The global streaming media device market was valued at US$ 113,847.2 Mn in 2018 and is anticipated to increase at a CAGR of 17.2% from 2019 to 2027. Streaming media devices are especially designed to play, stream and control video-sharing websites such as Hulu, You Tube and Netflix. This media device enables the users to connect the video display device to the internet in order to easily access online steaming contents. Streaming media tools allow the on-demand or real-time presentation and dispersal of audio, video and multimedia content over a communication channel, usually a dedicated IP network or internet managed by a facility provider. With the introduction of streaming media, there is no need to load a file to play it, because the media is directed in a constant stream of programs, as a result, user can play the media as it arrives. Users have the capability to reverse, pause or forward the streamed file, as the user can ensure with a downloaded file. Streaming media has played an important part in stirring internet experience for both enterprises and folks.
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The streaming media device market is experiencing growth owing to factors such as easy connectivity with electronic devices, growing assimilation of digital content with streaming media devices and growing adoption of cloud services. The incorporation of the streaming media devices with digital video content, offers flexibility to watch or listen the video/audio files anytime. Adoption of cloud services to improve mobility and portability of the media devices is growing rapidly. The growing consumer preference toward access-based method, which allows subscribers to access video libraries or digital content stored in the cloud has boosted streaming device producers to spend in cloud computing services for higher profitability. Apart from this, increasing investment in webcasting to hold company expenditure is also a major factor impelling the streaming media device market to grow.
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Today’s streaming devices have replaced the traditional CDs/DVDs with streamed entertainment and education content for users. The streaming devices become a very convenient way of storing files and information for end-users. The growing adoption of smart TVs is subsequently driving the demand for streaming media device market. However, the major factors which confines the growth of the streaming media device market include low broadband penetration and higher broadband rates.
The major trend supportive to growth of streaming media devices is the rising production of in-house web series, which is anticipated to lift the demand for video content over the coming years. The streaming media devices support wireless streaming as well as wired streaming using a cabled LAN.
Smart TVs to Remain Frontrunners in Global Streaming Media Device Market
The global streaming media device can be segmented on the basis of type, application, end-use and region. By type, the streaming media device market is segmented into smart TVs, media streamers and gaming consoles. The application based segmentation includes social networking, web-browsing, gaming, real-time entertainment, and E-learning. On the basis of end-use, the streaming media device market is segmented into commercial and residential. Geographically global streaming media device market is segmented in North America, Europe, Asia-Pacific, Middle East and Africa and South America.
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North America to Lead Global Market with Asia Pacific Following Closely
North America is estimated to hold the major share in the market owing to the tech savvy population in this region. Furthermore, Asia Pacific is anticipated to be among the major adopters of the streaming media device during the forecast period. The streaming media device market in the Asia Pacific region is in its promising stage, and the rising inclination of users toward advanced technological products is expected to improve the growth in the region. Besides this, the growing adoption of video-on-demand services and growing awareness about streaming devices is also anticipated to boost the demand for streaming media devices in Asia Pacific region.
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