MUMBAI: The global video streaming market size is expected to reach $184.3 billion by 2027, registering a CAGR of 20.4 per cent from 2020 to 2027. Rising technological advancements such as the implementation of block-chain technology in video streaming and the use of artificial intelligence (AI) to improve content quality are expected to boost market demand over the forecast period. Furthermore, growing adoption of cloud-based streaming solutions to increase the reach is directly influencing market growth. This trend is observed in numerous parts of North America and Asia Pacific. Factors behind the growth of these regional markets include rapid digitalization, increasing use of mobiles and tablets, and growing popularity of online viewing.
Globally, the rising demand for on-demand video and extensive growth of online video are key drivers of the market. Moreover, increasing demand for high-speed internet connectivity acts as an advantage for the market. The growing acceptance of smartphones in combination with an extensive range of high-speed internet technologies such as 3G, 4G, and LTE has substantially led to the trend of online broadcasts. In addition, the growing demand for devices that can support digital media is helping consumers' access media content anywhere in the world.
Key findings from the report:
Increasing usage of videos in corporate training and in the education sector are anticipated to drive the market
The over-the-top (OTT) segment held the largest revenue share and is also expected to grow at the fastest pace over the forecast period
Asia Pacific is expected to witness significant growth over the forecast period, majorly due to increasing demand for high-speed internet connectivity and on-demand video streaming
Key players in the video streaming market include Akamai Technologies, Amazon Web Services, Inc., Apple Inc., Cisco Systems, Inc., Google, Kaltura, Inc., Netflix, International Business Machine Corporation (IBM Cloud Video), Wowza Media Systems, LLC, AT&T Intellectual Property, and Hulu.
