The latest report on Online Streaming Platform Market by Infinium Global Research gives complete coverage of the Online Streaming Platform Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2020 to 2026. In addition, the study covers deep dive into key product and applications trends in the regional markets of Online Streaming Platform such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Growth of the Global Online Streaming Platform Market is the Increasing Use of Smartphone and Growing Digital Media Consumption
The online streaming platform will experience an upsurge in demand due to the current COVID-19 pandemic. It is estimated that, online streaming platforms such as YouTube, Netflix, Hotstar, Amazon Prime, and many others aiming to highlight the new ways people are looking to entertain themselves. Further, with much of the world population stuck at home under mandatory lockdowns, quarantine and social distancing, consumer spending on the online streaming platform has increased from 20% to 50% depending on the channel. Moreover, with several new movies and TV show seasons releasing regularly on these platforms, the online streaming platform is expected to witness rapid growth in the year 2020.
The key factor driving the growth of the global online streaming platform market is the increasing use of smartphone and growing digital media consumption. As per We Are Social and Hootsuite’s Global Digital 2019 report, internet users are growing by an average of more than one million new users every day. Currently, there are 5.11 billion unique mobile users in the world, which increased by 100 million from 2018. In addition, there were 4.39 billion internet users in 2019, with an increase of 366 million (9 percent) from January 2018. India alone has exceeded 500 million internet user and is likely to reach 920 million by 2025.
Moreover, the growing adoption of online streaming platforms to access real-time content also boosts the market growth. A streaming platform is an on-demand online entertainment source for TV shows, movies, and other streaming media. Moreover, the growing popularity of digital media players such as Netflix, Amazon Prime, Hulu, Hotstar, Roku, and Boxee is another factor that drives the growth of the market.
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Advancements in 5G Technologies will Enable Continuous Streaming of HD Content, which is Expected to have a Positive Impact on the Growth of the Industry
Moreover, over the last couple of years, people are inclined towards the online streaming platform rather than traditional TV in order to receive real-time content. Expanding user demand along with an increase in a number of devices are expected to create growth opportunities for the market as they offers the user to see their favorite content on the device of their choice. However, the disparity in industry regulations may hamper the growth of the online streaming platform market over the forecast period.
Furthermore, advancements in 5G technologies will enable continuous streaming of HD content, which is expected to have a positive impact on the growth of the market over the forecast period. Several online streaming service players are adopting different strategies such as collaboration with popular movie production houses to expand their users, which, in turn, will create several favorable growths prospects for the market.
Among the region, the global online video platform market is categorized into North America, Asia Pacific, Europe, and the Rest of the World. North America dominated the online video platform market share in terms of revenue in 2019 owing to the innovation and high adoption rate of new technologies. Additionally, the high adoption of digital technology in the marketing firms, media, and entertainment and retail industries augment the North America online streaming platform market. Furthermore, Asia Pacific is anticipated to be the fastest-growing region in the market owing to the rising demand for subscription-based online and live video. Countries such as China, India, Japan, and South Korea are the major contributors to the Asia pacific online streaming platform market. Moreover, the Middle East and Latin American countries are also expected to show considerable growth in the online streaming platform market during the forecast period.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Online Streaming Platform.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2026.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.