Video Streaming Market is Poised to Grow at a CAGR of 8.13%, Attributed to the Rise in OTT Platforms

Skyquest Technology

Video Streaming Market size was valued at USD 97.09 Billion in 2022 and is poised to grow from USD 102.30 Billion in 2023 to USD 174.97 Billion by 2031, at a CAGR of 8.13% during the forecast period (2024-2031).

The over-the-top, or OTT, platform market, which is predicted to grow and give consumers access to premium video content without requiring cable or satellite subscription services, is anticipated to be beneficial to this sector. The same appears to be predicted for OTT platforms since future market growth is expected to come from viewers most inclined to subscribe, those who can shift to consuming more material than they had previously anticipated. Over-the-top (OTT) video streaming services have witnessed steady growth in the market in recent years, altering data usage and media consumption habits.

From Broadcast to Bandwidth: The Evolution of Live Streaming in Video Entertainment

It has been determined that live streaming plays a major role in boosting the market for video streaming’s expansion. This feature facilitates direct engagement with target consumers. It improves comprehension of requested questions and enables prompt responses to queries and business-related communications. Live video streaming has greatly expanded due to its ability to produce more revenue, solidifying its position as a revenue source in the market.

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Rise of the Tech Titans: How Tech Advancements Boost Video Streaming

Many cutting-edge advancements, including artificial intelligence and blockchain technology, have expanded the video streaming market. The technological improvements listed above suggest that consumers’ preferences and video quality are improving, which is causing people to become more interested in streaming videos. Thus, the growing use of cutting-edge technology is one of the primary drivers of the video streaming market’s rise.

The existence of prominent companies and the various growth tactics they have adopted are among the primary factors propelling the growth of the video streaming market during the forecast period. In the video streaming business, some of the most well-known names are YouTube, HBO, Netflix, Hulu, Livestream, and Amazon Prime. Businesses aim to develop new goods, innovate, expand, merge, acquire, find untapped markets, or innovate their core competencies to raise their respective market shares.

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Global Giants: Competing for Audiences in the Streaming Industry

• In February 2024, A new subscription package targeted only at the Indian market was to be launched by Prime Video in collaboration with Sony Pictures Television Studio (SPT), a subsidiary of SPE, according to an announcement made. Users of this service called Sony Pictures – Stream, can view as many films and TV shows from SPE’s repertoire as they like through Prime Video Channels for a one-year subscription price of just Rs. 399.
• In January 2024, Amazon announces a new feature called Matter Casting, which is like Apple’s AirPlay and Google Cast. P2P makes wireless streaming possible for many platforms, such as Matter Casting. It allows users of Android and iPhone devices to stream almost any type of material, including movies, to any TV set from Amazon. Its primary function is to replace what Apple and Google have been doing on their own by offering video content pass-through for iOS and Android devices connected to Fire TV hardware sticks and Echo Show 15 smart display units.

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Insights on the Future of Video Streaming

Numerous factors have influenced the global video streaming industry’s trajectory, offering significant opportunities for expansion on a global basis. The live streaming category dominated the global video streaming market by streaming type due to rise in demand for digital media devices and faster internet, which allow customers to see media content from a distance. The current considerable evolution of the video streaming sector is being driven by two important technological enablers: artificial intelligence and blockchain technology.

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