Rising Internet Popularity to Take Video Streaming Market Forward
From amassing $245.3
billion in 2018, the global video streaming market is predicted to reach
$688.7 billion by 2024, advancing at a 19.1% CAGR during the forecast period
(2019–2024). The factors positively influencing the market growth are the
rising popularity of video streaming in developing nations, growing internet
connectivity, and the rising popularity of social media platforms. The
accessing of the on-demand or live viewing of the content as per a consumer’s
preference is termed as video streaming.
Based on type, the video streaming market is bifurcated into non-linear and linear. In 2018, the larger revenue share in the market was held by the linear type. This was attributed to the popularity of this type among users as they prefer the linear route for streaming services that provides them access to a variety of channels and live content.
The
categories of the video streaming market based on offering are service
and solution. Between the two, in 2018, the higher revenue share of 94.6% was
contributed by the solution category. Along with being extremely popular in the
entertainment sector, video streaming solutions have become an important
component for sales, marketing, business development, and corporate
communications. This has resulted in their wide applications for personal as
well as professional use. The solution category is further subcategorized into
IPTV, OTT, and pay TV; among which the fastest growing subcategory is the OTT.
Based on type, the video streaming market is bifurcated into non-linear and linear. In 2018, the larger revenue share in the market was held by the linear type. This was attributed to the popularity of this type among users as they prefer the linear route for streaming services that provides them access to a variety of channels and live content.
The
video streaming market is witnessing the trend of the shift toward the
OTT platform. It has been observed that in countries, such as the U.S., more
than 150 million people have opted for OTT Services, Whereas more than 180 million people,
use smart TVs. Further, people are opting for personalized content, which is
pushing companies to offer high-margin visual entertainment by offering users
bundled services. The rising popularity of OTT can be correlated to the rising
consumer preference for specific content and better connection reliability offered
by the service providers.
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