Streaming Devices Market to Grow with a CAGR of 14.5% Globally through 2028
The global streaming devices market is thriving due to
a confluence of factors, including the insatiable demand for OTT content, the
integration of streaming devices into smart home ecosystems, and ongoing
technological advancements.
According to TechSci Research report, “Global Streaming
Devices Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Streaming Devices Market stood at USD 12.2
billion in 2022 and is anticipated to grow with a CAGR of 14.5% in the forecast
period, 2024-2028. The global streaming devices market has experienced
remarkable growth and transformation over the past decade. Streaming devices,
which enable users to access digital content from various online platforms on
their televisions and other screens, have become ubiquitous in households
worldwide. This market's evolution can be understood through several key dimensions:
The global streaming devices market has witnessed
significant expansion, driven by factors such as increasing consumer demand for
on-demand content, the proliferation of high-speed internet connectivity, and
the shift away from traditional cable and satellite TV services. Market
research suggests that the sector is expected to continue growing, with the
adoption of streaming devices in emerging markets contributing to its
expansion.
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Several major technology companies have played pivotal
roles in shaping the global streaming devices market. Prominent players include
Apple, Google, Amazon, Roku, and more. These companies have introduced a range
of devices such as Apple TV, Google Chromecast, Amazon Fire TV, and Roku's
streaming sticks and boxes, which have become popular choices among consumers.
The availability of diverse and high-quality content
plays a critical role in driving the adoption of streaming devices. The market
is closely linked to the streaming services industry, with major players like
Netflix, Hulu, Disney+, Amazon Prime Video, and HBO Max producing exclusive
content and forming strategic partnerships with device manufacturers.
Streaming devices have evolved significantly in terms
of hardware and software capabilities. They now offer features such as 4K and
HDR support, voice-controlled remote controls, and integration with smart home
ecosystems. Additionally, streaming devices are increasingly becoming hubs for
gaming, enabling users to access a wide range of games from various platforms.
The streaming devices market can be segmented into
various categories, including streaming media players, smart TVs, gaming
consoles, and more. Each category serves a distinct consumer need and comes
with its unique features and advantages.
The market's growth varies by region, with North
America historically holding a significant share due to its robust digital
infrastructure, tech-savvy consumer base, and presence of major tech companies.
However, Asia-Pacific is emerging as a lucrative market with its growing
middle-class population and increasing smartphone penetration.
While the streaming devices market presents numerous
opportunities, it also faces challenges, including competition among device
manufacturers, content fragmentation, and the need to adapt to changing
consumer preferences. However, emerging technologies like 5G connectivity and
advancements in augmented and virtual reality present exciting opportunities
for further growth and innovation in the market.
As the streaming devices market matures, it faces
increased scrutiny from regulators regarding issues such as data privacy and
content censorship. Companies operating in this space must navigate complex
regulatory environments across different regions.
The Global Streaming Devices Market is segmented into
type, application, end user, regional and company.
Based on the type, the game consoles segment emerged
as the dominant player in the global streaming devices market. One of the key
reasons behind the ascendancy of game consoles in the streaming devices market
is their established user base. Major gaming console manufacturers, including
Sony (PlayStation) and Microsoft (Xbox), have millions of dedicated users
worldwide. These consoles are already present in countless homes, giving them a
ready-made audience for streaming services and content providers to tap into.
This established user base has made it relatively easy for game console
manufacturers to integrate popular streaming platforms, offering a seamless
transition from gaming to streaming content.
Based on region, the North America has a significant
share in the global streaming devices market. North America is home to a
diverse and competitive content streaming landscape. Major streaming platforms
like Netflix, Hulu, Disney+, Amazon Prime Video, and HBO Max originated in the
region, offering a wide range of exclusive content. This content diversity has
further fueled the adoption of streaming devices.
Major companies operating in Global Streaming
Devices Market are:
- Google LLC
- Microsoft Corporation
- Sony Corporation
- Roku, Inc.
- Samsung Electronics Co., Ltd.
- AsusTek Computer Inc.
- LG Electronics Inc.
- Apple, Inc.
- Koninklijke Philips N.V.
- Amazon.com, Inc.
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“The global streaming devices market is a dynamic and
rapidly evolving industry with a bright future. Its growth is driven by
consumer demand for convenience and access to a wide range of digital content.
As technology continues to advance and streaming services expand their
offerings, the market is likely to witness further innovation and
transformation in the years to come.,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Streaming Devices Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, Segmented By Type (Game Consoles,
Media Streamers), By Application (E-Learning, Web-Browsing, Gaming, Real-Time
Entertainment, Social Networking), By End User (Commercial, Residential,
Institution), By Region, By Competition, 2018-2028”, has evaluated
the future growth potential of Global streaming devices market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global streaming devices market.
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