Online Streaming Services Market size is set to grow by USD 507 billion from 2024-2028, rising penetration of smartphones and internet access to boost the market growth, Technavio

NEW YORK, June 19, 2024 /PRNewswire/ -- The global online streaming services market  size is estimated to grow by USD 507 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  26.01%  during the forecast period.  Rising penetration of smartphones and internet access is driving market growth, with a trend towards integration of advanced technologies with online streaming. However, concerns pertaining to video piracy  poses a challenge. Key market players include Access Industries Inc., Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Apple Inc., AT and T Inc., Baidu Inc., Balaji Telefilms Ltd., Brightcove Inc., British Broadcasting Corp., Eros International Media Ltd., Fox Corp., fuboTV Inc., Hulu LLC, Netflix Inc., Philo Inc., Sling TV LLC, Spotify Technology SA, Tencent Holdings Ltd., and The Walt Disney Co..

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Key Market Trends Fueling Growth

Artificial intelligence (AI) and deep learning technologies are revolutionizing online streaming services by improving video quality and identifying offensive content. AI aids various aspects of video production, and its adoption is increasing due to the popularity of platforms like Hulu and YouTube. Blockchain technology, on the other hand, offers decentralization by enabling artists to distribute content directly to consumers and enforce license terms using smart contracts. The implementation of these technologies is expected to positively impact the growth of the online streaming services market. 

The online streaming services market is experiencing significant growth with various players offering a wide range of content. Costs are a key consideration for consumers, with many opting for more affordable options. The trend towards on-demand viewing continues, with streaming services providing convenience and flexibility. Technology plays a crucial role, with advancements in video quality and user experience driving innovation. Devices are also a factor, with streaming services available on a variety of platforms. Overall, the market is competitive, with providers continually striving to differentiate themselves through content offerings and pricing strategies. 

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Market Challenges

• The proliferation of web video piracy and illegal streaming through torrent sites poses a significant challenge to the growth of the global online streaming services market. Torrents, which contain metadata for downloading copyrighted audio and video content, are increasingly popular due to their convenience and the absence of advertisements. Despite the legality of using torrent software, the majority of the content shared is illegal. This trend is particularly prevalent in countries with lenient piracy laws. The abundance of exclusive content across various streaming platforms makes it difficult for users to subscribe to all of them. As a result, many opt for torrents, hindering the expansion of the online streaming services market.
• The Online Streaming Services market is experiencing significant growth, with numerous players vying for market share. One of the main challenges is the intense competition, as companies strive to offer unique content and features to attract and retain subscribers. Another challenge is the need to provide high-quality streaming, as consumers demand seamless and uninterrupted viewing experiences. Additionally, the market is constantly evolving, with new technologies and business models emerging, requiring companies to stay innovative and adapt to changing consumer preferences. Furthermore, there are regulatory and legal challenges, such as copyright issues and geo-restrictions, that must be navigated to ensure compliance and expand reach. Overall, the Online Streaming Services market presents both opportunities and challenges for businesses looking to succeed in this dynamic industry.

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Segment Overview 

This online streaming services market report extensively covers market segmentation by

1. Revenue 
• 1.1 Subscription
• 1.2 Advertising
• 1.3 Rental
2. Type 
• 2.1 Online video streaming
• 2.2 Online music streaming
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Subscription-  The Subscription Video-on-Demand (SVOD) market is experiencing significant growth due to the availability of original, high-quality content from platforms like Netflix, Amazon Prime Video, Hulu, HBO, Disney+, and others. In India, Hotstar leads the market, with 36% of OTT users in Tier I cities and 55% in metros subscribing. In the US, Disney+ reached 10 million subscribers, and Netflix had 69.97 million. Functionalities beyond messaging are offered, expanding the scope of OTT services. This trend is driving the expansion of the global online streaming services market.

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Research Analysis

The Online Streaming Services Market encompasses various platforms that deliver video content over the internet for both consumer and enterprise use. This market includes Video Streaming Services and Cloud-based solutions, which enable on-demand access to a vast library of movies, TV shows, and original content. Paramount Plus and other similar services are popular choices for consumers, while enterprise solutions cater to remote patient monitoring, webinars, courses, and more. The market's growth is driven by the widespread use of Mobile Phones, Smart TVs, and high-speed Internet Connectivity, leading to increased Video Data Traffic. Social media platforms have also played a significant role in promoting online streaming, making it an integral part of our daily lives. The market offers both cloud and on-premises solutions, allowing businesses and individuals to choose the best fit for their needs. Online Streaming has revolutionized industries like education, entertainment, and healthcare, making content more accessible and convenient than ever before.

Market Research Overview

The Online Streaming Services Market is a rapidly growing industry that offers consumers a vast selection of video content, available for instant viewing. This market encompasses various types of streaming services, including subscription-based models, ad-supported platforms, and transactional video on demand. Consumers can access these services through various devices, such as smartphones, tablets, computers, and smart TVs. The market is driven by advancements in technology, increasing consumer demand for on-demand content, and competition among providers. Streaming services offer a wide range of programming, including movies, TV shows, live sports, and original content. Additionally, they provide features such as personalized recommendations, parental controls, and the ability to download content for offline viewing. Overall, the Online Streaming Services Market is transforming the way we consume media, offering convenience, flexibility, and a vast array of content choices.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Revenue
• Subscription
• Advertising
• Rental
• Type
• Online Video Streaming
• Online Music Streaming
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Website: www.technavio.com/

SOURCE Technavio