Redding, California, Aug. 24, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, Live Streaming Market by Component (Platform, Services), Offering Model (B2B, B2C), Streaming Type (Audio, Video, Game), Vertical (Media & Entertainment, Education, Sports & Gaming, Government, Fitness), and Geography — Global Forecast to 2028,' the live streaming market is expected to reach $4.26 billion by 2028, at a CAGR of 22.4% from 2021 to 2028.
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The adoption of advanced technologies for live streaming content over the internet has revolutionized the media industry. In recent years, many companies have started offering live streaming features on their platforms. Live broadcast technology over the internet has improved significantly and is increasingly being used for live streaming esports, sports events, concerts, theater, workout routines, and educational content. Furthermore, live streaming became a necessary alternative for numerous applications during the COVID-19 pandemic. Thus, there is considerable growth in the demand for live streaming technology to enable high-quality streams, enhanced marketing, analytics tracking, and real-time customer interaction.
The growth of this market is driven by the surging popularity of esports and video games, the growing preference for live-streamed content, and increasing smartphone adoption and internet penetration. However, connectivity and production issues are expected to restrain the growth of this market.
Furthermore, the increasing focus on network bandwidth optimization and the growing scope of live streaming technology is expected to create growth opportunities for the vendors operating in this market. However, fake traffic on live streaming websites is a major challenge for the market's growth. Additionally, the incorporation of advanced technologies is an ongoing trend in this market.
Increasing Smartphones Adoption and Internet Penetration to Drive the Live Streaming Market
In live streaming setups, different technologies, such as streaming protocols carry data to the users. Streaming platforms require high-speed internet connectivity to establish stable, reliable connections and enable higher content bitrate and resolution. Streaming live videos requires high internet speeds due to factors such as resolution, bandwidth, and bitrate, whereas audio streaming requires low speeds as it consumes smaller bandwidths.
According to Dacast (U.S.), some of the estimated internet requirements for different streaming resolutions are as follows:
- Streaming 1080p HD videos – 25 Mbps
- Streaming 720p Videos – 10 Mbps
- Streaming 480p Videos – 5 Mbps
The wide availability of smart devices and smartphones with high computing power and increasing internet penetration across the globe drive the growth of the live streaming market. According to Cisco Systems, Inc. (U.S.), by 2023, there will be around 5.3 billion internet users globally with average global fixed broadband speeds up to 110 Mbps and approximately 3.6 global devices and connections per capita.
The global live streaming market has witnessed remarkable growth during the COVID-19 pandemic. According to the GWI Live Streaming Infographic, in 2020, approximately 29.0% of internet users globally accessed live-streamed content on their preferred social media platforms. Also, according to GWI Live Streaming Trends, in March and April 2020, live streamers accounted for more than a third of all internet users globally. These factors are expected to further drive the growth of the live streaming market during the forecast period.
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To provide efficient analysis, Meticulous Research® has segmented this market based on component (services and software/solutions), offering (business-to-business [B2B], business-to-consumer [B2C]), streaming type (audio streaming, video streaming, and game streaming), vertical (enterprises, media & entertainment, education & e-learning, sports & gaming, government organizations, fitness, religious organizations, and other verticals), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).
Based on type, the live streaming market is segmented into services and software/solutions. In 2021, the services segment accounted for the largest share of the live streaming market. The factors responsible for the large market share of this segment include the growing demand for new installation and integration of live-streaming platforms, the need for professional post-production support, upgradation, and maintenance to help deliver content based on client specifications and provide a personalized experience to viewers, and the surging demand for customer support, content creation services, and subscription services.
Based on offering, the live streaming market is segmented into business-to-business (B2B) and business-to-consumer (B2C). In 2021, the business-to-consumer (B2C) segment accounted for the largest share of the live streaming market. The factors responsible for the large market share of this segment include the increasing need to transmit live content on the internet for better brand engagement and reach, the growing adoption of smart devices, and high internet penetration globally.
Based on streaming type, the live streaming market is segmented into audio streaming, video streaming, and game streaming. In 2021, the video streaming segment accounted for the largest share of the live streaming market. However, the game streaming segment is slated to register the highest CAGR during the forecast period due to the proliferation of smartphones with high processing power, high internet penetration, an increasing number of online gamers, and the rising popularity of esports.
Based on vertical, the live streaming market is segmented into media & entertainment, enterprises, education & e-learning, sports & gaming, government organizations, fitness, religious organizations, and other verticals. In 2021, the media & entertainment segment accounted for the largest share of the live streaming market. The factors responsible for the large market share of this segment include the growing popularity of online live video streaming in the media & entertainment industry, the rising technological advancements such as the implementation of blockchain technology in streaming, the growing adoption of cloud-based video streaming solutions, and the increasing use of artificial intelligence for increasing the reach of video content, improving video quality, and enhancing security.
Based on geography, the live streaming market is segmented into five major regions: Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2021, Asia-Pacific accounted for the largest share of the live streaming market. The factors responsible for the large market share in Asia-Pacific include the rising focus on digitalization due to technological advancements, such as cloud computing, AI, and 5G technology in the digital media industry and the rising adoption of live-streaming platforms for better brand engagement and reach.
In addition, Asia-Pacific is slated to register the highest CAGR during the forecast period. The high market growth in Asia-Pacific is driven by the increasing consumer base for live streaming content, the rising smartphone adoption, and the high internet penetration.
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China
China leads the live streaming market in Asia-Pacific. According to the China Association of Performing Arts, in 2020, the number of users on live streaming platforms reached approximately 617 million, accounting for 62.4% of the total internet users in China. Live commerce has transformed the retail industry in the country and established itself as a major sales channel in the past few years. According to the AlixPartners, LLP, in 2020, two-thirds (approximately 67%) of consumers said they had purchased products via livestreams in the country. Taobao (from Alibaba) and JD.com, two of China's biggest online shopping platforms, launched their respective live-streaming platforms—Taobao Live and JD Live, where shop owners and brands can hire popular influencers with large fan bases to help promote their products.
After the outbreak of the COVID-19 pandemic, the market in China witnessed an increase due to the growing adoption of live streaming technology. Individuals across the country used various live streaming platforms to get recent updates on the status of COVID-19, stay entertained, play games, and socialize. Also, educational institutes started adopting live streaming platforms to enable remote learning. However, stringent government regulations on video content and fake traffic on live streaming sites hampered the growth of this market.
The live streaming market is dominated by three top players: Vimeo, Inc. (U.S.), IBM Corporation (U.S.), and Boxcast (U.S.). These players continuously focus on agreements, collaborations, partnerships, and product development and launches to increase their respective market shares.
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Vimeo.com, Inc. (U.S.)
Vimeo.com, Inc. (U.S.) is a leading provider of video software solutions that help organizations engage with audiences and connect with employees worldwide. The company focuses on harnessing the power of live video streaming technology in countless ways to better create, communicate, upload, and share videos. The company provides a platform for its members to view, upload, and share videos. Vimeo Livestream allows customers to broadcast live video content on the internet using a camera and a computer. The company is focused on new growth strategies to strengthen its product portfolio and enhance its geographic reach in the global live streaming market. For instance, in 2021, Vimeo partnered with Asana, Inc. (U.S.) to harness all the engagement benefits of live video communications, reduce distractions, and provide innovative video messaging.
IBM Corporation (U.S.)
The company has a diverse and vast portfolio of products and services based on technologies such as artificial intelligence, IoT, cloud computing, and security. IBM Corporation offers a video streaming platform and hosting services with features, including live polling & clickable video overlays, channel customization & password protection, automated closed captioning, on-demand captioning & AI-driven search, and phone & chat support. The company is focused on growth strategies to broaden its product portfolios and advance the capabilities of its existing products. For instance, in 2020, IBM Corporation launched the IBM live-streaming video mobile app to offer enterprise businesses a solution enhanced with security and advanced features. The app also allows users to broadcast multiple live-streamed videos.
The other key players operating in the live streaming market are Meta (Instagram) (U.S.), Dacast (U.S.), HUYA Inc. (China), YouTube (Alphabet Inc.) (U.S.), DouYu International Holdings Limited (China), Twitch Interactive, Inc. (Amazon.com, Inc.) (U.S.), Stream Hatchet SLU (Spain), TikTok (U.S.), Flux Broadcast (U.S.), AfreecaTV Corp. (South Korea), StreamShark (Australia), Pluto Inc. (U.S.), VosCast (U.S.), and Wowza Media Systems, LLC (U.S.).
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