According to the latest report by IMARC Group, titled "Video Streaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global video streaming market size reached US$ 61.8 Billion in 2021. Video streaming includes broadcasting a video file that is continuously delivered via the internet to a remote user. It involves sending media content in a stream of compressed data through the internet. It requires the usage of a player for uncompressing the file and a stable internet connection to send the audio data to the speakers and the video data to the display. Additionally, it also enables viewers to access videos in real-time instead of downloading the files, thereby eliminating the need for extra storage space. Apart from being used for entertainment activities, video streaming is utilized for multiple business activities that assist companies in modernizing day-to-day operations, such as live table conferences, scheduling meetings, and communicating with customers internally.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Video Streaming Market Trends:
The global market is majorly driven by the growing popularity of over-the-top (OTT) media services. This is further supported by the rapid adoption of mobile phones and the improving network connectivity across the globe. Moreover, the increasing adoption of cloud-based solutions to increase the reach of video content is also positively influencing the market growth. The market is further driven by the escalating demand for live and on-demand video content among consumers. Furthermore, continual product innovations in the market, including the widespread integration of video streaming services with blockchain technology, machine learning (ML) and artificial intelligence (AI), are anticipated to create a positive outlook for the market. Also, a considerable rise in the adoption of remote working models across the corporate segment on account of the rapid outbreak of the coronavirus disease (COVID-19) pandemic is acting as a major growth-inducing factor. Some of the other factors contributing to the market growth include the flexible payment models offered by video streaming service providers, the rising demand for video streaming from the education sector and their increasing deployment for staff training seminars. On account of these factors, the market is expected to grow at a CAGR of 19.8% during 2022-2027.
- On the basis of the component, the market has been divided into solution (IPTV, over-the-top and pay TV) and services (consulting, managed services, and training and support).
- Based on the streaming type, the market has been bifurcated into live/linear and non-linear video streaming.
- On the basis of the revenue model, the market has been divided into subscription, transactional, advertisement, and hybrid.
- Based on the end user, the market has been categorized into personal and commercial.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Akamai Technologies Inc., Amazon Inc., Brightcove Inc., Comcast Corporation, Google LLC (Alphabet Inc), Hulu LLC (The Walt Disney Company), Iflix (Tencent Holdings Ltd.), International Business Machines Corporation, Kaltura Inc., Microsoft Corporation and Netflix Inc.
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