Video Streaming Market Revolutionary Trends, Future Potential and Revenue Estimation in Industry Statistics

Factors such as the surging internet penetration and the soaring popularity of social media platforms are expected to drive the video streaming market at a CAGR of 19.1% during the forecast period (2019–2024). According to P&S Intelligence, the market revenue is projected to grow from $245.3 billion in 2018 to $688.7 billion by 2024.

Moreover, the growing preference for over-the-top (OTT) platforms, such as Netflix Inc., Hulu, and Amazon Web Services will also augment the market growth in the forthcoming years. According to the International Telecommunication Union (ITU), 51% of the global population, or 4 billion people, were using the internet in 2019.

Video Streaming Market - In-depth Analysis of the Industry with Future Estimations

Due to the surging use of the internet, people are searching for more content online, owing to which, the creation and consumption of videos is growing rapidly. In recent years, the number of internet users has surged in developing countries, such as India and China, due to the expanding information technology (IT) and telecom sector and the rapid economic growth of these nations.

Geographically, North America accounted for the largest share in the video streaming market in 2018, due to the wide-scale practice of streaming videos on smartphones in the region. Moreover, the availability of high internet speed and strong broadband connectivity North America are major contributors to the market growth in the region.

Whereas, the Asia-Pacific (APAC) video streaming market is expected to witness the fastest growth during the forecast period. This can be attributed to the surging penetration of smart devices, such as laptops, smartphones, smart TVs, and tablet PCs, declining data costs, escalating internet surfing activities on handheld devices, and rising advancements in the telecom infrastructure in the region.

Thus, the growing penetration of the internet and the booming number of social media users will drive the market growth in the foreseeable future.

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