Video Streaming Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast | Growth Market Reports

The global video streaming market is valued at 50 Billion in 2020 and is projected to register a CAGR of 21% during the forecast period, 2021–2028. The growth of the market is attributed to the rapid adoption of smartphones owing to the growing use of social media platforms.

The video streaming solution providers are using artificial intelligence (AI) technology to enhance the content quality of videos. AI plays a significant role in cinematography, scriptwriting, voice-overs, editing, and various other aspects of video production and publication. Recently, the admiration of social media platforms such as YouTube and Netflix has increased exponentially.

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Recent technological advancements and innovations are expected to cater the growing demand for high-quality videos and its security. For instance, in April 2019, Akamai technologies highlighted its innovations of delivering high-quality digital experiences at the 2019 NAB show in the US. The firm exhibited its innovations in on-demand and live video service segment, which includes direct connect, cloud wrapper, cloud interconnects, token authentications, and VPN & DNS proxy detection.

Rising adoption of digital media across several industry verticals has increased the inclination toward various streaming solutions and services. For instance, in November 2019, Apple Inc. made its entry in the online video streaming industry by the launch of TV+ service to leverage its market position. In March 2019, Google, the subsidiary of Alphabet Inc., revealed its cloud-based gaming console, ‘Yeti’. While in June 2019, Wowza Media Systems, LLC. announced the launch of a complete range of professional services for video-related solutions providers

Increasing number of consumers opting for online TV services due to the rising penetration of Internet is driving the demand for Internet protocol television (IPTV). In July 2019, AT&T intellectual property announced the launch of its streaming service called AT&T TV, which allows users to watch television online.

Videos can be beneficially used in the academic and education sectors to enhance the learning process, such as visual recordings of courses and webinars. Students can easily retain the information with the help of visual recordings. Thus, in the recent time, schools, colleges, and universities are generating multimedia content and are delivering it in video presentation forms. It uses technology to impart the knowledge effectively.

Market Drivers, Restraints, Trends, and Opportunities

• In April 2018, Amazon.com, Inc. and Google collaborated to bring official YouTube app on Amazon’s Fire TV stick. Such complementary services for consumers can pose threat to existing key players in the market during the forecast period.

• Rising adoption of cloud-based services to increase the content reach is positively impacting the market growth, especially in the countries of North America and Europe.

• Ongoing technological advancements and increasing number of service providers in the market can create challenges for the major players in the global market.

• Increasing consumption and effortless access to the video content owing to availability of robust Internet infrastructure and rising penetration of mobile devices are some of the factors that can positively influence the adoption of these services for academic and educational purposes.

• Technological innovations such as blockchain technology and AI improves the quality of the video, which is expected to spur the market growth during the forecast period.

• The emergence of COVID-19 pandemic has obliged people to stay at home for a long period of time. This has positively impacted the video streaming services’ viewership. Individuals across the world are using various live streaming platforms to stay updated on the status of COVID-19, play games, and stay entertained.

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Regional Outlook

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is estimated to account for a considerable market share during the forecast period. The growth of the market in the region is attributed to the rapid growth in the cloud-based streaming services.

The market in Asia Pacific is expected to expand at a high CAGR during the forecast period. Growing consumer inclination toward online streaming, rapid technological advancements, and increasing use of tablets and smartphones are the key factors driving the regional market growth. OTT solution has revolutionized the content consumption of viewers in the Asia Pacific. Operators in this region have expanded the monetization opportunities by offering video streaming multichannel services and fixed and affordable mobile packages. These initiatives by service providers are positively impacting the market growth in this region.

Competitive Landscape

Some of the key players in the global video streaming market are Akamai Technologies, Amazon Web Services, Inc., Apple Inc., Cisco Systems, Inc., Google, Kaltura, Inc., Netflix, Inc., International Business Machine Corporation (IBM Cloud Video), Wowza Media Systems, LLC., and Hulu, LLC.

Companies are focusing on increasing their consumer base to improve their market share and gain a competitive edge in the market. They are adopting various business strategies such as collaborations, acquisitions, mergers and partnerships. For instance, in July 2019, Hive streaming partnered with the software company Kaltura, Inc., to offer its premium video delivery capabilities. With this partnership, Hive streaming was expected to merge its data visualization solutions with broad network optimization offering of Kaltura Inc. This is anticipated to enable high-quality video streaming and non-linear video content.

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