Streaming Devices Market to Showcase Significant Growth in the Coming Years | Key Players are Amazon, Apple, Google, Intel Corporation, Leelbox, NVIDIA, Roku Inc., Samsung Electronics, Sony, TiVo, Xiaomi TechnologyStreaming Devices Market is anticipated to reach a revenue of over USD 25 billion over the forecast timespan. A major factor contributing to this demand is the shift of consumers away from traditional TV viewing, such as satellites and cable TVs, to the digital platforms. This trend is highly amplified in the North American and European regions, where the provision of fast broadband services is very high. Cable and satellite packages can amount to prices ranging upwards of USD 50 per month with additional charges for installation, maintenance, and a-la-carte channels, propelling the growth of the streaming devices market. For instance, in the U.S., the shift toward non-traditional viewing is occurring with over 2 million users yearly terminating traditional subscriptions. Consumers are increasingly subscribing to Over-the-Top (OTT) platforms, such as Netflix, Hulu, and Amazon Prime, owing to their low-priced and flexible packages.
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The demand for streaming devices market and the movement to the digital platform for entertainment purposes is further streamlined by the provision of cloud solutions as these reduce costs for viewing content, space utilized for storing downloaded content, and issues pertaining to copyright thefts. Additionally, video and audio content are compatible with a variety of devices and can be accessed over multiple platforms at any time and is encoded to handle security and safety concerns.
The streaming devices market by pricing indicates that the USD 30–100 pricing range is dominating in terms of revenue and shipment in 2016. Consumer tendency to purchase low-cost electronic devices, primarily in the Asia Pacific and the Latin America region, is anticipated to drive the streaming devices market demand. There is a large availability of low-cost devices, such as the Google Chromecast and the Amazon Fire TV stick, that provide streaming services and are fully compatible with HD, UHD, and low-resolution systems without excessive spending on the products.
The availability of fast broadband services and accessibility in remote locations are aiding the growth of the Europe and North America streaming devices market. The UK has 62.1 million users and a 94.2% population that has access to the continuous internet. Additionally, the increase in binge-watching and cord-cutting has aided in the industry growth. OTT providers, such as Netflix, allow consumers the added benefit of using their services at any time, substantially aiding users with hectic working schedules.
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The developing economies including China, India, Indonesia, Japan, South Korea, etc., have been witnessing massive internet penetration in the recent times. The economic boom in the Asia Pacific region has been assisting the middle-class populace to shore up their disposable income, which has enabled them to purchase high-end products and invest in leisure activities. This has, eventually, entailed an astonishing rise in the number of internet users across this region, who are now demanding super-fast internet connectivity. Add to it, this has necessitated the telecom sector to enhance the internet speeds at a drastic pace, particularly in the East and South Asia, which has further propelled the APAC streaming devices market.
As per estimates, China attained an internet user base of more than 720 million with India bagging the 2nd rank. In addition to such remarkable internet penetration, the enhanced internet speed has proved to yet another crucial factor which has embellished the APAC streaming devices industry share. To cite an instance of the growing speeds of the internet across the APAC, South Korea in 2016 claimed the first spot in terms of global average internet speed, with an average internet speed of 27 Mbps. Apparently, owing to the aforementioned declarations, the Asia Pacific streaming device market is forecast to record an impressive CAGR of 25 percent over the estimated period of 2017-2024.
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Streaming devices market players include Matricom, Roku, Inc., Google LLC, Amazon.com, Inc., Nvidia Corporation, Sling Media LLC., Apple, Inc., Sony Corporation, Xiaomi, Inc., and TiVo. Companies operating in this industry spend a large amount on R&D activities to improve their product landscape and increase their market share. For instance, in September 2016, Google LLC announced the launch of the Chromecast Ultra 4K with Google Assistant capabilities and compatibility with 4K resolution screens. This is anticipated to aid the company in sustaining growth in the streaming devices market and stay on par with the competition.
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