Analysts from Market Research Future project economy of developed regions which could rise as the global video streaming market 2020 is now having the potential to expand at a high rate of 20.8%, which is actual CAGR. The market will be getting high valuations to post COVID-19 impact. The study portrayed the market’s status and claimed that the growth would be continued to seek far more valuation between 2018 and 2023 (forecast period).
Top Impacting Factors
The video streaming market is maximizing its revenue, amid COVID-19 breakthrough, by venturing into the education sector. With an enthusiastic response from education institutes, students and learners, and third-party vendors are coming with numerous massive open online courses (MOOC) across the world.
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Other significant drivers of the video streaming market accredited to the surging popularity of social media platforms that have improved access to the internet and connectivity to a great extent in the current impact of COVID-19, where everything is shut. In the case of point, an explosive growth of 99% is exhibited by the video content on media platforms, mainly on YouTube the current time. Such platforms are increasingly becoming more popularly used as an advertising revenue model for generating income. Therefore, based on this model, YouTube has generated maximum revenue, which is closely followed by Facebook Inc.
Most importantly, AI is playing a pivotal role in cinematography, editing, scriptwriting, voice-overs, and numerous other aspects of video production. Assorted video streaming solution providers use AI to progress the content quality of videos. In the recent past, the recognition of such platforms over broadcast media such as Netflix has augmented considerably. Moreover, the rapid adoption of mobile phones owing to the mounting popularity of social media platforms and other digital mediums for branding and marketing is also anticipated to drive the global video streaming market.
Furthermore, another factor, such as the high adoption of digital media across various industry verticals, has also led to the growing viewer inclination toward various streaming solutions and services. In the case of point, back in November 2019, Apple Inc. entered the online video cascading industry by launching its TV+ service. In June 2019, Wowza Media Systems, LLC, announced a complete range of professional services for video-related solutions providers. Also, in March 2019, Google unveiled its cloud-based gaming console, ‘Yeti,’ which features game streaming services along with gaming hardware.
In the last, the video streaming industry is anticipated to post a short turn impact of COVID-19 to attain a rapid growth with advancements in digital technologies and the appearance of 5G network connectivity services. Also, partnerships and agreements among the telecom network providers and video streaming providers are highly possible to increase in the forecast period and would take the video streaming market to the next level of growth.
Segmentation of Market
The global video streaming market has further been segmented along the following lines:
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Top Grossing Market Players
The top players of the global video streaming market are listed as Adobe Inc. (US), Netflix, Inc. (US), Microsoft Corporation (US), Amazon Web Services (US), Google LLC (US), Apple Inc. (US), IBM Corporation (US), Cisco Systems Inc. (US), Akamai Technologies Inc. (US), Walt Disney Company (Hulu) (US).
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