Streaming Media Service Market Segment Analysis – By Services
Based on services segmentation, Video Streaming is analyzed to grow with the highest CAGR of around 23.9% in the global Streaming Media Service Market during the forecast period 2021-2026. The factors such as rise in internet users, penetration of smart devices and outbreak of Covid19 have been contributing to the market growth in long run. Presently, Video Streaming has gained popularity with the deployment of popular video streaming services, like YouTube, Netflix, Disney, Daily Motion, and Hulu. Video streaming services account for the highest share of the total internet traffic. Furthermore, the development of video analytics solution to manage organizations virtually will create opportunities for the growth of the market. In July 2019, Kaltura announced a new advanced video analytics solution for its video platform to manage organizations virtually. Such developments can further influence the market growth of Streaming Media Service in the long run.
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Streaming Media Service Market Segment Analysis – By End User
Based on end-user segmentation, Domestic Users is analyzed to account for the highest share of 75.3% in the global Streaming Media Service Market in 2020, owing to the growing popularity of e-learning platforms. With movie theatres and live concerts largely shut down due to Covid-19 pandemic, consumers started exploring online streaming services for entertainment purpose during lockdown. The subscribers of popular streaming services like Netflix, Amazon Prime and many more increased during pandemic. According to UK media, time spent on subscription streaming services increased by double in April 2020. People increased watching streaming services such as Netflix, Amazon Prime, Disney and many more. According to India Brand Equity Foundation data, India witnessed a 30% surge in the number of paid subscribers i.e. from 22.2 million subscribers to 29.0 million between March and July 2020, out of which users on Amazon Prime Video in India increased by 83% since the country went under strict lockdown on account of Covid19 pandemic.
Streaming Media Service Market Segment Analysis – By Geography
North America held the highest Streaming Media Service Market share of around 38.7% in the global Streaming Media Service market in 2020 and is further set to grow at a significant rate during the forecast period 2021-2026, followed by APAC and Europe. The factors such as high speed internet connection and increasing penetration of digitalization in the educational industry have been contributing to the market growth across the North America region in long run. Moreover, growing demand of video streaming services in USA and Canada influences the market growth in this region. As per IndustryARC recent study, 232 million users watched streaming videos in all devices in the USA alone and it has been estimated that 25% USA households will cutoff cable subscriptions by 2022, thus creating create opportunities for the growth of the Streaming Media Service market. Moreover, investment in content improvement will accelerate the demand for Online Streaming Services. For instance, in January 2020, Netflix Inc, a US based streaming service provider, decided to invest $17.3 billion on original content in 2020, thus creating create opportunities for the growth of the Streaming Media Service market. As per IndustryARC recent study, it has been estimated that Netflix content investment will rise to $26.4 billion by 2028 to keep pace with rivals streaming companies. Such investments can further influence the market growth of Streaming Media Service in the long run.
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Streaming Media Service Market Drivers
Rise in demand for streaming media device supports the market growth
Increase in demand for streaming media device is set to be one of the major factors analyzed to drive the market forward during the forecast period 2021-2026. Streaming media devices assist in browsing as well as watching content on video-streaming portals like Hulu, Netflix, YouTube and Prime Video. The devices allow the real-time presentation of audio, video and multimedia content through a communication channel. Moreover, they provide users with options such as complete control to pause, rewind and move forward in the video stream without downloading the complete file. Presently, consumers are shifting their preference from cable television (TV) to streaming services for entertainment purposes, thus increases the demand for streaming media devices among consumers.
Rise in Online Learning
Education field has undergone a huge change due to technological advancement. Online Learning has witnessed a significant growth over the last decade as education and internet go hand in hand to provide education portfolio to acquire new skills. Since the Covid-19 outbreak, millions of schools, colleges and universities shut down due to imposition of lockdown. According to UNESCO, globally over 1.3 million students are affected by pandemic. As a result online learning has been taken an alternative step to continue teaching remotely and on digital platforms. In addition to this, there has been significant surge in the use of language apps, video conferencing tool and online learning software. For instance BYJUS, an Indian-Based education technology and online learning platform witnessed a 200% surge in number of new students doing free live classes in its Think and Learn app. Thus rise in online learning contributes positively for the market growth during the forecast period.
Streaming Media Service Market Challenges
High Cost
Though streaming media services became popular, their subscription rate is quite expensive which impedes the market growth. For instance In October 2020, Netflix Inc announced a price hike for USA subscribers i.e. $14 for a standard plan and $18 per month for the premium tier. As prices are too high, it raises the chances of piracy which act as another factor hampers the market growth. Owing to the above mentioned factors, the adoption of streaming media services will be significantly impacted, thus hampering its market growth.
Streaming Media Service Market Landscape
Partnership, Product launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Streaming Media Service Market. The Streaming Media Service Market top 10 companies include Microsoft Corporation, Google Inc (YouTube), Netflix Inc, Amazon Web Services, Apple Inc, Pandora Media Inc, Bitmovin, Brightcove, Real Networks Inc, Akamai Technologies and Roku Inc.
Acquisitions/Technology Launches
On November 2020, Spotify Technologies Inc announced a strategic acquisition of Megaphone, a provider for podcast advertising for $235 Million.
On April 2020, Brightcove announced the launching of a new mobile app to smooth employee communication via video.
Key Takeaways
The top 10 companies in Streaming Media Service Market include Microsoft Corporation, Google Inc (YouTube), Netflix Inc, Amazon Web Services, Apple Inc, Pandora Media Inc, Bitmovin, Brightcove, Real Networks Inc, Akamai Technologies and Roku Inc.
Domestic users segment is the fastest growing in Streaming Media Service market, owing to popularity of e-learning platform.
North America dominated the Streaming Media Service Market in terms of value in 2020 owing to growing investment in content improvement.
Related Reports:
A. Video Streaming Software Market
https://www.industryarc.com/Research/Video-Streaming-Software-Market-Research-500572
B. Streaming Analytics Market
https://www.industryarc.com/Report/15451/streaming-analytics-market.html
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