Streaming Devices Market Is Rising Fast with Market Players Like Amazon, Apple, Google, Intel Corporation, Leelbox, NVIDIA, Roku Inc., Sling Media, Samsung Electronics, Sony, TiVo, Xiaomi Technology

Industry Overview: -

Streaming Devices Market is set to exceed USD 25 billion at CAGR of 20% by 2024 A prime factor contributing to the high adoption of the streaming devices market is the rising penetration of cloud services in the media and entertainment sector. Pay-per-use Over-the-Top (OTT) services such as Netflix and Hulu contain immense video libraries stored at remote servers that allow their subscribers to have access to high quality video feed at any time. Additionally, these eliminate the need to download and store massive amounts of data.

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Customer subscriptions to OTT services such as Netflix and YouTube and the rising penetration of Netflix and Hulu original series which are generally not available on broadcast TV is anticipated to further drive away the demand from traditional TV viewing. For instance, in the U.S. Netflix had approximately 51 million paying subscribers as of 2017, a large number of which is largely attributed to the growing prominence of original net series. This trend is further reflected across the world is anticipated to contribute to the high adoption of the streaming devices market.

The rising trend of cord cutting is anticipated to revolutionize the media and entertainment delivery field and promote the growth of the streaming devices market. Traditional TV viewing services via cable and satellite TV incurs high costs and additional taxes, need for installation and management services, slow updates, and issues with data transmission and latency issues with transmission of data via a large area. In light of these issues, various consumers are moving to the digital platform with a reduction of over 2.4% annual reduction from 2013 to 2017 and a growth of 6.5 million users that switched from cable pay TV.

The major players operating in the market-

Amazon, Apple, Google, Humax, Intel Corporation, Leelbox, NOW TV, NVIDIA, Roku Inc., Sling Media, Samsung Electronics, Sony, TiVo, Xiaomi Technology.

Segmentation: -

The USD 30 – 100 pricing range in the streaming devices market is anticipated to exhibit the highest growth during the forecast timespan. The devices available in this segment generally are compatible with various types of TV resolutions such as Roku Ultra which is compatible with 4K and lower resolutions and are similar in functionality to the higher-end products. Furthermore, consumers in Asian countries, primarily in India and China, are more inclined to purchase lower cost products.

The growing prominence of 4K systems offering higher picture quality and is a major factor contributing to the high growth of the 4K UHD segment in the streaming devices market. The consumer electronics market is subject to constant technological advancements with higher resolution systems such as 4K UHD systems anticipated to replace traditional lower resolution systems by 2024.

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Regional Analysis: -

High penetration of the fast broadband and connectivity solutions is contributing to the increased adoption in the U.S. and European region. For instance, as of June 2017, approximately 80% of the European population has access to continuous broadband services. Furthermore, the rising movement away from satellite and cable TVs to the digital platform is anticipated to drive the streaming devices market in these regions. The U.S. accounts for the largest subscribers to OTT video streaming and pay-per-demand services such as Hulu, Amazon Prime, and Netflix. In June 2017, Netflix announced that it had over 50.85 million subscribers.

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China and India, for instance, owing to the economic boom and the rise of the educated middle class with greater disposable incomes, willing to spend on OTT streaming systems, will undeniably propel Asia Pacific streaming devices industry. As per estimates, APAC streaming devices market size is projected to witness a 25% CAGR over 2017-2024.

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