According to Fact.MR, the global market for video streaming will approach US$ 241 billion by 2022, with a CAGR of 17%. Viewer profiles are frequently mentioned by customers as a key advantage of video streaming services. Users can keep track of their favorite episodes and movies with the use of separate viewer profiles on sites like HOOQ and Netflix.
The market for video streaming services has historically grown at a CAGR of 15% between 2017 and 2021. COVID-19 presents a lucrative opportunity for companies in the video streaming business. The robustness of the infrastructure and technical prowess are also put to the ultimate test. Consumers and workers use video streaming services heavily as nations fight to control their economies and the potential loss of human life.
Additionally, educational institutions offer online classes, and employees participate in video conferences, and when you add casual video streaming for leisure to this, you can understand the size of the industry. Authorities in the field of telecommunications are concerned about this rise in video streaming. Throughout the projected period, the size of the worldwide video streaming market will increase steadily.
Important conclusions from the market study
- Smartphones and tablets are anticipated to account for more than 45% of the video streaming market by platform type.
- Live streaming is anticipated to increase its market share in the video streaming market to more than 62%.
- Nearly 20% of the North American market share is anticipated for the video streaming sector.
- In MEA, the video streaming market is anticipated to grow at a CAGR of 19%.
- By the end of 2022, the global market for video streaming is anticipated to reach US$ 50 Bn.
Competitive Environment
- A free learning tool called Learn Akamai was introduced by Akamai Technologies in September 2021 to assist clients in learning at various levels. The company’s main goal is to offer learning platforms to businesses with tight training expenditures.
- The leading companies in the video streaming market include Netflix, Inc., Akamai Technologies, Amazon Web Services, Inc., Google LLC, Microsoft Corporation, Tencent, iQIYI, Inc., Novi Digital Entertainment Pvt Ltd (Hotstar), Iflix, HOOQ, and Rakuten Viki.
The U.S. has the greatest market value share in North America, according to Fact. MR. The presence of significant video streaming services like Netflix and Amazon Prime is one of the main reasons for this region’s share-wide domination.
Furthermore, the advancement and creation of sophisticated streaming technology permit the data-efficient streaming of material. In the United States, users watch more than 38 hours of content every month on video streaming platforms. This suggests that consumer trends in North American nations are on the upswing.