The video streaming market is forecasted to grow at a high rate owing to the accelerating demand from live video streaming from the end users
The global video streaming market was valued at US$ 26.80 Bn in 2020 is expected to reach US$ 168.40 Bn by 2027, with a growing CAGR of 25.8 % during the forecast period (2021-2027).
Video streaming has witnessed a huge demand from enterprise users owing to its numerous benefits. More industries are leveraging live videos with the ease of accessibility that it has for both internal and external purposes. This helps in enhancing the organization’s workflow and improving communication thereby driving the overall efficiency of the company. Business organizations are increasingly using webcasting to a large scale communications with 80% of the large companies broadcasting live events creating enormous opportunities for video streaming market forecast. The brands’ way of thinking of marketing and e-commerce is reinvented by live streaming and using multiple-streaming platforms provides them the opportunity to connect to large range of audiences across multiple platforms. The rising adoption of video streaming solutions from enterprise users is boosting the video streaming industry growth.
Video content consumption is increasing at a high rate and primarily on mobile devices. With the increased penetration of smartphones and online video, the market for video streaming is growing at a high rate. It is found that individuals are 1.5 times more likely to use their mobile phone to watch a video and the video consumption on mobile devices is increasing at a year-on-year growth of 100%. The demand for video streaming on smartphones and tablets is also supported by the availability of high-speed internet technologies such as 3G, 4G, and upcoming 5G technology. Furthermore, the flexibility, easy accessibility, and affordable pricing of these devices provide enormous opportunities for the accelerating demand for the video streaming market.
In terms of geography, North America is witnessing a high growth rate in the video streaming industry primarily driven by the U.S. The region is an early adopter of technologies and innovations and also has the presence of technology giants such as IBM and Microsoft among others that supports the video streaming industry growth. In addition to this, the collaborations between government, institutions, network arenas, and research teams are another contributing factor to the accelerating video streaming market growth. The region is also witnessing a significant rise in the demand for on-demand video coupled with an increasing trend of cord-cutting across the U.S. and Canada. Canada is exhibiting the highest CAGR in the video streaming market forecast. The internet-based video services are a growing segment across Canada indicating that the region has massive growth potential.