From 2019 to 2029, the global video streaming market is set to increase by a magnitude of 5X. This will not only add to the market worth, pushing it to a higher valuation, but also help players with new growth opportunities. Here, it is pertinent to note that a good number of trends and drivers are responsible for pushing the market on to a high growth trajectory.
Some of the most significant factors include aggressive content platforms such as Netflix, Hulu, Hotstar and Amazon Prime who are giving at their all towards creating original and entertaining options for consumers. This pushed video streaming players to step-up their game, adding to growth projected for the market over the stated forecast period.
Additionally, advancement in technology is paving way for significant growth in the market. Use of 3-dimensional video viewing, incorporation of virtual reality and augmented reality are also contributing positively to the growth of global video streaming market. Smart phones, tablets and TVs, and growing penetration of internet also play a significant role in the development of the market trajectory.
It is quite significant to note here that in 2017, 3.9 million people were noted to be using internet across the globe. And, China in particular accounted for a sizeable portion of this section. The online population of this country was recorded to be at 829 million. India follows this figure with a number of 560 million internet users. The third country in the list is that of the United States of America at about 293 million. The figures have been on an upward growth curve since. This also shows the potential that exists for video streaming market.
COVID-19 Pushing Global Video Streaming Market Forward
The world is in the middle of a deadly viral infection and it has taken the form of a pandemic, ravaging the earth. COVID-19, which is a human and humanitarian crisis, has infected some 3 million people and killed about 200,000. This, in turn, has forced governments to keep citizens under strict lockdown, with an aim to flatten the curve. While this would ensure the healthcare systems to not crumble under the weight of these dizzying figures, it is also leading people to look for alternate ways of keeping themselves occupied and entertained.
This is pushing the market higher in a way like never seen before and players are responding accordingly. Most are coming up with content for a wide range of audience. A number of players have now partnered with influencers and celebrities on social media to tap into the right kind of consumer groups. A number of them have come up with unique content, specific to the region to achieve the end of broadening the consumer base and grabbing a larger share of the overall market growth.
North America to Dominate Global Video Streaming Market Share over the Next Few Years
Over the forecast period stated above, the global video streaming market would witness North American region emerge at the top of the charts owing to a number of factors. One of the most significant one includes presence and dominance of players such as Netflix and Hulu, which are international in stature. Besides, technology that marks the region is quite advanced. Another factor that is worth mentioning here is that the average consumption in this region of video content comes to more than 38 hours.