals to Mi Box 4k users. Such innovations are likely to bode well for this market.
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Advent of Artificial Intelligence to Trigger Entertainment Industry & Promote Growth
The advent of internet connectivity at reasonable prices is considered to be the critical factor boosting the global video streaming market growth. Also, the current pandemic of COVID-19 is propelling people to stay indoors for their safety. Hence, they are adopting video streaming as a source of entertainment. Additionally, the advent of machine learning (ML) and artificial intelligence (AI) have triggered the media and entertainment industry and have offered efficient methods to streamline the digital space by encoding, organizing, and distributing data.
On the contrary, factors such as limited bandwidth and latency issues may pose a major threat to the growth of the market. This, coupled with the use of unauthorized and fraudulent platforms, may lead to monetary loss and leaking of private information, thereby negatively affecting the demand for this market.
Nevertheless, the increasing popularity of over-the-top (OTT) streaming platforms is likely to create lucrative growth opportunities for the market in the coming years.
Players Are Adopting Mergers and Acquisition Strategies to Gain Significant Position in Market
Players such as Roku, Apple Inc., and Kaltura Inc. are focusing on developing better products to maintain their position in the market. Besides this, they are also engaging in content delivery, content monetization, and collaborations to earn better revenue in the future.
Key Industry Developments of Market include:
List of Significant Players in the Market are:
Further Report Findings:
The Global Market is categorized into:
Value (USD billion)
By Streaming Type
By Streaming Model