Dublin, Sept. 17, 2024 (GLOBE NEWSWIRE) -- The "Video Streaming Market Report by Component, Streaming Type, Revenue Model, End User, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global video streaming market size reached US$ 88.9 Billion in 2023. Looking forward, the market is set to reach US$ 388.8 Billion by 2032, exhibiting a growth rate (CAGR) of 17.82% during 2023-2032
The market is experiencing steady growth driven by the growing enhancement in streaming capabilities, increasing integration of virtual reality (VR) and augmented reality (AR) to improve user experiences, and rising utilization of mobile devices for streaming content. 
Technological Advancements
One of the primary drivers of the video streaming market is the rapid advancement in technology. With increasing internet speeds, particularly the roll-out of 5G networks, streaming high-quality video content is becoming more feasible and efficient. This enhancement in streaming capabilities is allowing for smoother viewing experiences, reduced buffering, and higher-resolution content, which are vital for user satisfaction.
Moreover, advancements in cloud computing are enabling streaming platforms to offer vast libraries of content that are accessible from virtually anywhere. These technological improvements are not only improving the user experience but also allowing for innovative features like virtual reality (VR) and augmented reality (AR) integrations, opening new avenues for immersive content consumption.
Changing Viewer Preferences
The shift in viewer behavior towards on-demand entertainment is a significant factor propelling the growth of the market. Traditional broadcast television (TV) is gradually losing ground to streaming services, which offer the convenience of watching content anytime, anywhere, without the constraints of a fixed schedule. This shift is particularly pronounced among younger audiences who prefer streaming platforms due to their ability to personalize content, offer diverse programming, and integrate social media features for a more interactive experience. Furthermore, the rise of mobile devices as a primary means of content consumption is amplifying this trend, as streaming services are often optimized for mobile viewing, offering a tailored user experience that aligns with the modern, on-the-go lifestyle of many people.
Expansion of Content Libraries and Original Productions
The expansion and diversification of content libraries are crucial factors supporting the market growth. Streaming platforms are investing heavily in acquiring a wide range of content, including international films and TV shows, to cater to diverse audiences with varied tastes. This globalization of content not only attracts a broader audience but also helps platforms to stand out in a competitive market. Additionally, significant investment in original productions is becoming a strategic priority for many streaming services.
Original content not only serves as a unique selling point to attract new subscribers but also helps in retaining existing ones by offering exclusive, high-quality content that cannot be found elsewhere. This trend toward original content production is also encouraging innovation and creativity in the industry, leading to critically acclaimed series and movies that are increasing the popularity of these platforms.
Increasing Popularity of Hybrid Models
Hybrid monetization models combine subscription-based plans with ad-supported content, catering to a wider audience spectrum. This approach is proving to be effective in maximizing revenue. Ad-supported content is particularly attractive to advertisers due to its precise targeting capabilities, which result in higher ad engagement and revenue for streaming platforms.
Adoption of Personalization Algorithms
Personalization algorithms analyze user behavior, preferences, and viewing history to provide tailored content recommendations. This enhances user engagement and satisfaction, reducing churn rates. Personalization plays a crucial role in reducing churn rates. By continuously providing users with content, they find relevant and engaging, streaming platforms can retain subscribers for longer periods, thereby maximizing revenue.
Video Streaming Market Analysis:
- Market Growth and Size: The video streaming market is experiencing robust growth, driven by the increasing adoption of digital technologies and changing viewer preferences.
- Major Market Drivers: Key drivers include technological advancements, shifts in viewer behavior towards on-demand content, and the proliferation of high-speed internet. The expansion of content libraries and investment in original content production by major platforms are also significant contributors to market growth.
- Technological Advancements: Advancements in internet technology, such as the roll-out of 5G, are enhancing streaming capabilities, enabling smoother and higher-resolution content. Innovations in cloud computing and artificial intelligence (AI) for personalized recommendations are playing a crucial role in improving user experiences.
- Industry Applications: Video streaming is increasingly used in various industries for purposes like corporate training, educational content, marketing, and live broadcasting of events, indicating its growing versatility.
- Key Market Trends: Notable trends include original content production, personalized user experiences, and integration of advanced technologies like augmented reality (AR) and virtual reality (VR).
- Geographical Trends: North America dominates the market due to the rising focus on enhanced content production and the use of smart devices. However, Asia Pacific is emerging as a fast-growing market, driven by the increasing focus on content catering to local languages and preferences.
- Competitive Landscape: The market is characterized by intense competition with key players focusing on innovation, mergers and acquisitions (M&A), and expanding their global footprint. These strategies aim to diversify portfolios, meet specific industry needs, and address the challenges of the market.
- Challenges and Opportunities: Challenges in the video streaming market, include addressing diverse regional regulatory environments, managing increasing content production costs, and staying competitive in a saturated market. Nonetheless, tapping into emerging markets, leveraging technology for enhanced user experiences, and exploring new revenue models like hybrid and ad-supported subscriptions are projected to overcome these challenges.
Key Questions Answered in This Report
- What was the size of the global video streaming market in 2023?
- What is the expected growth rate of the global video streaming market during 2024-2032?
- What are the key factors driving the global video streaming market?
- What has been the impact of COVID-19 on the global video streaming market?
- What is the breakup of the global video streaming market based on the component?
- What is the breakup of the global video streaming market based on the streaming type?
- What is the breakup of the global video streaming market based on the revenue model?
- What is the breakup of the global video streaming market based on the end user?
- What are the key regions in the global video streaming market?
- Who are the key players/companies in the global video streaming market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 149 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $88.9 Billion |
| Forecasted Market Value (USD) by 2032 | $388.8 Billion |
| Compound Annual Growth Rate | 17.8% |
| Regions Covered | Global |
Companies Featured
- Akamai Technologies Inc.
- Amazon Inc.
- Brightcove Inc.
- Comcast Corporation
- Google LLC (Alphabet Inc)
- Hulu LLC (The Walt Disney Company)
- Iflix (Tencent Holdings Ltd.)
- International Business Machines Corporation
- Kaltura Inc.
- Microsoft Corporation
- Netflix Inc.
For more information about this report visit https://www.researchandmarkets.com/r/i583u0
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