Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Streaming Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The global streaming devices market has experienced unprecedented growth, propelled by the rise in demand for Over-the-Top (OTT) content consumption and the seamless integration of streaming devices within smart home ecosystems. According to the latest industry research, the market was valued at USD 12.2 billion in 2022 and is forecasted to flourish at a robust CAGR of 14.5% through to 2028. This surge in growth emphasizes the vital role that streaming devices play in modern entertainment consumption.
Recent advancements in high-speed internet connectivity have greatly enabled the access to and delivery of streaming services. This has catalyzed the market expansion for streaming devices, which include technologies like smart TVs, streaming sticks, and set-top boxes. Consumers now favor these devices due to their ease of use and the convenience they offer in accessing a wide array of content platforms such as Netflix, Amazon Prime Video, Disney+, and Hulu.
North America Dominates Market with Advanced Infrastructure and Home to Market Leaders
Geographically, North America commands a significant share in the global streaming devices market, with robust infrastructure and hosting numerous market-leading tech companies. This region's penchant for early adoption of technological advancements and higher internet penetration rates has allowed it to stay ahead in the global streaming devices market.
In the application segment, e-Learning has prominently emerged, leveraging streaming devices to reshape traditional learning methodologies. The market is witnessing a transformative change as educational content is increasingly delivered through smart TVs and streaming devices, breaking geographical barriers and enhancing the accessibility of quality education.
- Technological Innovations and Market Dynamics: The market is consistently witnessing innovative product developments, including streaming devices that support 4K and 8K content for higher resolution viewing experiences. These technologies, backed by High Dynamic Range (HDR) and faster processing capabilities, have enhanced consumer viewing experiences, supporting market growth.
- Market Segmentation: The market has been segmented by Type, Application, and End User, with game consoles and e-Learning applications holding substantial shares. Game consoles have transcended their traditional gaming purposes to become multifunctional entertainment hubs.
- Smart Home Integration: The growth spur of smart home ecosystems has led to the integration of streaming devices with other smart home products. The seamless interfacing with voice assistants and home automation products has introduced a convergent technological solution for modern homes.
As the global streaming devices market continues to expand dynamically, market players maintain competitive edges through continuous product innovation and strategic partnerships. This market is instrumental in shaping the content consumption habits of consumers, and its trajectory aligns with technological advancements and the evolving digital lifestyle preferences of global populations.
Key Market Trends: 5G Technology Impact and Rise of Smart Home Ecosystems
The rollout of 5G technology is set to further revolutionize the streaming devices market by enabling faster and more reliable streaming services. As 5G networks expand, the prospect of augmented and virtual reality content streaming becomes increasingly viable, offering new and immersive ways for consumers to engage with digital content.
The comprehensive industry research analyzes the market's performance across various segments, including game consoles and streaming devices' role in E-Learning, while providing insights into regional market performances and key competitive strategies. As streaming devices continue to redefine entertainment consumption, this market is expected to maintain its growth momentum in the foreseeable future.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $12.2 Billion |
| Forecasted Market Value (USD) by 2028 | $27.4 Billion |
| Compound Annual Growth Rate | 14.5% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Google LLC
- Microsoft Corporation
- Sony Corporation
- Roku, Inc.
- Samsung Electronics Co., Ltd.
- AsusTek Computer Inc.
- LG Electronics Inc.
- Apple, Inc.
- Koninklijke Philips N.V.
- Amazon.com, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/54zji1
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