Video Streaming Market Anticipated Growing At the Fastest Rate in Asia-Pacific during the Forecast 2024

Video streaming is a form of media streaming that enables continuous delivery of data with the help of Internet to the user using mobile devices. This service enables users to view online videos without the need to download it on a mobile device or computer. The video streaming market size is growing significantly due to the ability of customization of content available to users, increasing scalability in business operations along with convenience with its use. This service allows the customers to pay for the content they watch in an effective manner and relinquish payment for the programs they do not require. There are three types of video streaming solutions Internet protocol television (IPTV), pay TV and over the top (OTT). Among these segments, OTT is witnessing extensive application and adoption in smart devices such as phones, laptops and tablets. OTT used for viewing TV content with the help of Internet without requiring the viewers to subscribe such as Time Warner Cable and Comcast.

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Insight by Deployment Type

On the basis of deployment type, the video streaming market is segmented into cloud and on-premises. Cloud-based video streaming market is anticipated to witness faster growth during the forecast period since cloud media streaming helps the users to solve the problem of encoding video content and resolves compatibility issues. Moreover, cloud media streaming ensures easy accessibility of online content anytime and anywhere.

Growth Drivers

The increasing adoption of Video-As-A-Service (VaaS) in companies due to low total ownership cost, extensive requirement for transcoding in order to deliver videos to large number of users are the major factors driving the growth of global video streaming market. Furthermore, increasing demand for online video along with extensive demand for on-demand streaming and excessive utilization of videos in corporate training are other factors pertaining towards the growth of video streaming market across the globe. VaaS is a visual communication system that comprises of a high capacity low latency connection and this system includes set up, installation and wide range of support services.

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Geographic Overview

Geographically, North America is the largest video streaming market as the region is observing rampant adoption for streaming services by households in the U.S. that has significantly contributed towards revenue growth of service providers such as Netflix. The adoption of mobile devices by citizens of the U.S. is thus enhancing the continuous display of information, entertainment and media. For instance, it has been estimated that approximately 80% of the adults in this region view news on mobile devices that provides latest news feed on a continuous basis.

Furthermore, Asia-Pacific is anticipated to grow at the fastest rate in the video streaming market during the forecast period. The increasing popularity of internet among a large population in the country such as China is enabling the country to extensively invest towards internet facilities. Moreover, the country has amended several norms in order to control piracy of several web series and make the service more cost efficient for the users.

Competitive Insight

Key players in the video streaming market are investing in improving the quality of videos and developing latest technologies which are strengthening their position in the market. However, it has been observed that local players are depending upon new technology to develop cost efficiencies in their business operations, thus increasing the rivalry in the market to some extent. Microsoft Corporation, Akamai Technologies, Amazon Web Services, Ustream, Cisco Systems, Adobe Systems Incorporated, Netflix, Inc., Inc., Apple, Inc., Google Inc., and Hulu are the key players operating in video streaming market across the globe. 

Author: VynZ Research

VynZ Research is a global market research firm offering research, analytics, and consulting services on business strategies. We have a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies.

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