As these trends gain momentum, the global video streaming market is set for a 5X growth during the forecast period (2019 – 2029). Video streaming platforms are investing in creating original content for premium subscribers. This puts them directly in competition with online video content platforms such as Netflix. The competition gives consumers a plethora of options to choose from which furthers the demand for video streaming services in general.
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Tech-driven advancements such as 3 dimensional videos, virtual reality, and augmented reality present profitable prospects for video streaming services.
LIVE STREAMING SET TO EXPAND PROFIT POOLS FOR VIDEO STREAMING COMPANIES
Leveraging the strong fan-base of live sports, and entertainment events, the live streaming segment emerges as the principal streaming type segment. Live streaming accounts for a lion’s share of ~62% of the total market revenues. Digitization initiatives by international sports associations coupled with strong cloud infrastructure will continue to create perpetual demand for video streaming.
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However, non-linear streaming offers the most financially rewarding opportunities with a staggering ~18% CAGR during the forecast period. Adoption of internet enabled home entertainment systems amid inter-connected customer experience regardless of the device (smartphone, laptop, or television) are accredited for this segment’s growth.
US LEADS GLOBAL SALES OF VIDEO STREAMING SUBSCRIPTION REVENUES
US accounts for the largest market value share of more than 20%. Presence of major video streaming platforms such as Netflix and Amazon Prime are primary factors for share-wide dominance of this region.
Further, innovation and development of advanced streaming technology enables data efficient streaming of content. The average consumption of video streaming services is over 38 hours of content in the US. This points to favorable consumer trends in North American countries. The highest growth rate can be traced to the Middle East & Africa.
Countries in this region are witnessing exponential adoption of smartphones, tablets, and smart televisions. Middle East & Africa offers remunerative growth opportunities with a phenomenal 19% CAGR through 2029.
COVID-19 IMPELS VIDEO STREAMING
Omnipresent lockdowns across the globe have generated a meteoric increase in video streaming. As organizations shift to work-from-home as a step towards mitigating financial losses
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The Video Streaming market report answers important questions which include:
- What does the status of the Video Streaming market look like after the forecast period?
- Which region has the highest contribution to the global Video Streaming market and why?
- Which players remain at the top of the global Video Streaming market?
- What opportunities are available for the Video Streaming market players to expand their production footprint?
- Which segment has the maximum impact on the global Video Streaming market?
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