New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Streaming Media Device Global Market Report 2023" - https://www.reportlinker.com/p06466688/?utm_source=GNW
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The global streaming media device market is expected to grow from $53.39 billion in 2022 to $61.92 billion in 2023 at a compound annual growth rate (CAGR) of 15.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The streaming media device market is expected to reach $114.06 billion in 2027 at a CAGR of 16.5%.
The streaming media device market consists of sales of smart TVs, streaming sticks, set-up boxes, and Blu-ray players.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A streaming media device is a device that connects to a television or other display to provide access to online streaming content, such as TV shows, movies, music, and other media. It is used to enhance the TV viewing experience by allowing the user with digital content on demand without the need for a cable or satellite TV subscription.
North America was the largest region in the streaming media device market in 2022. The regions covered in streaming media device report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of streaming media devices are gaming consoles, media streamers, and smart TVs.A gaming console refers to a specialized computer system designed for playing video games, that is usually connected to a television or monitor and for specialized controllers.
The gaming console is used to provide an optimal gaming experience, with hardware and software, for gaming performance. It comes in 720p, 1080p, and 4k resolution for e-learning, web-browsing, gaming, real-time entertainment, and social networking, and used by commercial and residential purposes.
Growing preference for online streaming services is expected to propel the growth of the streaming media device market going forward.Online streaming services refer to services that provide entertainment content such as films or music and deliver it straight to users’ computers, televisions, and mobile devices via the internet.
Streaming media devices link the television or home theatre to the internet allowing users to view the content (video, music, movies, and sports) using a streaming TV service provider or app; thus, the growing preference for online streaming services propels the growth of the streaming media device market. For instance, in January 2023, according to the annual report published by Netflix, Inc., a US-based online streaming service company, the total number of paid memberships At the end of 2020, 2021, and 2022, the total number of paid memberships climbed dramatically to 203,663 (in thousands) in 2020, 221,844 (in thousands) in 2021, and 230,747 (in thousands) in 2022, respectively. Furthermore, the number of paid memberships in Europe at the end of the year was 66,698 (in thousands) in 2020, 74,036 (in thousands) in 2021, and 76,729 (in thousands) in 2022. Therefore the growing preference for online streaming services is driving the growth of the streaming media device market.
Advanced technologies in video platforms are a key trend gaining popularity in the streaming media device market.Companies operating in the streaming media device market are adopting advanced technologies in video platforms to sustain their position in the market.
For instance, in February 2023, Xiaomi Corporation, a China-based consumer electronics company, engaged in smartphone and electronic hardware development, launched the TV Stick 4K.TV Stick 4K’ is integrated with a voice control feature, enabling users to explore Google Assistant to find content, manage playback, and even operate smart home devices.
It also incorporates built-in Chromecast functionality, enabling users to cast content instantly from their smartphone or tablet to their TV. It lets users view several streaming applications and services, such as Netflix, Amazon Prime Video, and Disney+ Hotstar.
In January 2022, Microsoft Corporation, a US-based technology company engaged in software product development, acquired Activision Blizzard for an undisclosed amount.This deal will accelerate Microsoft’s game business expansion across smartphone, desktop, console, and cloud platforms and serve as a basis for the metaverse.
The acquisition also strengthens Microsoft’s Game Pass catalogue, and the company plans to add Activision Blizzard games to it once it reaches a new milestone of over 25 million customers. Activision Blizzard is a US-based video game holding company engaged in interactive gaming platforms and console development.
The countries covered in the streaming media device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The streaming media device market research report is one of a series of new reports that provides streaming media device market statistics, including streaming media device industry global market size, regional shares, competitors with a streaming media device market share, detailed streaming media device market segments, market trends and opportunities, and any further data you may need to thrive in the streaming media device industry. This streaming media device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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