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Streaming Devices Market to be Driven by Rising Penetration of Cloud Services in the Media and Entertainment Sector

Author : Ronak Bora | Published Date : 2019-03-26 

Streaming Devices Market is set to display phenomenal progress in the ensuing years, on the grounds that an increasing number of consumers are moving away from traditional TV and inclining toward over-the-top (OTT) pay-per-use services such as Netflix, Amazon Prime and Hulu, that have vast, easily-accessible video libraries eliminating the requirement of video download and data storage. The media and entertainment industry, in recent times, has witnessed this major shift in preference, given the convenience that these devices provide and the changing inclination of the current internet-savvy generation of consumers.

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A prime factor contributing to the high adoption of the streaming devices market is the rising penetration of cloud services in the media and entertainment sector. Pay-per-use Over-the-Top (OTT) services such as Netflix and Hulu contain immense video libraries stored at remote servers that allow their subscribers to have access to high quality video feed at any time. Additionally, these eliminate the need to download and store massive amounts of data.

The demand for streaming devices market and the movement to the digital platform for entertainment purposes is further streamlined by the provision of cloud solutions as these reduce costs for viewing content, space utilized for storing downloaded content, and issues pertaining to copyright thefts. Additionally, video and audio content are compatible with a variety of devices and can be accessed over multiple platforms at any time and is encoded to handle security and safety concerns.

The growing prominence of 4K systems offering higher picture quality and is a major factor contributing to the high growth of the 4K UHD segment in the streaming devices market. The consumer electronics market is subject to constant technological advancements with higher resolution systems such as 4K UHD systems anticipated to replace traditional lower resolution systems by 2024.

The streaming devices market by pricing indicates that the USD 30–100 pricing range is dominating in terms of revenue and shipment in 2016. Consumer tendency to purchase low-cost electronic devices, primarily in the Asia Pacific and the Latin America region, is anticipated to drive the streaming devices market demand. There is a large availability of low-cost devices, such as the Google Chromecast and the Amazon Fire TV stick, that provide streaming services and are fully compatible with HD, UHD, and low-resolution systems without excessive spending on the products.

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The availability of fast broadband services and accessibility in remote locations are aiding the growth of the Europe and North America streaming devices market. The UK has 62.1 million users and a 94.2% population that has access to the continuous internet. Additionally, the increase in binge-watching and cord-cutting has aided in the industry growth. OTT providers, such as Netflix, allow consumers the added benefit of using their services at any time, substantially aiding users with hectic working schedules.

Players operating in the streaming devices market include Logitech International S.A., Google LLC, NOW TV, Azulle, Amazon, Inc., MyGica, Apple Inc., NVidia Corporation, and Roku, Inc. Companies are required to continuously launch new technologies and upgrade their software to sustain growth in the marketplace.

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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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