Pune, India, Dec. 15, 2021 (GLOBE NEWSWIRE) — The global video streaming market size is expected to grow from USD 419.03 billion in 2021 and reach USD 932.29 billion by 2028, exhibiting a CAGR of 12.1% during the forecast period. The growing fondness towards streaming services like Netflix, Hulu, Amazon Prime, and others can have a tremendous impact on the market growth in the forthcoming years, states Fortune Business Insights, in a report titled “video streaming industry market, 2021-2028.” The market size stood at USD 376.06 billion in 2020.
COVID-19 Impact:
The streaming business has benefited from work from home and lockdown during the epidemic. Consumers are adopting media streaming services to spend more time at home entertaining themselves. According to a PWC analysis, viewers’ time spent streaming has grown by 75% by 2020. According to the research, the number of subscriptions in the U.S. has grown to an astounding 125 million, and a similar trend is being observed internationally. This has fueled demand for new shows, movies, on-demand video games, live news, and other forms of entertainment.
Similarly, throughout the lockdown, the use of video contact with friends and family has skyrocketed. During the pandemic crisis, growing demand across applications such as entertainment, education, social and corporate communication, and information has sped up market growth. Furthermore, the post-pandemic market expansion will be driven by rising advances in 5G technologies and its acceptance and major companies’ ongoing innovation in higher quality content.
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Segmentation:
The video streaming industry market is divided into three categories based on its components: hardware, software, and services. Gaming consoles, media streamers, and encoders are among the hardware categories.
Live and on-demand streaming are the two types of streaming available.
The market is divided into three categories based on the streaming model: advertisement-based, subscription-based, and transactional-based models. The advertisement-based model has the highest streaming service market share.
The market is divided into two categories based on deployment: on-premises and cloud. On-premises deployment has the largest market share, while cloud deployment is expected to expand at the highest rate during the forecast period.
The market is divided into two categories based on end-use: residential and commercial. Residential has the largest market share, while commercial is expected to increase at the quickest rate.
North America, Europe, Asia Pacific, the Middle East and Africa, and …….