The video streaming market is experiencing rapid growth, with a valuation of approximately USD 45.6 billion in 2019. It is anticipated to continue growing at a healthy rate of over 18.3% during the forecast period of 2020-2026. Video streaming, or media streaming, allows for the immediate playback of compressed video content over the internet, eliminating the need for storage on a device’s hard drive. It involves real-time viewing rather than downloading and then watching the content.
Any internet-enabled device can access video streaming services and uncompress the content for viewing. The market is being driven the increasing demand for on-demand streaming, high-speed internet connectivity, and the use of videos in corporate training. Additionally, the rising penetration of smartphones worldwide is expected to further fuel market demand. For example, in 2018, 66% of individuals owned a smartphone, up from 63% in 2017 and 58% in 2016, according to Zenith’s Mobile Advertising Forecasts.
Leading market players are also contributing to the growth of the video streaming market. For instance, Amazon launched Prime Video Channels for Canada, which allows customers to add their favorite TV stations and streaming channels to their Prime memberships for a low monthly subscription fee, without the need for a lengthy contract.
However, the high cost of content creation is a major factor restraining the market’s growth. Despite this challenge, the video streaming market is expected to witness significant growth in regions such as Asia Pacific, North America, Europe, Latin America, and the rest of the world. North America currently holds the largest market share due to the rising number of on-demand streaming and live streaming consumers.
In conclusion, the global video streaming market is experiencing significant growth due to the increasing demand for on-demand streaming, high-speed internet connectivity, and the rising penetration of smartphones. While content creation costs may pose challenges, strategic alliances and technological advancements market players are expected to create lucrative opportunities in the market.
Sources:
– “Video Streaming Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2026” Report Ocean
