Video Streaming Market Expected To Witness A Massive Growth By 2027

Posted By : Priyansha Singh | 18-Feb-2022

 

Video Streaming Market Growth Prediction

 

The rising population and the increasing fondness for online video streaming platforms are expected to accelerate the video streaming market growth in the years to come. According to a recent report, the global video streaming market size and share are likely to undergo a colossal jump and hit the mark of $842.93 billion by the year 2027. The market is forecasted to expand exhibiting an average CAGR of 20.4% amid the forecast period. 
 

Video Streaming Market Size


Key Contributors Responsible for the Video Streaming Market Growth

 

The proliferating advancements in technology such as artificial intelligence and blockchain technology are the core driving force for the magnification of this market. Nevertheless, the surging penetration of smartphone devices for online video streaming solutions at remote locations and geographies is anticipated to further propel the market. 

 

As cloud-based streaming services are inevitably garnering popularity among a large user base, the expansion is contemplated to be fuelled by improved data usage and accessibility. Based on the magnifying popularity and demand of over-the-top or OTT solutions, increasing digitalization, rising disposable income levels, an increasing number of subscription models, and ever-growing trend for mobile video streaming services, countries in North America and the Asia Pacific regions will witness an immense surge in the overall market growth.

 

Factors such as the availability of on-demand video streaming and high-speed internet plans at low cost are also anticipated to power the market surge. In addition, the increasing demand for digital media for seamless accessibility of data is also predicted to play a crucial role in the expansion of the video streaming service market in the forecast timeline.  

 

Based on the solutions, the market is segmented into internet protocol TV or IPTV and pay-TV over-the-top or OTT. Out of these, the OTT sector is gaining high popularity and demand among the users owing to the free delivery of film and TV content through the internet. 

 

Moreover, the smart TV segment is also projected to rise at the fastest rate because of the easy availability of TV channels and online video streaming services such as Netflix and Amazon Prime on a common channel. 

 

The Impact of COVID-19 on Video Streaming App Development Market

 

The COVID-19 pandemic surprisingly had a positive impact on the growth of the online video streaming software market globally. Because of the slew of lockdowns in various countries across the globe, there was a huge rise in the consumption of digital content and digital media streams. 

 

Moreover, lockdowns have significantly raised the demand for video streaming application development as all the virtual events, corporate meetings, training, and educational lectures took place with the help of these online platforms and real-time video streaming applications and software. For instance, schools, as well as colleges, have shifted to online teaching methodologies and practices for effectively imparting valuable knowledge to children.

 

In addition to this, the gaming industry has also witnessed a mega and abrupt rise amid the pandemic. As a result, gamers all across the globe started to increasingly use video as well as audio communication with their friends while playing games.

 

Also Read: Realizing The Metaverse With Edge Computing

 

Live Video Streaming Sub-Segment Expected To Be Most Beneficial

 

During the forecast period, the live video streaming sub-segment is expected to generate an overall approximate revenue of $11,175.3 million. The rising demand for remote working and online learning in several countries all over the world is predicted to stimulate the growth of this sub-segment by the year 2027. 

 

On-Premise Video Streaming and Media & Entertainment Sub-Segment Will Be The Most Remunerative

 

The on-premise video streaming sub-segment is anticipated to garner a revenue of $10,046.4 million during the forecast timeline. The on-premise deployment model offers extensive control over enterprise content streaming platforms as well as infrastructure. 

 

Nonetheless, the media and entertainment sub-segment is forecasted to expand exponentially at a CAGR of 20.3% by 2027. The surging usage of entertainment and media verticals as advertising and promotional tools for creating considerable awareness about products and services will further propel the growth of this sub-segment in the forecast period.

 

Evaluating The Competitive Video Streaming Landscape

 

The dynamic and ever-changing user preferences are constantly shaping the online video streaming market. This has encouraged and compelled mega players to envisage stringent and efficient strategies for growth. The key players and media streaming companies are focusing on a myriad of growth strategies such as strategic collaborations, product development, content monetization, and more. These big players are also inculcating new and safer payment methods to expand their viewer base. For instance, Samsung and Netflix announced a partnership to extend live streaming content specifically for the Galaxy smartphone users in South Korea. Some of the biggest key players in the streaming market include Amazon, Apple, AT&T, Brightcove, Netflix, Kaltura, Roku, Wowza, Walt Disney, and more.

 

If you are interested in knowing more about video streaming services or have any project requirements, schedule a free appointment with our team. 

 

About Author

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Priyansha Singh

Priyansha is a talented Content Writer with a strong command of her craft. She has honed her skills in SEO content writing, technical writing, and research, making her a versatile writer. She excels in creating high-quality content that is optimized for search engines, ensuring maximum visibility. She is also adept at producing clear and concise technical documentation tailored to various audiences. Her extensive experience across different industries has given her a deep understanding of technical concepts, allowing her to convey complex information in a reader-friendly manner. Her meticulous attention to detail ensures that her content is accurate and free of errors. She has successfully contributed to a wide range of projects, including NitroEX, Precise Lighting, Alneli, Extra Property, Flink, Blue Ribbon Technologies, CJCPA, Script TV, Poly 186, and Do It All Steel. Priyansha's collaborative nature shines through as she works seamlessly with digital marketers and designers, creating engaging and informative content that meets project goals and deadlines.

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