Home Technology Streaming Devices Market Share, Demand, Forecast to 2031

Streaming Devices Market

Streaming Devices Market: Information by Component (Hardware and Software), Sales Channel (Offline and Online), Price (Low-range, Mid-range), Application, and Regions-Forecast Till 2031

The global streaming devices market size 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). Streaming is a technology that delivers
Report Code: SRTE54195DR

Market Overview

The global streaming devices market size 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).

Streaming is a technology that delivers content to various internet-connected devices such as computers, laptops, tablets, and mobile devices. Streaming typically transmits data through two channels, i.e., audio and video. Users can view and listen to a video or audio file online by utilizing streaming platforms without downloading it to a computer or device. Streaming technology helps organizations modernize their day-to-day operations, such as live table conferences, scheduling meetings, and interacting with internal customers or clients, which is increasing its adoption by businesses. Amazon, Netflix, and Hulu, among others, are continuously enhancing their streaming services and updating their content libraries to attract international customers.

A substantial increase in demand for live-streamed content and a rise in the popularity of video game streaming devices are driving the expansion of the streaming devices market. However, the restriction of bandwidth inhibits the expansion of the market. Moreover, the growing demand for advanced technologies in video platforms to enhance video quality offers lucrative growth opportunities for the market.

Report Scope

Report Metric Details
Base Year 2022
Study Period 2021-2031
Forecast Period 2023-2031
CAGR 13.1%
Market Size USD 40.05 billion by 2031
Fastest Growing Market Asia Pacific
Largest Market North America
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa
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Market Dynamics

What are the factors driving the market growth?

Demand for Live Streamed Content

Live streaming represents an exciting opportunity for many content providers and rights holders to connect directly with their target audiences and generate new revenue streams. Live streaming is gaining popularity, but it is still in its infancy. Different audiences can now access niche content more easily, and advertisers can introduce relevant content more precisely due to the expansion of cloud computing and the Internet's reach. As a result of the efforts of organizations such as Hulu, Facebook, and the NCAA, a greater number of people are streaming live video content than ever before; this trend is anticipated to fuel the market's growth.

A Rise in Popularity of Video Game Streaming Devices

The video games market is expected to become a $300 billion industry by 2025, primarily due to the growth of mobile gaming and innovative offerings such as cloud gaming, VR gaming, and others. In addition, popular game companies are competing to become the Netflix of games as the number of viewers on existing streaming channels grows rapidly. However, limitations in latency and bandwidth are anticipated to pose significant obstacles to the development of mobile gaming services. On the contrary, it is anticipated that the maturation of cloud technologies and the development of 5G will alleviate these network issues, fostering intense competition in a market where several leaders have already emerged. In addition, Google, Microsoft, and other video game industry players are competing to make streaming video games as simple as streaming music on Spotify.

What are the factors restraining the market growth?

Limitation of Bandwidth

Significant advancements have been made in video resolutions, broadband, and streaming in the streaming industry. However, networks are anticipated to experience a bandwidth crunch due to higher-resolution videos and larger bandwidth capacities. The number of consumers who watch online videos is increasing, which is anticipated to create bandwidth limitation issues and restrain market growth.

What are the future opportunities for the market?

Advanced Technologies

Artificial Intelligence and natural language processing will become the next transformative technologies for streaming, which is anticipated to generate numerous market opportunities in the coming years. Most aspects of video production, including scoring, editing, cinematography, scriptwriting, and voice-overs, rely heavily on AI. Various providers use AI to enhance the quality of their content. Also, it is anticipated that the popularity of online streaming media such as YouTube and Netflix will increase in the near future. For example, Facebook and other platforms are employing AI to remove and prevent the posting of harmful content. In addition, it is used to enhance the user experience by reducing the number of bits required for the same quality and the overall cost because less bandwidth is needed.

Regional Analysis

The market for streaming devices is divided into four regions: North America, Europe, Asia Pacific, and LAMEA.

North America is the highest revenue generator and is estimated to grow with a CAGR of 14.1%. The major factor that affects the adoption rate of streaming devices in North America includes the rise in the adoption of video streaming services by households in the U.S., which has majorly contributed toward the revenue growth of service providers such as Netflix and Amazon Prime Video. The high penetration of smartphones and connected devices among the population in the U.S. is enhancing the continuous display of media, entertainment, and information. For instance, it has been projected that around 80% of the adults in North America view news on mobile devices, which deliver the latest news feed regularly.

Asia-Pacific is witnessing the fastest growth in the streaming devices market, registering a CAGR of 14.7%. Asia-Pacific is expected to grow significantly, owing to the fact that it is witnessing a dynamic change in the adoption of analytic solutions and services across multiple verticals. Social media companies, such as Twitter Inc., are capitalizing on the increase in popularity of this system, which drives the market's growth. Facebook has observed growing revenue in Asia-Pacific, especially from countries such as India, which shows the popularity of the streaming devices market in this region. Also, Facebook has established deals with numerous media & entertainment companies and celebrities to produce videos for Facebook Live, which will further help in strengthening the Asia-Pacific market in the upcoming years.

The European region is expected to witness significant growth during the forecast period, as the European streaming devices market is approaching maturity in terms of OTT content viewership. Also, consumers are spending more on subscription services, which is expected to positively impact on increasing adoption of streaming services and revenues. Some Western European countries are witnessing great adoption of streaming services, which include Germany, France, Italy, Ireland, Austria, Belgium, and others which fuels the growth of the market. Moreover, factors such as the emergence of the trend of cord cutting and 5G, the increase in mobile use, and others positively impact the market's growth.

Technological developments in South America and the Middle East are expected to supplement the market growth in LAMEA. Despite having limited broadband penetration and high levels of piracy, Latin America shows great potential to become a streaming-dominant region in the coming five years, given the changing habits of consumers. Moreover, the number of subscription VOD service providers is expanding into the region looking at its high potential and growing market scenarios, especially in countries such as Argentina, Brazil, and Mexico, which fuels the growth of the market.

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Segmental Analysis

The streaming devices market is segmented based on component, sales channel, price range, application, and end-use.

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. The hardware of the streaming devices includes the physical structure that needs to be installed to utilize video streaming services. Many major players, such as Roku, Microsoft, Sony, and Amazon, provide these hardware devices in the form of sticks and boxes. The advancement of hardware devices making them cordless and easy to connect increases its demand in the market.

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. Offline sales channel includes stores, showrooms, factory outlets, and specialty stores among others. Although, the tremendous rise in online purchasing trends did not overshadow offline purchases, in terms of sales for the streaming devices market. Customer satisfaction from offline purchases is one of the major factors for offline purchases. Furthermore, the increased grey marketing also creates doubt among customers about the authenticity of products bought through the online channel.

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%. The mid-range price range considered for streaming devices in mid-range is from USD 51 to USD 150. Streaming devices in this segment provide enhanced features and more streaming options. In addition, these devices are uniquely designed and provide edge-to-edge protection.

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%. TVs are individually operated portable computers used as cellular telephones and have multiple other features, such as the ability to run the software, operating systems, web browsing, and others. These devices are enabled with touch screen technology, digital cameras, graphical user interface, embedded memory, processor, rechargeable battery, and many other components in a single thin flat structure.

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. The increasing internet penetration and rising adoption of video streaming platforms, such as Netflix, Hulu, YouTube, Hotstar, and Amazon Prime, are driving the streaming devices market in the residential sector. These platforms are introducing movies, TV shows, and original exclusive content to keep users engaged with their services.

Top Key Players of Streaming Devices Market

  1. Google LLC
  2. Amazon.com Inc
  3. Apple Inc
  4. Humax
  5. Intel Corporation
  6. Nvidia Corporation
  7. Roku Inc
  8. Xiaomi Inc
  9. Sony Corporation
  10. Samsung Electronics CO. Ltd
  11. and Microsoft Corporation

Recent Developments

  • May 2022- The Xbox streaming device by Microsoft is expected to reach consumers in 2023. People will be able to 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.
  • 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.

Streaming Devices Market Segmentations

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 Regions

  • North America
  • Europe
  • APAC
  • Middle East and Africa

Frequently Asked Questions (FAQs)

What is the projected market value of the global streaming devices market?
The global market size is projected to reach USD 40.05 billion by 2031.
Key verticals adopting streaming devices include: - Google LLC, Amazon.com Inc, Apple Inc, Humax, Intel Corporation, Roku Inc, Xiaomi Inc, and Sony Corporation.
The offline segment is the leading segment of the market during the forecast period.
Increased advanced technologies are one of the key opportunities in the market.
The global market growing at a CAGR of 13.1% from (2023–2031).

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