Ottawa, Aug. 16, 2024 (GLOBE NEWSWIRE) -- The global video streaming market size surpassed USD 106.83 billion in 2023 and is projected to be worth around USD 865.85 billion by 2034. The market is expanding at a solid CAGR of 20.90% from 2024 to 2034, According to Precedence Research. The video streaming market is driven by rising usage of the internet worldwide, social media influence and new technologies.
The video streaming market refers to the industry involved in the distribution and consumption of video content delivered over the Internet. Video streaming is the act of sending video data over the internet in real or near-real time, allowing viewers to watch videos on their devices without having to download the complete file first. It is a continuous procedure that feeds compressed audio and video material to the user's device and requires a video player to decompress the video.
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The benefits of video streaming include no need to download a video, high-resolution videos, lower costs and piracy, cloud storage, rapid access, and simple access to material. Users may select from a variety of resolutions, and affordable membership fees attract viewers to watch on-demand and live video material. Cloud storage is reasonably priced, removing the need for actual servers and upkeep. Instant access to material is also possible.
Video Streaming Market Highlights:
- North America led the video streaming market with the biggest market share of 32% in 2023.
- Asia-Pacific is expected to witness significant growth during the forecast period.
- By streaming type, the live streaming segment dominated the market in 2023.
- By end-user, the consumer segment contributed the largest market share in 2023.
- By revenue model, the subscription segment has held a major market share in 2023.
- By service, the managed service segment garnered the largest market share in 2023.
U.S. Video Streaming Market Size and Forecast 2024 to 2034
The U.S. video streaming market size was USD 23.93 billion in 2023, calculated at USD 29.10 billion in 2024 and is expected to be worth around USD 195.61 billion by 2034. The market is expected to expand at a double digit CAGR of 21% from 2024 to 2034.
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Analysis by Geography
North America accounted for the highest market share of 32% in 2023.
North America is a crucial income area for the video streaming industry, owing to the rise of cloud streaming services. The US video streaming environment is constantly changing, with specialized platforms, mobile devices, and ad-supported models gaining traction. This creates both obstacles and possibilities for platforms. Specialization relies on targeting specific customer bases to create interesting content, yet rising mobile TV use necessitates simple access to content. The increased popularity of bite-sized information requires platforms to react to these trends.
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The Asia-Pacific region is likely to develop significantly, with the highest growth rate, owing to factors such as mobile device and tablet use, technological improvements, and rising demand for streaming services. OTT has altered the business, with major telecom firms and multi-channel operators driving video streaming. Southeast Asian operators are taking advantage of the growing number of broadband internet users to provide standalone video streaming multichannel services as well as fixed-mobile packages.
- For instance, in May 2024, Watch the 2024 Pokémon North America International Championships live stream for in-game rewards, including special Pokémon and cards. Nils Dunlop's Porygon2 is available for players to receive in their games, with the same moves and stats as Nils's.
- In February 2024, Gaurav Gandhi, Amazon Prime Video's Vice President for Asia Pacific, is slated to expand his responsibilities to manage the MENA region for the streaming service. Despite this expansion, Gandhi is anticipated to keep his headquarters in Singapore for his Asia Pacific function, as MENA has become an added responsibility for him.
Video Streaming Market Report Coverage
| Report Attribute | Key Statistics |
| Video Streaming Market Size in 2024 | USD 129.80 Billion |
| Video Streaming Market Size by 2034 | USD 865.85 Billion |
| Growth Rate from 2024 to 2034 | CAGR of 20.90% |
| Largest Market | North America |
| Base Year | 2023 |
| Historical Year | 2021-2022 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Streaming Type, Component (USD), Solutions, Platform, Service, Revenue Model, Deployment Type, End User and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Analysis by Streaming Type
The live-streaming segment dominated the video streaming market in 2023.
Regardless of physical location, live streaming is a popular way for businesses and organizations to engage with their audiences. It enables professionals to promote in-person events, live announcements, online seminars, church services, and wildlife streaming. Professional live streaming services include advantages such as high-quality broadcasts, increased audience potential, a diverse range of content options, ease of use, and analytics tracking.
A global content delivery network (CDN) is required to offer high-quality video while lowering server strain and bandwidth. Live streaming also enables content reuse, such as producing snippets for social media accounts or blog entries. Ease and convenience are significant benefits since they simply require the necessary video and audio equipment, an internet connection, an encoder, and a reliable streaming platform.
- For instance, in August 2023, BBC iPlayer had a fantastic summer, with sporting events, dramas, and new dramas. They've updated the platform to give speedier access to programs, including integrating technologies for faster on-demand streaming on iPlayer.
Analysis by Solutions
The OTT segment dominated the video streaming market in 2023.
OTT live streaming provides high-quality streaming alternatives, cross-platform accessibility across devices, tailored recommendations, interactive elements like live chat and Q&A, and a variety of income sources such as subscriptions and pay-per-view events. It also protects companies' privacy and security by preventing unauthorized streaming and recording.
OTT platforms also provide users with many ways to connect with businesses, including purchase, follow, and support buttons. As video formats become more common, organizations must take advantage of OTT live-streaming services to save money and flourish.
Analysis by Platform
The smartphones and tablets segment dominated the video streaming market in 2023.
Smartphone live streaming is a popular alternative among event professionals because of its mobility, ease of use, and comparable quality to a professional camera setup. The setup involves a smartphone, microphone, gimbal, tripod, and optional accessories such as a shotgun microphone, audio mixer, and Wi-Fi hotspot.
Preparation time is decreased, and connection concerns are almost eliminated. Apps like Event Live make it simple to live stream events, and the audio quality rivals that of a professional camera setup. Inexperienced streamers frequently concentrate on the camera and location while ignoring the audio side. Wireless microphones are advised as a more efficient and cost-effective option.
Video Streaming Market Dynamics
Driver: Ease of access
Most viewers utilize mobile devices, which account for approximately half of all video material seen online. To assure simple access to live streaming, stay current with trends and make your material mobile friendly. Most platforms support streaming using the dynamic HTML5 player, which is ubiquitous and allows people to watch your live stream anytime, anywhere. Businesses benefit from mobile live streaming since it allows them to reach a larger audience.
Browse More Insights:
- Video Streaming Market: The global video streaming market size accounted for USD 129.80 billion in 2024 and is predicted to reach around USD 865.85 billion by 2034, growing at a solid CAGR of 20.90% from 2024 to 2034.
- Video Games Market: The global video games market size was estimated at USD 248.52 billion in 2023 and it is projected to hit around USD 664.96 billion by 2033, growing at a CAGR of 10.32% from 2024 to 2033.
- Video Conferencing Market: The global video conferencing market size was estimated at USD 7.89 billion in 2023 and is projected to be worth around USD 25.61 billion in 2033, with a registered CAGR of 12.5% from 2024 to 2033.
- Video Laryngoscope Market: The global video laryngoscope market size accounted for USD 592.65 million in 2022 and is projected to hit around USD 3,244 million by 2032, growing at a CAGR of 18.53% between 2023 and 2032.
- Over the Top (OTT) Market: The global over the top (OTT) market size was valued at US$ 200 billion in 2022 and it is expected to hit around US$ 2057.47 billion by 2032, registering at a CAGR of 26.30% from 2023 to 2032.
Restraint: Content delivery time and bandwidth issues
The video streaming market faces considerable hurdles owing to bandwidth constraints, which can result in buffering issues, poor video quality and interrupted viewing experiences for consumers with weaker internet connections. Content producers must optimize their platforms using adaptive bitrate streaming and other approaches to ensure seamless playback across a variety of connection speeds.
Content Delivery Networks (CDNs) are critical components of video streaming because they distribute content across multiple servers around the world, but they can experience performance issues such as server overload or service outages. To ensure optimal video transmission, content producers must select dependable CDNs and routinely evaluate their performance.
Opportunity: AI in video streaming
Artificial intelligence (AI) is projected to transform the video streaming market by increasing operational efficiency through automation. It is intended to be incorporated into broadcast operations, providing insight into complicated technology and ecosystems. This synergy enables streaming firms to achieve remarkable efficiency while streamlining operations.
The efficiency of AI is dependent on high-quality data, with streaming operators utilizing massive datasets from millions of users to improve user experience and expedite content discovery. AI-powered algorithms generate highly tailored user experiences, allowing platforms to adapt advertising campaigns to optimize efficacy and income. The integration of AI into broadcast operations is predicted to remain a top priority for media companies in the next year.
- In February 2024, Videosoft Global and Viasat teamed up to provide real-time industrial monitoring via AI-powered video streaming. Viasat will be able to deliver Videosoft's live-streaming capabilities via INTELIE, which will improve situational awareness, allow for informed decision-making, and reduce data costs.
Video Streaming Markets Top 10 Companies
- Hulu LLC (The Walt Disney Company) (U.S.)
- IBM Corporation (U.S.)
- Roku, Inc. (U.S.)
- Alphabet Inc., (U.S.)
- Brightcove, Inc. (U.S.)
- Amazon.com, Inc. (U.S.)
- Netflix, Inc., (U.S.)
- Tencent Holdings Ltd. (China)
- Apple, Inc. (U.S.)
- Haivision, Inc. (U.S.)
Recent Developments:
- In July 2024, Amazon.com is close to signing a deal to broadcast NBA games to its Prime Video streaming service, while ESPN is negotiating to keep the NBA finals rights but air fewer regular season games. Amazon's regular season and postseason game schedules are still being decided.
- In September 2023, Digital Harmonic teamed with Fubo, a major sports-first live TV streaming provider, to improve video quality while lowering bandwidth and buffering. The collaboration intends to enhance the streaming experience for Fubo users while lowering expenses. Mike Berkley, Fubo's Chief Product Officer, expressed enthusiasm about KeyFrame's disruptive influence on the streaming experience.
- In March 2023, Ryan Kavanaugh's Proxima bought a major share in ROW8, creating the joint venture Proxima 8. The collaboration intends to transform cinematic experiences, challenge established theater window methods, and capitalize on influencer networks and digital streaming platforms.
Video Streaming Market Segmentation
By Streaming Type
- Live Video Streaming
- Non-Linear Video Streaming
By Component (USD)
- Software
- Transcoding and Processing
- Video Delivery and Distribution
- Video Management
- Others
- Content Delivery Services
- Live Broadcasting
- VOD & Complementary Content
- Low Latency Video Streaming Services
By Solutions
- Internet Protocol TV
- Over-the-Top (OTT)
- Cable TV
- Pay-TV
By Platform
- Gaming Consoles
- Laptops & Desktops
- Smartphones & Tablets
- Smart TV
By Service
- Consulting
- Managed Services
- Training & Support
By Revenue Model
- Advertising
- Rental
- Subscription
By Deployment Type
- Cloud
- On-Premises
By End User
- Enterprise
- Corporate Communications
- Knowledge Sharing & Collaborations
- Marketing & Client Engagement
- Training & Development
- Consumer
- Real-Time Entertainment
- Web Browsing & Advertising
- Gaming
- Social Networking
- E-Learning
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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