Global Streaming Devices Market Ascends at a Noteworthy CAGR of 13.1%

Introduction

streaming is a technology that delivers content to various internet-connected devices, including computers, laptops, tablets, and mobile devices. Streaming typically transmits data through audio and video channels. Using streaming platforms, users can view and listen to a video or audio file online without downloading it to a computer or device. Streaming technology helps businesses modernize their day-to-day operations, such as live table conferences, scheduling meetings, and interacting with internal customers or clients, which is driving its increased adoption by businesses. A significant increase in demand for live-streamed content and the popularity of video game streaming devices are driving the growth of the streaming devices market. However, the limitation of bandwidth hinders the market's expansion.

Market Dynamics

Demand for Live Streamed Content Drives the Market Growth

 The popularity of live streaming is growing, but it is still in its early stage. Due to the expansion of cloud computing and the Internet, niche content is now more accessible to diverse audiences, and advertisers can introduce relevant content with greater precision. As a result of the efforts of organizations such as Hulu, Facebook, and the NCAA, more people than ever are streaming live video content; this trend is expected to fuel the market's growth.

Advanced Technologies Creates Opportunities

AI will become the next transformative technology for streaming, which is expected to create numerous market opportunities over the next few years. Most video production processes heavily rely on artificial intelligence, including scoring, editing, cinematography, scriptwriting, and voice-overs. Diverse content providers use AI to improve the quality of their offerings. Facebook and other platforms use AI to remove and prevent posting harmful content, for instance. In addition, it is used to improve the user experience by reducing the number of bits needed to maintain the same quality and the overall cost because less bandwidth is required.

Regional Analysis

North America is the highest revenue generator and is estimated to grow with a CAGR of 14.1%. The rise in the adoption of video streaming services by U.S. households, which has significantly contributed to the revenue growth of service providers such as Netflix and Amazon Prime Video, is one of the significant factors influencing the adoption rate of streaming devices in North America. The high prevalence of smartphones and connected devices among the U.S. population enhances the continuous display of media, entertainment, and data. It has been estimated that approximately 80% of adults in North America view news on mobile devices, which regularly deliver the most recent news feed.

Asia-Pacific is witnessing the fastest growth in the streaming devices market, registering a CAGR of 14.7%. Social media companies like Twitter Inc. are capitalizing on this system's growing popularity. In addition, Twitter has signed contracts with various leagues to reach a large audience. Because of the popularity of the streaming devices market, companies have witnessed a rise in revenue in Asia-Pacific, particularly in India. In addition, Facebook has established partnerships with several media & entertainment companies and celebrities to produce videos for Facebook Live, which will contribute to the expansion of the Asia-Pacific market in the coming years.

The European streaming devices market is expected to show significant growth during the forecast period. Consumers are spending more on subscription services, which is anticipated to affect the adoption and revenue growth of streaming services positively. Several countries in Western Europe, such as Germany, France, Italy, Ireland, Austria, and Belgium, are embracing streaming services at a rapid rate, fueling the market growth. In addition, factors such as the emergence of the cord-cutting trend and 5G, the rise in mobile usage, and others contribute to the expansion of the market.

It is anticipated that technological advancements in South America and the Middle East will supplement the market expansion in LAMEA. Latin America has the potential to become a streaming-dominant region within the next five years, despite its low broadband penetration and high levels of piracy. This is due to consumers' evolving viewing habits. Moreover, the number of subscription VOD service providers is growing in the region due to its high potential and expanding market conditions, particularly in countries such as Argentina, Brazil, and Mexico, which fuels the market's expansion.

Key Highlights

• The global streaming devices market was valued at USD 13.12 billion in 2022. It is projected to reach USD 40.05 billion by 2031, growing with a CAGR of 13.1% during the forecast period (2023–2031).
• Based on components, the market is bifurcated into hardware and software. The hardware segment is the highest contributor to the market and is expected to grow at a rate of 13.5% during the forecast period.
• Based on sales channels, the market is divided into offline and online. The offline segment is the highest contributor to the market and is expected to grow at a CAGR of 13.2% during the forecast period.
• Based on price, the market is divided into the low, mid, and premium ranges. The medium segment is the highest contributor to the market and is expected to grow at a rate of 13.7%.
• Based on application, the market is segmented into TV, gaming consoles, and others. The TV segment was the highest contributor to the market and is growing at a CAGR of 14.2%.
• Based on End-use, the market segments include commercial, industrial and residential. The residential segment was the highest contributor to the market and is expected to grow at a CAGR of 14.0% during the forecast period.
• North America is the highest revenue generator and is estimated to grow with a CAGR of 14.1%.

Competitive Players

Competitive Players

The most prominent players in the market are Google LLC, Amazon.com, Inc., Apple Inc., Humax, Nvidia Corporation, Roku, Inc., Xiaomi Inc., Sony Corporation, Intel Corporation, Samsung Electronics CO. Ltd., and Microsoft Corporation.

Recent Developments

Market News

• In May 2022, Microsoft announced that the Xbox streaming device would reach consumers in 2023. People can stream cloud games from Xbox Game Pass Ultimate by connecting the device to a TV or monitor, eliminating the need for them to own an Xbox gaming console.
• In September 2022, Amazon introduced the next-generation Fire TV Cube, which features a new octa-core 2.0 GHz processor, hands-free control with Alexa, support for 4K Ultra HD, Dolby Vision, HDR, Dolby Atmos audio, and Wi-Fi 6 compatibility.

Segmentation

Global Streaming Devices Market: Segmentation

By Component

• Hardware
• Software

By Price Range

• Low range
• Mid-range
• Premium Range

By End Use

• Residential
• Commercial

By Sales Channel

• Online
• Offline

By Application

• TV
• Gaming
• Others

By Region

• North America
• Europe
• Asia-Pacific
• LAMEA