Video Streaming Global Market Report 2024

The video streaming market size has grown exponentially in recent years. It will grow from $575.72 billion in 2023 to $699.91 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The growth in the historic period can be attributed to rise in demand for on-demand streaming, increased demand for encoders, increased demand for video streaming services in colleges, universities, and increased usage of videos in corporate training.

The video streaming market size is expected to see exponential growth in the next few years. It will grow to $1.54 trillion in 2028 at a compound annual growth rate (CAGR) of 21.9%. The increase projected in the forecast period is linked to heightened consumer spending on media and entertainment, augmented sales of mobile phones, expanding internet connectivity, growing acknowledgment of OTT platforms, and the surge in live-streamed content. Significant trends anticipated in the forecast period involve progressions in video streaming technology, the emergence of innovative platforms, the integration of blockchain in video streaming, advancements in AI, and the demand for video streaming software.

The surge in demand for media and entertainment is poised to drive the expansion of the video streaming market in the foreseeable future. Media and entertainment comprise a wide-ranging sector involving the creation, dissemination, and consumption of diverse content aimed at informing, entertaining, and engaging audiences. This heightened demand stems from various factors, including shifts in consumer behavior, the proliferation of content diversity, the influence of social media, and innovative content delivery methods. Video streaming offers flexibility, convenience, and a wide array of content options within media and entertainment platforms, facilitating broader audience outreach, cost-effective distribution, valuable data analytics, multiple revenue streams, and increased viewer interaction. For instance, in January 2024, the Digital Entertainment and Retail Association (ERA) reported a 9.6% growth in UK spending on music streaming subscriptions, vinyl records, and compact discs (CDs) in 2023, up from 5% in 2022. Additionally, the UK entertainment market expanded by 7% throughout 2023. Hence, the escalating consumer investment in media and entertainment fuels the growth of the video streaming market.

Leading companies in the video streaming market are concentrating on pioneering technologies, such as adaptive video optimization technology, to ensure a smooth and optimized streaming experience for users across diverse platforms and devices. Adaptive video optimization technology employs advanced algorithms to dynamically regulate video quality based on factors such as network conditions, device capabilities, and available bandwidth. This guarantees superior viewing experiences by maintaining high-quality video playback, even in challenging network scenarios. For instance, in May 2024, Agora, a US-based provider of video streaming services, introduced Adaptive Video Optimization (AVO) paired with support for the AV1 video codec. This technology harnesses a suite of sophisticated machine-learning algorithms to address prevalent challenges, dynamically adjusting video quality in response to varying network conditions, device specifications, and bandwidth availability. Consequently, it ensures exceptional video quality and optimal performance, even amidst fluctuating network conditions.

In August 2021, Microsoft Corporation, a US-based software company, purchased Peer5 for an undisclosed sum. This acquisition was intended to bolster Microsoft Corporation's business communication platform by enhancing its live streaming capabilities for large-scale virtual events and meetings. Peer5, based in the US, specializes in providing video streaming services.

Major companies operating in the video streaming market are Amazon Prime Video, Netflix Inc., Paramount, Discovery Communications Inc., Hulu LLC, Disney, iQIYI Inc., Apple TV, Viaplay Group AB, DAZN Group, YouTube, Hotstar, Crunchyroll Inc., Tubi Inc., Kaltura Inc., Viki Inc., SonyLIV, Sling TV LLC, Funimation Productions Ltd., Pluto TV, Peacock, BritBox, Acorn TV, Voot, Shudder LLC.

North America was the largest region in the video Streaming market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video streaming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the video streaming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Video streaming is the transmission of video content over the internet in real-time, enabling viewers to watch videos without the need to download them beforehand. This innovation grants users access to a diverse array of video content, spanning movies, TV shows, live events, and user-generated material, accessible via multiple devices such as smartphones, tablets, computers, and smart TVs.

The primary elements of video streaming consist of software and content delivery services. Software encompasses instructions or programs facilitating specific tasks on computers or other electronic devices. These include various types such as video-on-demand and live video streaming, featuring diverse revenue models such as subscription, pay-per-view, premium purchases, advertisement-based revenue, among others, catering to a range of end users from residential to commercial sectors.

The video streaming market research report is one of a series of new reports that provides video streaming market statistics, including the video streaming industry's global market size, regional shares, competitors with a video streaming market share, detailed video streaming market segments, market trends, and opportunities, and any further data you may need to thrive in the video streaming industry. This video streaming 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.

The video streaming market includes revenues earned by entities by providing services such as video streaming for managed services, video streaming for consulting, subscription video on demand and video streaming for training & support. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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.


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