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Global Streaming Media Devices Market to Reach US$ 271.8 Billion by 2024, Catalyzed by Rising Internet Penetration

According to the latest report by IMARC Group, titled “Streaming Media Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global streaming media devices market size reached US$ 113.3 Billion in 2018. Streaming media devices are used by consumers to stream video content on television screens. These devices, along with a good, stable internet connection, aid in browsing the content available not only on free video-sharing websites such as YouTube but also on subscription or pay-per-view services, including Netflix, Amazon Prime and Hulu. Their sales are constantly boosting across the globe, as they offer a diverse catalog of quality video content, including TV shows and movies, with an incredible viewing experience on big-screened TVs. Various attributes, such as the ability to pause, rewind and forward in these devices, unlike traditional cable TVs, offer convenience to the users. Apart from this, they can also be used to access photo apps and social media sites on bigger screens. 

Global Streaming Media Devices Trends:

The rising internet penetration on the global level, particularly in developing countries, along with increasing digitization in various verticals, is primarily driving the growth of the market. Improved wireless connectivity and the ever-increasing library of videos offered by these services have led users to opt for online streaming services. In line with this, the inconvenience associated with traditional cable TV, including high costs, unnecessary channel subscriptions and aggressive promotional advertisements, has impelled the masses to shift toward over-the-top (OTT) streaming services with minimal ads and tailored content. Apart from this, the enhanced focus on research and development (R&D) and technological advancements in the market have led manufacturers to develop variants with improved features. For instance, Amazon has launched a Fire TV Stick having an improved Alexa-enabled remote, along with the update of screen mirroring to its devices. On account of these factors, the market is anticipated to reach a value of US$ 271.8 Billion by 2024, growing at a CAGR of around 16% during 2019-2024.

Market Summary:

  • On the basis of the device type, the market has been divided into game consoles, media streamers and smart TVs.
  • Based on the application, the market has been categorized into e-learning, web-browsing, gaming, real-time entertainment and social networking.
  • On the basis of the end use, the market has been bifurcated into commercial and residential.
  • On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
  • The competitive landscape of the market has also been examined, with the detailed profiles of the key players operating in the market. Some of them include Google LLC, Microsoft Corporation, Sony Corporation, Roku, Inc., Samsung Electronics Co. Ltd., AsusTek Computer Inc., LG Electronics Inc., Apple, Inc., Koninklijke Philips N.V., Amazon.com, Inc., Huawei Technologies Co., Ltd., HiMedia Technology Limited, ARRIS International Limited and D-Link Corporation.

 

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