The global video streaming market is expected to grow at a CAGR of 18.8% during the forecast period with its market size predicted to reach USD 687.2 billion by 2024. Globally, video streaming industry players are leveraging market growth through the development of innovative solutions in this system. The vendors of this system are providing various solutions to the users such as consumer interactive video platforms, augmented video applications, scalable video streaming and hosting, and using videos to improve workplace productivity.
Consumer segment held a larger share in the video streaming market in 2018
Based on end-user, the global video streaming market is divided into consumers and enterprises. Among the two categories, the consumer category held a larger share in the market in 2018. This is attributed to the fact that increasing penetration of smartphones. According to a recent study, the global mobile phone subscriptions exceeded 2 billion in 2013 and it is expected to reach a subscription of 8 billion by 2019. With an increase in demand for mobile devices, there has been an increasing number of cases witnessing mobile data traffic. According to a report published by Cellular Telecommunications Industry Association (CTIA) - The Wireless Association, the U.S. consumers that use wireless devices are using a large amount of data with almost 75 percent faster data speed.
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Geography Insight
Asia-Pacific is expected to witness the fastest growth in this market. Large social media companies like Twitter Inc. are capitalizing on the increasing popularity of this system. Twitter has signed deals with the National Football League and National Basketball Association to attain a large audience for their services. Facebook has also observed increasing revenue in this region, especially from the Indian market as it has observed increasing popularity of this system feature among the citizens of this country. The company has developed deals with several celebrities and media and entertainment companies in the region to produce videos for Facebook Live. Moreover, this will further help in strengthening the Asia-Pacific market shortly.
Geographically, North America has accounted for the largest share in the video streaming market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed to increasing adoption for streaming services by households in the U.S. that have significantly contributed towards revenue growth of service providers such as Netflix. The adoption of mobile devices by citizens of the U.S. is thus enhancing the continuous display of information, entertainment, and media. For instance, it has been estimated that approximately 80% of the adults in this region view news on mobile devices that provides the latest news feed continuously.
Competitive Insight
Some of the key players operating in the global video streaming market are Akamai Technologies, Adobe Systems Incorporated, Amazon Web Services, Netflix, Inc., Ustream, Cisco Systems, Inc., Apple, Inc., Google Inc., Microsoft Corporation, and Hulu.
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