The global streaming media devices market reached a value of US$ 113.3 Billion in 2018. Streaming media devices help in browsing and viewing content on video-sharing portals such as Hulu, Netflix, YouTube and Prime Video. They allow on-demand or real-time presentation and dispersal of audio, video and multimedia content over a communication channel. Moreover, these devices offer users complete control to pause, rewind, or move forward in the stream without downloading the entire file. As a significant part of the population is shifting from cable television (TV) toward streaming services for entertainment purposes, the demand for streaming media devices is increasing around the world.
One of the significant factors which are strengthening the streaming media devices market growth is the growing preference for online streaming services across the globe. This can be accredited to increasing internet penetration and the development of high-speed communication infrastructure, particularly in emerging economies. Additionally, the growing library of online streaming services, along with the inflating rates of cable and satellite pay TV, is escalating the demand for streaming media devices worldwide. Apart from this, as both small and large companies across the globe are utilizing online meeting services, it is further supporting the sales of these devices. These services help in creating a cost-effective and flexible working environment, thereby minimizing the overall capital expenditure as well as travel expenses involved in conducting face-to-face meetings. Further, manufacturers are financing research and development activities to introduce upgraded streaming devices with higher resolutions like 8K. On account of these factors, IMARC Group expects the market to reach a value of US$ 271.8 Billion by 2024, at a projected CAGR of around 16% during 2019-2024
The report has also analysed the competitive landscape of the market with some of the key players being Google, Inc., Microsoft Corporation, Sony Corporation, Roku, Inc., Samsung Electronics Co., Ltd., ASUSTeK Computer Inc., LG Electronics, Inc., Apple, Inc., Philips Electronics, Amazon.com, Huawei Technologies, HiMedia Technology, Arris Group Inc., D-Link Corporation, etc.
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