The video streaming market is witnessing remarkable growth, and its size is expected to reach USD 416.84 billion by 2030, according to a report by Grand View Research, Inc.
This growth is attributable to various factors, including technological advancements like blockchain technology and the use of Artificial Intelligence (AI) to enhance video quality. Furthermore, the increasing usage of videos in corporate training and the impact of video streaming on the education sector is anticipated to drive the growth of the market.
One of the significant findings from the report is that the Over-the-Top (OTT) segment is expected to register the highest CAGR over the forecast period. The growth is attributable to key trends in OTT, including increased demand for digital original content, hybrid monetization models, and intensive competition resulting in content fragmentation.
The Asia Pacific regional market is also expected to witness significant growth over the forecast period owing to the increasing demand for high-speed internet connectivity and Video-on-Demand (VOD) streaming.
Rising Demand for Video Streaming and Security Concerns
The growing demand for high-speed internet connectivity, on-demand videos, and the rising inclination towards original digital content are the key driving factors for the market’s growth. As a result, video streaming has increased, aided by the growing popularity of smartphones and high-speed internet technologies such as 3G, 4G, and LTE. Additionally, the growing demand for devices supporting digital media is enabling consumers to access media content from anywhere in the world.
However, the increase in streaming also presents a security risk, as it exposes users’ IP addresses and personal information. This vulnerability makes it easier for hackers to track and target users. VPN services can help some users mitigate this risk by encrypting their internet traffic and hiding their IP addresses, making it difficult for hackers to trace their online activities.
The market is divided into live and non-linear video streaming based on the type of streaming. Live streaming is the term used to describe content that is shown in real time over an internet connection. The study highlights that the live video streaming category has the most significant development potential throughout the predicted period, as the demand for material that can be watched online but not in real-time grows.
Viewership Soars on Netflix and Disney+
The COVID-19 pandemic has further boosted the growth of the streaming market, as people are confined to their homes and stay indoors for an extended period. Due to these circumstances, streaming services saw an increase in viewership and engagement, leading to a greater uptake of video streaming. Platforms such as Netflix, YouTube, and Disney+ registered a spike in viewership worldwide.
Organizations like Hotstar and Netflix executed machine learning and AI algorithms to study user behavior and demographics. This aided these organizations in identifying audience interests and offering modified content references to keep them engaged. Subsequently, these AI-based platforms offer viewers content that satisfies their specific interests, providing them with a highly personalized experience.
The key players in the video streaming market include:
- Akamai Technologies
- Amazon Web Services,
- Apple Inc.
- Cisco Systems, Inc.
- Google LLC
- Kaltura, Inc.
- Netflix, Inc.
- Netflix, Inc.
- IBM Cloud Video
- Wowza Media Systems,
- Hulu, LLC
In conclusion, the video streaming market is witnessing remarkable growth, and the increasing usage of videos in corporate training and the impact of video streaming on the education sector is anticipated to drive the growth of the market. However, the increase in video streaming also presents a security risk, and VPN services can help some users mitigate this risk. The live video streaming category has the most significant development potential throughout the predicted period, and the COVID-19 pandemic has further boosted the growth of the market.