Streaming Devices Market size is set to surpass USD 20 billion by 2027, according to a new research report by Global Market Insights Inc.
Rising demand for wireless audio devices across the globe will fuel the market growth. Advanced streaming devices offer wire-free connections with zero flickers, lags, or blurs while viewing content. These devices are integrated with Chromecast to enable the user to stream shows, movies, music, sports, and more from a smartphone or tablet straight to a TV. Wireless streaming devices offer improved accessibility, flexibility, and mobility that provide enhanced comfort while watching the content. There will be an increasing demand for wireless devices as they eliminate the hassle of wired connections that are prone to wear & tear during the forecast period.
The coronavirus (COVID-19) pandemic positively impacted the market expansion in 2020, which is attributed to the increased usage of smart TVs and video-on-demand services during lockdowns. Consumers spent more time at home due to stringent lockdown measures imposed by government authorities, driving the demand for advanced media & entertainment solutions. Streaming media device & service providers, such as Apple TV, Amazon, Netflix, Roku, and Hulu, witnessed robust revenue growth in several countries. Increasing adoption of technologies, such as video-on-demand and e-learning, will spur the demand for high-quality streaming gadgets that connect home theatres or TVs to the Internet.
Browse key industry insights spread across 250 pages with 297 market data tables and 31 figures & charts from the report, “Streaming Devices Market Size By Resolution (720p & 1080p, 4K, 8K), Distribution Channel (Online, Offline), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trend Analysis, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising acceptance of streaming devices with 1080p resolution that ensures enhanced visual experience will support the market revenue
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1080p resolution, known as Full HD, is a common display resolution of 1920 x 1080 pixels. Streaming devices with 1080p resolution are popular among consumers as they offer high-resolution at reasonable costs. Most of the streaming content runs effectively over this resolution and the majority of streaming devices available currently are compatible with 1080p resolution.
Several consumers preferring to buy gadgets through physical retail stores to ensure product reliability, stimulates the market value
The offline distribution channel segment will showcase moderate growth owing to the increasing popularity of online retailing over the past two to three years. Several consumers still prefer to buy gadgets from offline stores to ensure product quality and authenticity. Growing concerns over counterfeits and damaged products sold through online channels encourage several consumers to buy electronic gadgets from authorized physical stores. Personalized assistance and guidance offered by sales professionals in physical stores enable consumers to choose the best-suited product from a wide range of available streaming devices. Consumers can easily avail the benefits of technical repair services offered at physical retail stores. Buying a product from a physical store also guarantees that the device is undamaged and in optimum operating condition.
Growing popularity of online audio & video streaming in North America region will foster the industry growth
Increasing smartphone penetration will support the demand for streaming devices in the region. The improving telecom infrastructure with increasing internet penetration even in rural areas, will support the streaming devices market progression. Digital streaming platforms are gaining popularity for educational, informative, and entertainment purposes. Manufacturers are launching high-quality products in response to the growing consumer demands.
Launching innovative products to strengthen the product portfolio forms a key strategy amongst the market leaders
Key companies operating in the market are Amazon.com, Inc., Google LLC, Humax, Apple Inc., Nvidia Corporation, Xiaomi Inc., Intel Corporation, Logitech International S.A., Nokia Corporation, and Roku, Inc. Market participants are develop differentiated products in response to the increasing demand for live streaming content. Increasing competition amongst players will encourage them to launch innovative solutions, in turn augmenting the industry expansion.