Anand Kumar Mishra
5 Mins to Read
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Video Streaming App Market Size 2023
According to a report from Fortune Business Insights, the global video streaming app market is expected to grow at a whopping 19.9% CAGR over the 2022-2029 period from $473.39 billion in 2022 to $1,690.35 billion by 2029.
This is mainly due to the growing use of the Internet and the increasing number of people buying mobile phones. Plus, there is a huge demand for video streaming in schools and universities worldwide. This is because of the benefits of video streaming, like better learning opportunities like visual webinars and course recordings.
Businesses widely use live streaming to promote their products and services, strengthen their brand identity, and enhance customer engagement. It also has many applications in court proceedings, mandatory meetings, town hall gatherings, business gatherings, and employee training.
What is Video Streaming?
Video streaming, or media streaming, is a form of video content that can be transmitted over the Internet in compressed form and played immediately rather than stored on the device’s hard drive. “Streaming” refers to listening to music or viewing a video in real-time rather than waiting for it to be downloaded to a device and then watching it. Typically, streaming videos are sent from compressed pre-recorded video files that can be transmitted over multiple users simultaneously. Video streaming can be accessed from any device with internet access and applications capable of un-compressing the content.
Video Streaming Market Forecast Growth
Key Market Drivers
The popularity of Live Streaming: Live streaming is one of the key elements that has contributed to the increase in market value in the video streaming app development sector. This feature is used to expand the business by addressing the target audience directly so that they can easily understand questions related to business matters. Recently, live video streaming has become a major source of revenue. As a result of its prominent position at the top of the market, the global video streaming market has seen a surge in the use of live video streaming.
Advancement of Technology: The video streaming market is rapidly expanding due to the emergence of cutting-edge technologies such as AI and blockchain. Consumers increasingly engage in video streaming due to their preference for technology and increasing video quality. This has been a major contributor to the market’s growth in recent times.
The Largest video streaming market share
In 2022, North America accounted for 31.9% of the video streaming market due to the prevalence of mobile and tablet devices, rapid technological progress, and the increasing popularity of online streaming.
Top Impacting Factors
The growth of the video streaming market is expected to be driven by various factors, including an increase in the number of live-streamed content, the uptake of cloud-based streaming solutions, and the expansion of online video usage in developing economies. Additionally, the demand for video game streaming services and the widespread use of video in corporate training are expected to contribute to the market’s growth.
However, bandwidth limitations, latency, and reliability issues will likely delay the market’s development. Additionally, the influence of video streaming on the education sector is increasing, and integrating advanced technologies into video platforms to enhance video quality provides numerous opportunities.
Increase in live-streamed content
For many content creators and rights owners, live streaming offers a novel way to interact with their intended audience and generate new sources of revenue. Although live streaming is growing, it is still at an early stage of development. The rise of cloud computing and the expansion of the Internet’s reach have enabled different audiences to access their niche content more easily, allowing advertisers to target their content to potential customers.
More people are consuming live video than ever, largely due to the initiatives taken by companies such as Hala, Facebook and the NCAA to promote live streaming. A survey conducted by IAB in May 2018 revealed that 47% of global live-streaming viewers consume more live video than a year ago, while nearly 44% of participants reported watching less live television due to live streaming. This data demonstrates the widespread, ongoing growth of live-streamed content, which is likely to contribute to the growth of video-streaming apps.
Impact of COVID-19 on Video Streaming Market
The video streaming app market is projected to experience a significant expansion in the wake of Covid-19, driven by the introduction of 5G cellular technology and an increase in the use of OTT media services, such as Disney+, Netflix and Amazon Prime video, for entertainment purposes. Nokia has reported that Disney+, an OTT service provider, has been responsible for a significant portion of the video streaming services available in European networks, amounting to 8.0% during the pandemic.
Furthermore, Netflix has announced that its paid subscriber count has reached a record 15.8 million subscribers between January 2020 and March 2020, with an estimated 7.0 million additional subscribers expected by June 2022.