The global video streaming market is projected to attain US$18 billion by the end of 2027, according to a new report released by Million Insights. The market is anticipated to expand at a compound annual growth rate of 20.4% throughout the forecast period.
Increasing advancements in technology like artificial intelligence and blockchain technology is the major driving force for the growth of this market. What’s more, rising penetration of smartphones for online video streaming at remote locations is anticipated to further drive the market, according to Million Insights.
The research group adds that cloud-based streaming services are gaining popularity among the large consumer base owing to improved data accessibility. Moreover, Asia Pacific and North America are the largest market for video streaming owing to rising popularity of over-the-top (OTT) solutions, rising number of subscriptions, increasing disposable income levels, growing trend of mobile video streaming at remote locations and increasing digitalization.
Factors such as availability of high-speed internet plans at low cost and increasing popularity of on-demand video streaming is anticipated to drive the market growth, per Million Insights. In addition, rising demand for digital media for easy accessibility of data is projected to propel the growth of the market over the forecast period.
On the basis of solution, the market is categorized into pay-TV over-the-top (OTT), and internet protocol TV. The OTT segment is gaining high popularity among the consumers owing to free delivery of TV and film content through internet.
Million Insights says the segment of tablets and smartphones accounted for the largest video streaming market share in 2019 owing to factors such as portability, easy data accessibility, availability of high-speed internet at low costs, changing lifestyles of people, and rising demand for mobile video streaming. However, smart TV segment is projected to grow at the fastest rate owing to availability of TV channels and video streaming services like Amazon Prime and Netflix on a common platform.
On the basis of revenue model the segment of subscription model accounted for the largest market share and is anticipated to grow significantly from 2020 to 2027 owing to availability of different video streaming solutions and cheaper monthly and annual subscription plans, notes Million Insights.