ROCKVILLE, MD / ACCESSWIRE / May 19, 2020 / Video streaming is gaining significant impetus on the back of stay-at-home orders induced by the COVID-19 outbreak. While nation-wide lockdowns continue to restrict people to stay at their homes, companies in the video streaming market are discovering profits in the ascending demand for home entertainment alternatives. Furthermore, the ubiquity of internet connectivity has enabled video streaming on other connected devices such as smartphones, tablets, and laptops with optimized picture quality.
The global video streaming market is projected to exhibit a stellar CAGR of 17% during the forecast period (2020-2029), according to a new market study by Fact.MR. With demand for original content being higher than ever, the video streaming market will grow 5X during the forecast period, says the report. The global pandemic is acting as a catalyzer for the video streaming market growth.
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Consumer demand accounts for more than half of the total market value and is expected to further grow in value during the forecast period, owing to high adoption in households of both developed and emerging economies.
Live streaming accounts for more than 3/5th of global market value, owing to factors such as high viewership for live streaming of sports and entertainment events, digitization initiatives by international sports associations, and availability of strong cloud infrastructure.
Non-linear video streaming is expected to bestow lucrative opportunities to players, owing to increasing adoption of internet-enabled home entertainment systems, that provide inter-connected customer experience on devices such as smartphones, laptops, and televisions.
Subscription-based revenue model will remain the most sought-out model, accounting for 51% of the total market revenue share. The dominance is primarily attributed to consumer-friendly features such as accessibility on multiple screens, profiles, and parental control, coupled with affordable prices.
North America remains the leading regional market for video streaming, and will hold more than 20% of share in the global market value. The regional dominance is primarily attributed to a strong presence of major video streaming platforms such as Netflix and Amazon Prime. Furthermore, the innovation and development of advanced streaming technology, coupled with the internet accessibility is favoring the market growth in the region.
Middle East & Africa is offering substantial revenue opportunities owing to the increasing adoption of digital services and smart devices in the Middle East & African countries.
Explore the global video streaming market report with 289 illustrative figures, 134 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.factmr.com/report/4680/video-streaming-market
'Factors such as increasing disposable income and availability of high-speed internet is driving consumers to purchase subscriptions from multiple video streaming vendors. Catering to the rising demand, prominent players such as Netflix, Amazon Prime, HooQ are trying to provide high-quality service to subscribers in terms of picture quality and content. On the other hand, although the pandemic is catalyzing the market growth with people's willingness to spend on quality content, the players limiting streaming quality to HD and SD in some cases to reduce the consumption of internet,' says the Fact.MR analyst.
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