The advent of digitalization into entertainment media is a significant factor in boosting theis market. In addition to this, the penetration of smartphones and the increasing popularity of live videos are also propelling the video streaming market growth. Furthermore, due to the outbreak of COVID-19, people are choosing to stay safe at home. Besides video streaming for entertainment purposes, many educational and medical institutions are adopting this medium to continue serving the public interest, education, and welfare, thereby aiding in the expansion of the market.
On the contrary, latency and bandwidth issues and unauthorized platform may pose a significant challenge to the market, both in terms of poor quality video and loss of personal and financial details. Nevertheless, the drastic increase in the number of over-the-top (OTT) platforms and subscribers are likely to create lucrative growth opportunity in the future.
The global video streaming market size stood at USD 342.44 billion in 2019 and is projected to reach USD 842.93 billion by 2027, exhibiting a CAGR of 12.0% during the forecast period.
Asia Pacific to Grow Rapidly on Account of Increasing Penetration of Smartphones
Geographically, North America earned USD 148.20 billion in 2019 in terms of share. This is attributable to the presence of advanced network infrastructure and high internet connectivity. The U.S. alone consists of more than 200 streaming service providers.
Additionally, the COVID-19 pandemic has propelled people to stay safe at home and opt for home streaming, wherein video gaming and OTT services have gained traction. Similarly, the market in Asia Pacific is likely to grow fast and exhibit high CAGR in the forecast period on account of the presence of tech-savvy population and the advent of smartphones with HD quality resolution, apt for video streaming. This, coupled with the availability of better network at cost-efficient rates that propels viewers to opt for live streaming instead of downloading content are expected to help this region witness rapid growth in the coming years.
Fortune Business Insights™ lists out the names of players providing these services in this market. They are as follows:
• Wowza Media Systems, LLC
• Walt Disney Company
• Tencent
• Roku, Inc.
• Netflix, Inc.
• Kaltura, Inc.
• iQIYI
• IBM Corporation
• Google LLC
• Other vendors
For More Information, Request a Sample Copy of the Global Market Research Report:-
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/video-streaming-market-103057
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