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Streaming device market to register a remarkable CAGR of more than 20% over 2017-2024, Asia Pacific to emerge as a lucrative growth terrain for global industry progression

Publisher : Fractovia | Published Date : 2017-12-28Request Sample

In the recent times, streaming device market share has witnessed an exceptional pace of progression courtesy-- the growing worldwide trend of relying on the internet for entertainment purposes. Mobile devices, smartphones, in particular, have rapidly emerged as the most preferred medium to access online audio and video content which has enormously disrupted the global entertainment and media industry. This, as a consequence, has created massive growth prospects for the global streaming device industry. With binge watching becoming one of the most favorite pastimes across the globe, streaming devices industry giants including Amazon, Netflix, Roku etc., have been evolving innovative strategies to tap into this burgeoning business sphere. Apparently, it would be prudent to mention that the global streaming device market, according to estimates, held a total remuneration portfolio in excess of USD 5 billion in the year 2016.

Japan streaming devices market size, by resolution type, 2016 & 2024 (Thousand Units)
Japan streaming devices market size, by resolution type, 2016 & 2024 (Thousand Units)

While elaborating further upon the streaming device industry progression trends, it is quite imperative to take note of the phenomenal growth of mobile devices sector which has been complemented with the improved speed of internet connectivity on a global scale. As per some reliable sources, the global mobile data traffic is estimated to reach 110 Exabytes per month by 2023. These statistics correspond to around 5.5 million years of high-definition video streaming, which goes on to imply the gigantic growth potential of the streaming devices industry space over the forthcoming years.

APAC – an emerging ground for streaming device market share progression

The developing economies including China, India, Indonesia, Japan, South Korea, etc., have been witnessing massive internet penetration in the recent times. The economic boom in the Asia Pacific region has been assisting the middle-class populace to shore up their disposable income, which has enabled them to purchase high-end products and invest in leisure activities. This has, eventually, entailed an astonishing rise in the number of internet users across this region, who are now demanding super-fast internet connectivity. Add to it, this has necessitated the telecom sector to enhance the internet speeds at a drastic pace, particularly in the East and South Asia, which has further propelled the APAC streaming device industry size. As per estimates, China attained an internet user base of more than 720 million with India bagging the 2nd rank. In addition to such remarkable internet penetration, the enhanced internet speed has proved to yet another crucial factor which has embellished the APAC streaming devices industry share. To cite an instance of the growing speeds of the internet across the APAC, South Korea in 2016 claimed the first spot in terms of global average internet speed, with an average internet speed of 27 Mbps. Apparently, owing to the aforementioned declarations, the Asia Pacific streaming device market is forecast to record an impressive CAGR of 25 percent over the estimated period of 2017-2024.

In the backdrop of such outstanding growth prospects of the streaming device industry, the major technology giants and prominent video firms have been increasingly combining their respective expertise to fortify and sustain their presence in this combative marketplace. Speaking of the competitive landscape, the prominent streaming devices market players hold close to 75 percent of the total business share which goes on to demonstrate the dire need for the industry players to work conjointly to tackle the growing fierceness in this business sphere.  Google Cloud, for instance, has recently acquired Anvato, a well-known platform for editing, encoding, distributing, and publishing of videos. Post the acquisition, Google Cloud Platform now offers live and video-on-demand editing, end-to-end video processing, hybrid encoding, a management platform for signal acquisition, social and premium syndication, authenticated playback, and dynamic ad insertion. Apparently, all these advanced video processing solutions of Google, along with Anvato's scalable media processing capability, has strengthened the tech giant's presence in streaming device industry. More such strategic collaborations are anticipated in the near future, which would further intensify the competitive landscape of streaming device market, which in terms of remuneration, is forecast to surpass USD 25 billion by 2024.

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