Streaming Media Services market is anticipated to reach $164 billion by 2025 with a CAGR of 25.2% in the Forecast period 2020-2025. Rising adoption of advanced technologies such as cloud storage and bring your own devices (BYOD). Increase in live streamed content, rising adoption of cloud-based video streaming solutions, surge in web advertising, extensive use of videos in corporate training, and upsurge in demand for online videos in developing economies are set to drive the growth of the global video streaming market. Additionally, the recent trends of globalization and consistent improvements in streaming content are some of the key factors attributing to the growth of the Streaming Media Services market size in the forecast period 2020-2025.
By Services- Segment Analysis
Video Streaming in Streaming Media services market is anticipated to grow at a CAGR of 24.2% in the forecast period 2020-2025 owing to the rising penetration of OTT platforms and other streaming platforms. In 2019, according to the report given by Video Advertising Bureau (VBA), more than 205.4 million people opted for OTT services, whereas more than 180 million people, use smart TVs. On the other hand, people are opting for personalized content, which is driving several companies to offer high-margin visual entertainment by offering users bundled services. In 2019, Amazon announced plans to spend more than $7 billion for generating video content and for development of its OTT platform. Similarly several other companies such as Hulu, HBO are planning to invest heavily for generation of video content. Hence the rising popularity of OTT platforms enhances the Video streaming services thereby accelerating the market for Streaming Media services market in the forecast period 2020-2025.
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By Application – Segment Analysis
Real Time Entertainment is expected to grow at a highest CAGR of 35.2% during the forecast period. The growth is mainly attributed to the increasing popularity of on-demand entertainment services such as movies, shows, videos and so on in plenty of new platforms. With the rapid growth of these services several companies have been investing heavily. In 2020, Netflix has committed to invest $17.3 billion on video content generation and expansion of its platform in the world. In addition it has announced plans to grow its investment by $26.3 billion by 2028. Similarly several video streaming platforms such as Amazon, Google has also invested heavily for the development and expansion of their OTT platforms. Hence these investments are analyzed to drive the Real Time Entertainment thereby accelerating the Streaming Media services market in the forecast 2020-2025.
By Geography – Segment Analysis
In 2019, North America dominated the Streaming Media services market with more than 40% followed by APAC and Europe, and is expected to grow significantly during the forecast period. The rising adoption in countries such as U.S., Canada and so on have significantly contributed towards revenue growth of Streaming Media services market. Moreover the adoption of mobile devices in North America and other regions is also enhancing the market. For instance, it has been estimated that approximately 80% of the adults in North America region view video content on mobile devices. Hence these benefits are analyzed to drive the market in the forecast period 2020-2025.
Drivers – Streaming Media Services Market
Technological innovations such as Artificial Intelligence (AI), block-chain technology, deep learning, and natural language processing are expected to be the next transformative technologies for streaming and improve video quality which is expected to provide numerous opportunities for the video streaming market in the upcoming years. AI is playing an important role in scoring, editing, cinematography, scriptwriting, voice-overs, and most aspects of video production. Various providers use AI to improve content quality. Also, popularity of online streaming over media such as YouTube and Netflix is expected to increase in the forecast period. For instance, Netflix uses machine learning to generate many variations of high-probability click-thru image thumbnails that it relentlessly and continuously A/B tests throughout its user base for each user and each movie to increase the probability of a user to click and watch. Hence these benefits are analysed to drive the market in the forecast period 2020-2025.
Streaming Media services market has been witnessing surge in consumption and subscriber count worldwide owing to wide spread of covid-19. With the wide spread of this virus, companies in the world have been taking several tactical steps to increase the subscribers. Zee5 India, says the platform has witnessed an 80% increase in subscriptions and over 50% growth in time spent recently. Similarly Netflix and Amazon video streaming services are also witnessing a significant growth due to outbreak of these viruses. In addition audio streaming platforms are also witnessing significant growth rate due to this outbreak. Moreover universities and companies across several regions have been adopting e-learning video services in order to engage their students and employees in constant learning activities. Hence these advantages will drive the market in the forecast period 2020-2025, as there will be significant customer retention following this outbreak.
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Challenges – Streaming Media Services Market
Although Streaming Media services market is growing significantly in the forecast period, impact of piracy is hindering the market growth. According to the report given by Cordcutting Netflix is losing $192 million every month due to password sharing and content piracy. Similarly, in 2018 according to MUSO, nearly 190 billion visits were made to illegal piracy websites. Hence these challenges are said to hamper the market in the forecast period 2020-2025.
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Streaming Media services market. In 2019, the market of Streaming Media services market has been consolidated with top 5 companies. Streaming Media services top 10 companies include Netflix, Inc., IBM Corporation, Apple Inc., Amazon.com, Inc., Cisco Systems, Inc., Akamai Technologies ., Google Inc., Roku, Inc., Akamai Technologies, Inc. and Hulu, LLC.
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