Video Streaming Market in United States | Fortune Business Insights

The global video streaming market size is expected to grow from USD 473.39 billion in 2022 and reach USD 1690.35 billion by 2029, exhibiting a CAGR of 19.9% during the forecast period. The growing fondness towards streaming services like Netflix, Hulu, Amazon Prime, and others can have a tremendous impact on the market growth in the forthcoming years, states Fortune Business Insights, in a report titled “video streaming industry in US market, 2022-2029.” The market size stood at USD 372.07 billion in 2021.

Notable Development:

· April 2021: Salesforce.com introduced streaming services along with on-demand and live content under its Salesforce+ platform.

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Video Streaming Market Overview:

Market Size Value in 2021: USD 372.07 Billion

Growth Rate: CAGR of 19.9% from 2022-2029

Revenue forecast in 2029: USD 1690.35 Billion

Regional Insights:

Rising Acceptance of 5G technology to Bolster Business in North America

North America has the industry's largest online streaming industry share because of the huge number of streaming providers in the U.S. The region held revenue of USD 165.79 billion in 2020. In addition, this region has a strong demand for video streaming due to sophisticated network infrastructure and the deployment of 5G technology. According to market analysts, many Americans are anticipated to cancel traditional pay-tv subscriptions in 2020 due to the rise of OTT media platforms.

According to a Deloitte survey conducted in April 2020, US consumers have chosen four video streaming providers on average. Asia Pacific is predicted to be the fastest-growing region during the forecast period. The growing number of tech-savvy people and the rise in smartphone users are two factors driving the Asia Pacific industry forward. According to the App Annie 2020 report, China's average weekly app downloads increased by 40% in the first two weeks of February 2020, compared to the same period in 2019.

Driving Factors:

Rising Demand for OTT Media Streaming Platforms to Incite Business Development

Netflix, Hulu, Amazon Prime Video, HBO, and Disney+ are just a few popular streaming services that provide unrestricted real-time access to the high-quality original content. This cutting-edge streaming service has improved the home entertainment experience and increased the company's client base. Because of its flexible subscription price and device flexibility, many consumers are migrating to the OTT platform. According to Apptopis, when Disney Plus launched its iOS and Android mobile apps in November 2019, it received 3.2 million downloads.

Live streaming of news, discussion programs, games, and concerts are becoming increasingly popular as the demand for OTT media entertainment content grows. Various players are partnering with various sports authorities to offer sports material to viewers' devices, in response to the rising demand for live game streaming. For example, in March 2021, Amazon Web Services, Inc. partnered with the National Football League to stream all football events exclusively. OTT streaming demand is also likely to be fueled by the impact of pandemic lockdown and quick advances in 5G installation.

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Segmentation:

The US video streaming industry market is divided into three categories based on its components: hardware, software, and services. Gaming consoles, media streamers, and encoders are among the hardware categories.

Live and on-demand streaming are the two types of streaming available.

The market is divided into three categories based on the streaming model: advertisement-based, subscription-based, and transactional-based models. The advertisement-based model has the highest streaming service market share.

The market is divided into two categories based on deployment: on-premises and cloud. On-premises deployment has the largest market share, while cloud deployment is expected to expand at the highest rate during the forecast period.

The market is divided into two categories based on end-use: residential and commercial. Residential has the largest market share, while commercial is expected to increase at the quickest rate.

North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America are the five primary areas divided by the market. They're broken down even further into countries.

What Does the Report Highlights?

The study provides a detailed analysis of the Streaming industry, focusing on the variables that drive, repel, obstruct, and provide market possibilities. It also clarifies the segmentation table, the list of leading categories with statistics, and the variables that influence them. The market's competitive landscape, the list of prominent players, and the major steps are also included in the study. Besides this, the report highlights the major industry developments of the market, current market trends, and other interesting insights into the US Video streaming market.

COVID-19 Impact:

The streaming business has benefited from work from home and lockdown during the epidemic. Consumers are adopting media streaming services to spend more time at home entertaining themselves. According to a PWC analysis, viewers' time spent streaming has grown by 75% by 2020. According to the research, the number of subscriptions in the U.S. has grown to an astounding 125 million, and a similar trend is being observed internationally. This has fueled demand for new shows, movies, on-demand video games, live news, and other forms of entertainment.

Similarly, throughout the lockdown, the use of video contact with friends and family has skyrocketed. During the pandemic crisis, growing demand across applications such as entertainment, education, social and corporate communication, and information has sped up market growth. Furthermore, the post-pandemic market expansion will be driven by rising advances in 5G technologies and its acceptance and major companies' ongoing innovation in higher quality content.

Competitive Landscape:

Increasing Innovation in OTT services to Spur Opportunities

To retain their market position, major companies are constantly working to improve their goods. Strategic alliances, content monetization, and content distribution on multiple mobile platforms have all changed in the streaming sector. Consumers' growing preference for OTT services and sophisticated feature goods forces businesses to acknowledge the value of live streaming in their operations. For example, in February 2020, Netflix, Inc. announced a partnership with Samsung Group of South Korea to become Samsung's mobile entertainment partner. Netflix market share will produce unique content for Galaxy smartphone users as part of this relationship.

The Report Lists the Key Companies in the streaming service industry market:

· Amazon.com, Inc. (Washington, U.S.)

· Apple, Inc. (California, U.S.)

· Akamai Technologies (Massachusetts, U.S.)

· Brightcove, Inc. (Massachusetts, U.S.)

· Google LLC (California, U.S.)

· iQIYI (Beijing, China)

· Netflix, Inc. (California, U.S.)

· Roku, Inc. (California, U.S.)

· Tencent (Shenzhen, China)

· Walt Disney Company (California, U.S.)

· Wowza Media Systems, LLC (Colorado, U.S.)

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