According to a professional intelligence report by the Transparency Market Research, the global streaming media device market is expected to witness a substantial growth rate of 17.2 % during the forecast period of 2019 to 2027. Furthermore, it also projects that the global streaming media device market will grow to hit the evaluation mark of US$ 468,970 million by the end of the forecast period i.e. 2027. It also informs that the global streaming media device market was evaluated at US$ 113,847.2 million at the beginning of the study i.e. in 2018. Some of the major driving factors influencing high growth in the global streaming media device market include ease of connectivity with electronic display devices, rising assimilation of digital media content, and rising adoption of cloud services across the world.
The types of products and solutions offered by the manufacturers and players operational within the global streaming media device market include game consoles, smart televisions, and media streamers, such as plug in USB sticks or streaming sticks as well as media player or streaming box. Some of the key applications for the products and solutions in the global streaming media device market include real time entertainment, e-learning, gaming, social networking, and web browsing. The solutions in the global streaming media device market are used in two distinct end use industries, namely, residential as well as commercial.
Rising Investments in Webcasting Foster Growth in Streaming Media Device Market
The rising investments in webcasting is anticipated to work favorably for the expansion of the global streaming media device market in coming years. Furthermore, the increasing production of web series, implemented and undertaken by various OTT platforms as well as production houses is boosting the global streaming media device marketplace by generating fresh audiences for video on demand services. Furthermore, one of the most important drivers for the development in the global streaming media device market is the ability provided by these streaming devices to consumers for watching media content from anywhere, at any time. This convenience is one of the most dominant contributors for the expansion of the global streaming media device market.
Additionally, the rising adoption of smart TV that nulls the requirement for separate video or content streaming device may foster the growth in the global streaming media device market in near future. On the other hand, some of the most significant restraining factors, that may restrict the growth and development within the global streaming media device market include rising rates of broadband and internet services as well as low WiFi and broadband penetration, especially in emerging regions and economies around the world.
North America Leads the Streaming Media Device Market
Major regions covered in the business intelligence study on the global streaming media device market include Europe, South America, North America, Middle East and Africa, and Asia Pacific. Geographically, North America is anticipated to account for the largest share in the global streaming media device market over the forecast period. This top industry positioning of North America region in the global streaming media device market can be attributed to several factors, most essentially owing to the high presence of young and tech friendly population in the region.
Another region expected to record significant growth in the global streaming media device market in coming years is Asia Pacific. This trend can be attributed to the increasing inclination of regional consumers towards using highly advanced and sophisticated technological devices. Apart from this, the rising adoption of over the top platforms as well as video on demand services is also anticipated to fuel the demand in the global streaming media device market in Asia Pacific in coming years.
Some of the most prominent and leading manufacturers and players operational within the global streaming media device market are Microsoft Corporation, Roku, Inc., ASUS TeK Computer, Inc., Apple, Inc., Google, Inc. Sony Corporation, Samsung Electronics Co., Ltd., LG Electronics, Inc., and Philips Electronics, among others.
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