Furthermore, the growing smartphone penetration in the developing economies around the globe such as India, China, and Vietnam among others due to the availability of considerably cheaper products along with the availability of cheap and high-speed internet is also anticipated to propel the growth opportunities for the market to surge throughout the forecast period and beyond.
The rising penetration of internet is one of the key factors bolstering the market growth
The Internet plays the most crucial role in driving the video streaming services market growth during the forecast period and beyond. As the number of internet users is growing there is a significant growth in the adoption of these services which is anticipated to positively impact the market growth throughout the forecast period. The rapidly growing adoption of technology is also leading to a surge in the requirement of internet services as more and more connected devices are being used the demand for the internet is also increasing. For instance, according to the World Bank Group, the percentage of the population using the internet across the globe reached 49.7% by 2017 from just 20.4% in 2007. The growing number of internet users globally is further leading to budding investments by the service providers for the development of faster and advanced services in order to meet the requirement of the users by providing better services and gain an advantage over other providers. For instance, budding investments for the deployment of 5G technology by major telecom companies. All these factors provide an impetus for the market to boost in the near future.
Also, the growing penetration of smartphones in the developing economies is also one of the key factors bolstering the growing internet penetration across these economies such as India and China among others. In addition, the availability of fast and cheaper internet service providers across these countries is also supplementing the adoption of video streaming services significantly and adding up to the market growth throughout the forecast period. Furthermore, the increasing household consumption expenditure also plays an important role in increasing the demand for these services and various products such as Smart TVs, smartphones and others. As per the World Bank Group, the household’s and NPISHs Final consumption expenditure in India has grown remarkably from US$679.496 billion in 2008 to US$1.615 trillion in 2018.
Smartphones and tablets to rule the market
On the basis of platform, the video streaming services market has been classified on the basis of smartphones and tablets, Pcs/Laptops, Smart TVs and others. The smartphones and tablets segment is anticipated to hold a noteworthy share in the market owing to the high penetration of smartphones across both the developed and developing economies of the world. Furthermore, the mobility of these devices is also one of the key factors supporting the significant share of this segment in the coming years. Smart TVs are projected to show noteworthy growth throughout the forecast period on account of the continuous investments by the manufactures in the improvement of technology and the development of products with an aim to cater to the growing consumer requirements. Also, these TVs are already embedded with numerous streaming platforms which is also positively impacting the growth of this segment during the coming years.
North America to hold a decent share
Geographically, the video streaming services market has been segmented into North America, South America, Europe, Middle East and Africa and Asia Pacific. The North American region is anticipated to hold a noteworthy share in the market on account of the high adoption of these services due to the higher purchasing power of the people. Furthermore, the presence of key market players in the region also supports the market growth in this region throughout the forecast period and beyond. The Asia Pacific region is projected to show robust growth on account of economic growth and growing penetration of the internet along with smartphones and smart TVs in the developing economies of the region.
Prominent key market players in the global video streaming services market include Google LLC, Amazon, HOOQ, Netflix Inc., Hulu, and Tencent among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings.
Major players in the global video streaming services market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.