Newark, Aug. 16, 2024 (GLOBE NEWSWIRE) — According to the report published by The Brainy Insights, the global video streaming market is expected to grow from USD 99.1 billion in 2023 to USD 219.36 billion by 2033, growing at a compound annual growth rate of 8.27% during the forecast period 2024-2033. North America has a large and affluent consumer base with a strong appetite for entertainment. The region’s willingness to pay for streaming services and its diverse demographic make it an attractive market for domestic and international streaming platforms. Some of the earliest and most successful streaming platforms, such as Netflix and Hulu, hail from North America. These pioneers helped establish and shape the streaming landscape, giving them a competitive advantage.
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Furthermore, the competitive landscape in North America has prompted streaming services to engage in continuous innovation, which includes investing in technology, developing recommendation algorithms, and expanding content libraries to cater to diverse interests. The Europe region is expected to witness lucrative growth during the forecast years. Europe has a robust technological infrastructure with widespread access to broadband internet. This infrastructure supports seamless video streaming and ensures a high-quality TV viewing experience. Moreover, the region is highly dominated by smartphones and smart TVs, allowing consumers to access video streaming platforms across multiple devices. This convenience drives adoption and usage. Moreover, Europe is culturally diverse and has diverse languages and content preferences. Streaming platforms can cater to these diverse preferences by offering content in multiple languages and genres, thereby attracting a wider audience. On the other hand, the Asia Pacific region is expected to witness the highest growth rate during the forecast years. A significant portion of the population in Asia Pacific is young, and the young demographic is more willing to adopt digital technologies and streaming services, which contributes to the market growth. In addition, several regional streaming platforms such as Tencent Video (China) and Hotstar (India) have gained prominence, offering a wide range of content for the local audience.
Reporting scope and segmentation –
| Report coverage | Details |
| Forecast period | 2024–2033 |
| Forecast CAGR | 8.27% |
| Value forecast for 2033 | 219.36 billion USD |
| Market size in 2023 | 99.1 billion USD |
| Historical data | 2020-2022 |
| Number of pages | 238 |
| Report coverage | Revenue forecast, company profiles, competitive landscape, growth factors and latest trends |
| Segments covered | Type, solution, service, platform, revenue model |
| Regions covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and the Middle East & Africa. In addition, the regions are further analyzed at the country level. |
| Growth drivers in the video streaming market | More and more users of smartphones and mobile devices |
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Some of the leading market players in the industry include Apple Inc., Amazon Web Services, Inc., Adobe Inc., AT&T, Akamai Technologies, Baidu, Inc., BT, Brightcove Inc., CDNetworks, Crackle, Inc., Comcast /Corporation, Cisco Systems, Inc., Cox Communications, Inc., Deutsche Telekom AG, Disney+, Google LLC, Haivision, Inc., Hulu, LLC, Facebook, Fandango, IBM, iNDIEFLIX Group Inc., Kaltura, Inc., Microsoft, Netflix, Inc., Roku, Inc., STAR, Snagfilms Inc., Twitter, Inc., TalkTalk TV Entertainment Limited, Tencent Holdings Ltd., Ustream, Inc., Verizon Media, Wowza Media Systems, LLC, and Xperi. All of them offer greater opportunities and are constantly involved in new product development and venture capital investments to gain market share.
The type segment is segmented into live video streaming and non-linear video streaming. In 2023, the live video streaming segment accounted for the largest market share of 63.2%. Social media platforms have integrated live streaming features that allow users to broadcast live to their followers. This integration has made live streaming popular among influencers, celebrities, and content creators. The deployment segment includes cloud, on-premises, and hybrid. In 2023, the cloud segment dominated the market with a market share of 62.1%. Cloud-based solutions enable streaming platforms to quickly introduce new services and features. This agility is critical in the competitive streaming market where rapid innovation is essential. The solutions segment is segmented into Internet Protocol TV, Over-the-Top (OTT), and Pay TV. In 2023, the over-the-top (OTT) segment recorded the highest market share of 44.1%. OTT platforms invest heavily in producing original content, including critically acclaimed series and movies. Exclusive content drives subscriber growth and differentiates platforms from the competition. The services segment is segmented into consulting, managed services, and training & support. In 2023, the training & support segment accounted for the largest market share of 39.3%. In case of technical issues or glitches, support services can help troubleshoot streaming platforms, minimize downtime, and ensure a seamless viewer experience. The platform segment includes gaming consoles, laptops & desktops, smartphones & tablets, and smart TV. In 2023, the smartphones & tablets segment dominated the market with a market share of 33.6%. Smartphones and tablets are widely used worldwide and are therefore effective platforms to reach international audiences. The revenue models segment is segmented into advertising, rental, and subscription. In 2023, the subscription segment recorded the highest market share at 45.2%. Subscription-based platforms invest in recommendation algorithms that personalize content suggestions for individual subscribers, increasing user engagement and retention. The end-user segment is divided into enterprise and consumer. In 2023, the consumer segment recorded the highest market share at 53.1%. Consumers from different regions and cultures are driving the demand for diverse content libraries and can prompt platforms to expand their international offerings.
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Streaming services offer various content genres tailored to different interests and demographics. This diversity attracts a broad user base. Events such as the COVID-19 pandemic increased the demand for streaming services as people spent more time at home. This surge in demand accelerated the growth of the video streaming market. However, maintaining content quality and ensuring a consistent user experience across different devices and internet connections can be challenging. Technical issues such as buffering or playback errors can frustrate users. On the other hand, augmented reality (AR) and virtual reality (VR) experiences within streaming platforms can create immersive content and attract users looking for interactive entertainment. In addition, leveraging advanced data analytics to better understand user preferences and behaviors can enable more accurate content recommendations and targeted advertising. Additionally, collecting and using user data for personalization and advertising can raise privacy concerns, which may lead to regulatory scrutiny and potential user backlash.
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