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The global streaming media devices market size was USD 27.69 billion in 2018 and is projected to reach USD 89.48 billion by 2026, exhibiting a CAGR of 15.9% during the forecast period.
The streaming media devices market is set to burgeon in the coming years, driven by the evolving on-demand content ecosystem. These devices assist in streaming online content without the need to download the data or content on the device. It provides improved and enhanced video quality, which is receiving popularity among for the user. Apart from streaming, these devices also help in organizing and accessing media library using the same interface. Moreover, the growing interest of the audience towards online media services and the adoption of streaming media devices by organizations as a marketing tool is uplifting the market growth. Besides this, factors such as growing internet penetration, convergence of new technologies, and the proliferation of the number of mobile users will contribute to the growth of the market.
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Live Streaming to Emerge as a Robust Marketing Channel for Many Businesses
Businesses have started adopting streaming media devices not only to market their product and services but also for troubleshooting issues associated with them. It has enabled them to reach and communicate with the target audience in real-time.
Live video streaming is proving to be a powerful corporate training tool, enabling smooth onboarding and learning process for employees. For instance, BoxCast, a video-streaming solution provider, offers easy-to-use video streaming products such as BoxCaster for organizational use. In June 2018, the company launched BoxCaster Pro, a streaming encoder, to deliver ultra-high-quality live streams without the need for a large amount of network bandwidth. Likewise, e-commerce companies have started using streaming devices for conducting live events to showcase their products, thereby improving the end-user experience. Thus, streaming media devices act as a powerful video marketing tool that provides real-time content that is interactive, live, and more appealing to users.
Growing Preference for Online Streaming Services such as Netflix, Hulu, and Amazon Prime Video to Boost Market Growth
Streaming media devices have revolutionized the way video content is viewed. It has taken traditional cable TV to the next level owing to the availability of high-speed broadband internet. The online streaming services such as Netflix, Amazon Prime, and Hulu have attracted TV viewers and have changed the over-the-top (OTT) viewing experience. This has encouraged millions of consumers to switch to online streaming services to get access to their preferred pay-TV channels via live streaming service. By using streaming media devices such as Roku, Amazon Fire TV, and Apple TV along with services such as Netflix, Amazon, and Hulu, the user can watch newly released and classic films, seasons of past and current TV shows. These streaming media devices can also be used to access photo apps and social media sites on TV. Additionally, digital content providers like Spotify and OTT service providers like YouTube are acting as an impetus in the growth of audio and video data streaming services. Thus, the growing interest of the audience towards various online streaming services is contributing to the Streaming Media Devices Market growth.
Surge in Demand for Smart TVs to Lessen the Adoption of Streaming Media Devices
A smart TV is equipped with technology to support and provide features equivalent to those provided by sreaming media devices. The demand for streaming media devices may get be affected with increasing adoption of smart TV. Like streaming devices, smart TVs can support streaming services such as Netflix, Hulu, Amazon Prime Video, and Pandora. Therefore, consumers need not purchase separate streaming media devices to watch this content.
Gaming Console Segment to Capture the Largest Market Share Owing to its Huge Computational Power
Based on the type, the market has been categorized into gaming console and media streamers. The media streamers segment is further bifurcated into a streaming box and streaming sticks.
Among these, the gaming console segment holds the highest market share as it comes with a far more computational power than streaming devices. This allows developers to create an immersive and unique gaming and entertainment experience for users. According to a Nielsen Holdings report, half of the US households own atleast one gaming console and uses it as a TV streaming device.
However, the media streamer segment is expected to show the highest CAGR during the forecast period owing to its advanced features, friendly user interfaces, ease of use, and low cost. Widely used media streaming services such as Roku Ultra, Apple TV, and Amazon Fire TV owing to its excellent interface and app support will drive adoption of streaming media device in near future.
Rising Prefaces for High Quality Content will DriveDdemand for 4k resolution
On the basis of resolution, the Streaming Media Devices Market is segmented into HD, HDR, and 4K.
The 4K segment is expected to be the fastest-growing segment owing to increasing implementation of 4k content into gaming consoles. Recently, the set-top boxes and streaming sticks have got much more reliable when it comes to 4K support as it provides higher resolution images. Also, the demand for improved and enhanced quality content has encouraged streaming media device manufacturers to offer products supporting 4K resolution. The popular 4K HDR gaming consoles available in the market are Microsoft XBOX one X, Sony PlayStation 4 Pro, among others. These factors will aid the market growth in the coming years.
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Growing Usage of Live Video Streaming is Likely to Drive Market Growth
Based on application, the global market for Streaming Media Devices has been characterized by audio, video, and others.
Streaming media devices are used mainly for video streaming owing to growing demand from the audience for live videos. The growing adoption of streaming media devices from various sectors including medical, legal, and educationfor broadcasting training is driving the market growth. Besides, these devices support HD, HDR, and 4K televisions, giving access to services like Hulu, Amazon Prime Video, Disney Plus, Netflix, HBO, among others.
Commercial Segment to Achieve Faster Growth Rate
Based on the end-use, the market is segmented into commercial and residential.
The commercial segment is expected to exibit the highest CAGR during the forecast period as live streaming offer businesses an opportunity to interact with potential customers. This helps businesses establish a connection with customers and gives them a personal experience with the brand. It is helping them show their audience the product development & release process. For instance, in healthcare, live streaming assists surgeons in conducting surgeries in the guidance of an offshore panel of doctors.
North America Streaming Media Devices Market, 2018 (USD Billion)
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Geographically, the global Streaming Media Devices Market is studied for five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.
Among all regions North America Streaming Media Device Market is expected to hold the largest share in the global market owing to the fact that half of the homes in North American are enabled with internet-connected television and other streaming devices. The US comprises a strong presence of manufacturers that develop media devices. Furthermore, the rising demand for online videos and the increasing inclination of enterprises towards on-demand services are some of the key factors driving the market growth in the region.
Asia Pacific market for streaming media device is expected to witness the highest CAGR in the market during the forecast period, owing to growing internet penetration in developing countries like India and China. Additionally, the growing number of online video streaming viewers in countries like India and Australia is expected to boost the growth of the market during the forecast period.
However, in the Middle East and Africa, the penetration of over-the-top (OTT) streaming service is still at the emerging stage due to restraints such as low broadband quality and poor payment infrastructure. Growing piracy issues and low disposable incomes are also significant hurdles in the growth of this market in the MEA.
Tech Giants such as Google, Apple, and Roku are Focusing on New Product Development and Strategic Investments to Strengthen its Position in the Market
Roku, Inc. is focusing on developing new streaming products and provide ancillary services and support to its clients. The company mainly focuses on collaborating with TV brands through its Roku TV licensing program and have licensing relationships with service operators.
January 2020: Roku, Inc. introduced Roku TV Ready, a new program, to enable consumer electronics companies to collaborate with Roku. Such collaborations would help electronics companies to work seamlessly with Roku TV for an incredible home entertainment experience.
The key players in this Market are adopting organic as well as inorganic growth strategies to sustain their position in the market. These players are investing in research and development to launch advanced and cost-effective devices for residential and commercial applications. The established players in the market are acquiring, collaborating, and investing in small players to enhance their product portfolio and strengthen their market position.
The global Streaming Media Devices Market report offers qualitative and quantitative insights and the detailed analysis of market size & growth rate for all possible segments in the market.
An Infographic Representation of Streaming Media Devices Market
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Along with this, the report also provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the adoption of streaming media device by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
Value (USD billion)
As per our study, the global market is predicted to reach USD 89.48 billion by 2026 with a CAGR of 15.9% (2019 -2026)
In 2018, the market value stood at USD 27.69 billion.
The market is projected to grow at a CAGR of 15.9% during the forecast period (2019-2026).
The gaming console is expected to show the highest CAGR as it comes with far more computational power than streaming devices, allowing developers to create an immersive and unique experience for users.
North America dominated the market as nearly half of North American homes have an internet-connected television or streaming device.
The streaming media devices segment leads the market owing to growing demand from the audience for live videos.
The 4K segment is expected to be the fastest-growing segment as it provides a sharper image by augmenting the number of pixels on the screen.
The commercial segment is expected to show the highest CAGR during the forecast period as live streaming offer businesses an opportunity to interact with potential customers.
Growing preference for online streaming services such as Netflix, Hulu, and Amazon Prime Video is driving the growth of the market.
In the market, the key players are Apple, Inc., ASUSTeK Computer, Inc., D-Link Corporation, Google LLC, HiMedia Technology Limited, Koninklijke Philips N.V., LG Electronics, Roku, Inc., Western Digital, Sony Corporation, NETGEAR, Microsoft, Amazon, Inc., and Bharti Airtel
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