Video Streaming Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2609
Video Streaming Market size will gain substantial traction during 2021 to 2027 owing to the exponentially rising live-streamed content. Improved connectivity and technological advances have made live video accessible to anyone having an internet connection. Future trends in the market will be powered by the surge in popularity of video game streaming services and rise in the adoption of cloud-based streaming services. The growing use of video streaming in corporate training and educational purposes will further fuel the market expansion.
The increasing penetration of mobile devices and internet users will be a pivotal factor driving the demand for video streaming services. Cisco Systems estimates that there will be over 5.3 billion total internet users by the year 2023. Increasing internet access and the demand for entertainment, education, and business content will propel the video streaming industry forward.
BFSI, healthcare, entertainment, government, travel, and education sectors are among the major end-users of streamed video content. The entertainment sector is likely to witness rapid growth in the video streaming market between 2021 and 2027 due to the growing popularity and demand for video on-demand content. The number of video on-demand subscriptions is gradually outnumbering traditional cable TV subscriptions. Increasing access to highspeed internet connectivity and consumer demand for new, high-quality digital content will fuel the segment growth.
In terms of geography, Europe will likely hold a substantial video streaming market share by 2027. The region is witnessing a widespread shift away from cable TV subscriptions to OTT and video on-demand services. Reportedly, online streaming services for sports in the region have surpassed TV broadcasts. The vast majority of sports fans in Europe are expected to cut the cord in the coming years.
Due to COVID-19 restrictions, the number of video streaming subscriptions for entertainment platforms has also surged significantly. In fact, at the start of the pandemic in March 2020, viewership expanded so rapidly that Netflix had to temporarily downgrade the streaming quality for European viewers to cope with EU bandwidth limits. Even after the pandemic, the OTT and video on-demand will continue to gather pace, bolstering the regional outlook.
Netflix, Adobe, Amazon, Cisco, Google, Apple, IBM, Hulu, Microsoft, RealNetworks, Vbrick, Wowza Media Systems, Polycom, Ooyala, Brightcove, Haivision, and Pandora Media are among the top contenders in the video streaming market.
Market players are constantly looking to add new forms of digital streaming content on their platforms to capitalize on the increasing popularity. For example, Netflix, which offers a wide range of TV shows and movies, announced plans to include video games in its streaming portfolio in 2022. The OTT giant said it will offer games as a separate category of content.
Rise of video streaming market amid COVID-19 restrictions
The coronavirus pandemic has given the video streaming industry a massive boost worldwide. With remote working and digital learning becoming the new normal, the use of digitally streamed content has increased significantly since the outbreak of COVID-19.
Live video streaming has proved to be a critical tool for businesses in enhancing their brand value and customer engagement. Many companies have been switching to live streaming to promote their products and services, interact with customers, and offer customer support. Most educational institutes have started conducting online classes, further augmenting the amount of live streamed content.
The pandemic had led to the closure of cinema halls, forcing people to stay at home. With more consumers exploring streaming services for entertainment, OTT and video-on demand platforms have witnessed a monumental surge. Netflix, for example, added more than 26 million new subscribers worldwide during the first half of 2020.
The prevailing nature of the COVID-19 pandemic will continue to fuel the growth of the video streaming market during the forecast period 2021-2027.
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