Global Streaming Devices Market Size worth $25bn by 2024
Published Date: September 24, 2019 Authors: Preeti Wadhwani, Saloni Gankar
Streaming Devices Market size is set to reach USD 25 billion by 2024; according to a new research report by Global Market Insights, Inc. The industry shipments is expected to register around 19% gains during the forecast period.
The rise in internet penetration coupled with digitization initiatives in emerging economies will drive the streaming devices market. Governments in developed countries are focusing on enhancing broadband services, enabling people to have access to better quality and high-speed internet. In April 2018, the Department of Telecommunications (DoT), India announced to increase the speed for broadband internet services to 2 Mbps. Similarly, the EU has planned to improve broadband make it available for all European citizens by 2020. These devices require high-speed internet connection to view high definition video content on top platforms. For instance, Netflix requires users to have a minimum broadband speed of 2.5 Mb/s-4Mb/s to watch high definition content. The growing trend of broadband internet and the rise in video & audio streaming activities are driving the streaming devices market growth. Moreover, the shift in consumer behavior for streaming content on the digital platform compared to traditional satellite and cable TVs will positively impact the market growth.
The rising trend of cord-cutting in the cable industry and the increasing adoption of streaming services are the prime factors promoting the growth of the market. The concept of cord-cutting enables users to have cost-effective benefits by avoiding unnecessary channel subscriptions and also reduces the advertising content. In 2018, there were around 30 million users in the U.S. who canceled their cable pay TV subscription, showcasing a rise of 33% from 2017. The increasing penetration of streaming services including Netflix, Apple TV, and Hulu is forcing people to cut the cord. With the rising adoption of OTT services, players in the streaming devices market are introducing affordable options to attract more customers. For instance, Amazon Inc., is offering Fire TV stick streaming with HDR10 picture quality and an improved Alexa-enabled remote. Moreover, these devices also allow consumers to watch unlimited content as per their convenience, offering high benefits over conventional devices.
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USD 30 – 100 price range devices allow users to view high definition content at a low cost. Players in the market are offering these streaming devices compatible with various types of TV resolutions. For instance, Roku Inc. is offering Roku Premiere at around USD 40, allowing consumers to stream contents in 4K and HDR and lower resolutions. Moreover, the rising price sensitivity and demands for price consistency in the Asian countries including India and China are forcing consumers to purchase lower cost products, propelling the market growth.
Browse key industry insights spread across 190 pages with 287 market data tables & 39 figures & charts from the report “Streaming Devices Market Size By Price (USD 30 – 100, USD 101 – 250), By Resolution Type (4K UHD, 1080p, 720p), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2017 - 2024” in detail along with the table of contents:
4K UHD resolution devices will account for the majority of the market share in the next decade. These systems offer high picture quality, encouraging consumers to replace their lower resolution screens with 4K compliant screens. Technological advancements in consumer electronics are expected to further fuel the demand for 4K resolution screens in the coming years. Vendors in the market are integrating voice-activated personal assistants into their devices, such as Google Assistant and Amazon Alexa, for offering better UHD content to its customers. Moreover, reduction in the price of 4K TVs coupled with features such as lightweight, low power consumption, and better durability is driving the segment demand.
The North America streaming devices market will witness high growth during the forecast timespan owing to the rising penetration of high-speed internet connection. Consumers in the U.S. are highly adopting OTT video streaming and pay-per-demand services such as Amazon Prime, Netflix, and Hulu. In June 2019, Netflix estimated that its streaming service in the U.S. can reach to 90 million, driven by increasing adoption of smart TVs and connected devices. Rising government initiatives for the development of high-speed communication infrastructure coupled with the declining rates of cable and satellite pay TV are escalating the demand for streaming media devices in the region.
Major companies participating in the streaming devices market include Google LLC, Amazon.com, Inc., Apple Inc., Humax, Intel Corporation, Logitech International S.A, Nvidia Corporation, Roku, Inc., and Xiaomi Inc. These companies are focusing on strategic mergers & acquisitions and new product developments. For instance, in July 2016, Google LLC announced the acquisition of Anvato, a provider of tools and technologies for encoding, streaming, editing, and delivery of OTT video. The acquisition will help the company to enhance live streams, edit videos in the cloud, insert ads, and handle pay-per-view services.
The streaming devices market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2013 to 2024, for the following segments:
- USD 30 - 100
- USD 101 – 250
By Resolution Type
- 4K UHD
The above information has been provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- South Africa