The global video streaming market size is anticipated to reach US$277 billion by 2030, the market was valued at US$50 billion in 2021. The market is expected to grow at a compound annual growth rate (CAGR) of 21.0% during the forecast period from 2021-2030.
Factors Influencing
The rapidly growing era of online videos and their use in the corporate sector for training purposes is expected to fuel the market growth during the analysis period. Moreover, the rising demand for video streaming in other sectors, such as education, would boost the growth of the global video streaming market during the forecast timeframe.
Technological advancements to enhance the quality of the videos forecasts to propel the growth of the global video streaming market.
The growing volume of live-streamed content together with increasing adoption of cloud-based video streaming platforms is forecast to gain huge consumer interest during the forecast period.
However, the high cost associated with the development of content anticipates slowing down the growth of the global video streaming market.
Regional Insight
North America has contributed to the growth of the global video streaming market by holding the maximum share in revenue generation. The regional market is forecasted to register maximum growth during the forecast period, owing to the rapidly rising adoption of streaming services and growing usage of mobile phones. The market is witnessing a growing contribution of households that have enhanced the revenue growth of video streaming platforms, such as Netflix.
Apart from that, videos have started playing a major role in corporate training in North America. Videos are observed to enhance the interactivity and expedite the learning process. Thus, the market is expected to witness promising growth opportunities in the region.
In addition, Asia-Pacific is anticipated to register the highest growth rate during the analysis period. Prominent social media companies, such as Twitter and Facebook, have been adopting innovative ways to increase the audience.
COVID-19 Impact Analysis
The adoption of video streaming platforms tremendously grew during the COVID-19 pandemic. Several video streaming platforms, including Amazon Prime Video, Netflix, Disney+, and YouTube, have registered a sudden hike in the viewership. Netflix registered an immense increase of first-time viewers of around 50 percent. Such examples confirm that the global video streaming market grew during the pandemic period.
Apart from that, most of the population chose live streaming platforms to stay updated with the COVID-19 spread. During the outbreak, China and Italy witnessed an abrupt increase in the adoption of digital content from a variety of sources. These sources include mobile apps, TV streaming, and gaming. As a result, various live streaming platforms, such as Twitch, YouTube Live, and Facebook Live, have grown in popularity during the outbreak.
Competitors in the Market
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