Streaming Media Services Market- Market Overview
The streaming media services market is likely to be valued at US$ 7.9 Bn in 2022, while it is anticipated to record a CAGR of 18.5% through 2032. By 2032, the market is likely to reach a valuation of US$ 43.13 Bn.
The streaming media services market is poised to observe robust growth over the forecasted period. The assessed market growth can be credited to the deployment of artificial intelligence (AI) and blockchain technology to enhance video quality. Several providers of streaming media services are employing AI, which has a vital role in editing, voice-overs, scriptwriting, and cinematography, among other facets of video production and upload, to enhance the content quality of videos.
Furthermore, streaming media services are now increasingly focusing on providing an elevated personalized experience to their subscribers, which it achieves through the implementation of AI. The popularity of broadcast media like Netflix and YouTube over recent years is fuelling the streaming media services market size.
Streaming Media Services Market Value (2022)
US$ 7.9 Bn
Streaming Media Services Market Anticipated Value (2032)
US$ 43.13 Bn
Streaming Media Services Market Growth Rate (2022-2032)
Streaming media services refers to the multimedia services provided by the internet service provider to the end-user. Streaming media services facilitate on-demand or real-time presentation and distribution of audio, video, and multimedia content across a communications route such as Internet or a dedicated IP network managed by a service provider.
Streaming media services allows end-user to receive audio, video, and multimedia content without downloading the files to their systems. This saves user’s time and storage, and at the same time provides the media owners with built-in copy protection. Currently, streaming media is aiding e-learning initiatives and producing advertising campaigns, replacing static forms of media contents such as CDs and DVDs.
In the past few years, the streaming media services has evolved as a vital segment of the internet experience for both enterprise users and consumers. Businesses are proactively availing these services over the company's dedicated IP network, in turn avoiding the traffic congestion associated with the public Internet.
Technological Advancements and Innovations to Aid Market Growth
The market for streaming media services is being aided by the increasing penetration of mobile phones and the internet across the globe. Additionally, the surging trend of cloud-based solutions, majorly witnessed in Europe and North America, is propelling the growth of the streaming media services market.
Technological advancements and innovations are in progress to cater to the increasing users’ expectations for superior video quality, security, and performance, thus bolstering the market growth. For instance, in April 2019, Akamai Technologies showcased its innovations in providing high-quality digital experiences at the 2019 NAB Show (U.S.). The firm exhibited its advanced live and on-demand media services like direct connect, cloud wrapper, and cloud interconnects at the show.
Demand for Streaming Media Services is Rising in the Education Sector
In the education sector, academics-related videos are being utilized in courses and webinars to uplevel the teaching and learning processes. Visual recordings help students retain information; thus, universities, colleges, and schools are focusing on developing multimedia content and providing it in the form of audio-visual presentations. Various factors, such as accessibility to educational video content, rising availability of the internet, and rising demand for smart phones are boosting the adoption of streaming media services for educational purposes.
North America Leads the Streaming Media Services Market
Presently, the North America streaming media services market holds the largest market share. This could be credited to the robust growth of cloud-based streaming media services in the region. Europe is predicted to observe stable growth as a result of the rising population who prefer watching online content. Meanwhile, the Asia-Pacific market is anticipated to exhibit considerable growth, growing at the fastest CAGR over the forecast period. Various factors, such as the growing use of smartphones and tablets, growing popularity of online streaming, and rapid technological advancements, are projected to stimulate regional market growth over the forecast period.
Streaming Media Services Market: Drivers and Restraint
First introduced in 1995, streaming media was designed with a goal to get rid of the long wait times involved in downloading digital media content. (as the streamed media, audio and video, are played as soon as the data connection is commenced). The prevalent availability of high speed internet access has accelerated the adoption of streaming media services, further reducing the lag time in content delivery and thus improving the user's overall experience.
Several drivers propelling its adoption in the market place include increasing demand among consumers, especially youth consumers for digital media content, and webcasting - in which organizations transmit the media content (audio, video and multimedia presentations) over their dedicated IP-based network.
Additionally, enterprise marketing initiatives (Web advertising) using social networking platforms to introduce new products and surging demand of on-demand entertainment services such as entertainment programs and live matches, on TVs, portable devices and gaming systems are also further boosting the adoption of streaming media services globally.
Additionally, the recent developments in the consumer electronics sector, especially in the products that efficiently support streaming media services such as the streaming media player, is bringing concomitant growth in the media streaming services market.
Several business organizations are utilizing streaming media services for delivering presentations, seminars, and training activities. Similarly, educational institutions are promoting e-learning initiatives by providing online coursework to expand their educational presence.
Streaming Media Services Market: Segmentation
Streaming media services market can be segmented on the basis of type of services, applications, end-users and regions.
On the basis of type of services, the streaming media services market is further segmented into audio streaming, video streaming and others (includes live closed captioning, ticker tape and real time text). Among these the video streaming sub segment is anticipated to register the highest growth. The growth is mainly attributed to the increasing popularity of on-demand entertainment services such as movies, shows, videos and live matches, on TVs and other portable device platforms.
On the basis of applications, the market is classified as real time entertainment, web browsing & advertising, gaming, social networking and e-learning/distance learning. Presently, real time entertainment application segment dominates the streaming media services market globally. However the other application segments such as e-learning and web advertising are also emerging as potential revenue sectors due to their growing popularity among educational institutions and business organizations respectively. With the reduction in cost and integration of additional innovative features, e-learning softwares are reaching beyond universities to include general business training.
On the basis of end-users, the market is classified as personal/domestic users, educational institutions and business organizations. The adoption of video streaming service across domestic users is driven by the prevalent availability of high speed internet access and growing popularity of the online TV shows among the youth population in the developed regions.
The business organizations and educational institutions are also witnessing a swift adoption of streaming media services and are anticipated to continue adopting these services during the forecast period.
Streaming Media Services Market: Region wise outlook
Presently, developed countries such as U.S. and Japan lead the global market of streaming media services mainly due to availability of high speed internet connection. . There is a linear relationship between the internet speeds, and IP based video services across these countries.
Emerging economies such as Brazil, China, India and South Africa (BRICS) are witnessing high adoption ofstreaming media Services. The growth of this market in these countries is primarily attributed to the factors such as introduction of high speed data plans, increasing online (audio video streaming) traffic and traction in the e-learning programs initiatives.
Streaming Media Services Market: Key Players
Some of the prominent players in the streaming media services market include Apple Inc., Adobe Systems Inc., Microsoft Corporation, RealNetworks Inc., Google Inc. (You Tube), Netflix Inc., Amazon.com, Inc., Pandora Media, Inc,. Spotify AB and Midwest Tape.
The report covers exhaustive analysis on
- Global Streaming Media Services Market Segments
- Global Streaming Media Services Market Dynamics
- Historical Actual Market Size, 2012 - 2015
- Global Streaming Media Services Market Size & Forecast 2016 to 2026
- Supply & Demand Value Chain
- Global Streaming Media Services Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
- Global Streaming Media Services Market Drivers and Restraints
Regional analysis for Global Streaming Media Services Market includes
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Streaming Media Services Market
Streaming Media Services Market is sub-segmented into 7 key regions:
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific Excluding Japan (APEJ)
- The Middle East and Africa (MEA)