What is the forecast of the video streaming software market in the next five years?

Video streaming refers to a technology that can transfer video files with the help of video streaming software. In layman’s term, video streaming is a method of viewing video without actually downloading the media file. Video streaming software has gained significant popularity in the recent past due to rising technological innovation and growing proliferation of high-speed internet. Video streaming software is being used in different verticals such as education, entertainment, sports, government, media, BFSI, retail, transportation, energy & utilities, gas & petroleum, and chemicals.

The global video streaming market is estimated to account for US$ 23.0 Bn in terms of value by the end of 2027.

Market Dynamics- Drivers

Rising penetration of mobile devices and the internet is expected to drive growth of the global video streaming software market during the forecast period
The number of mobile device users has increased significantly over the years in both developed and emerging economies. Furthermore, the number of internet users has increased as well in the recent past. According to the Internet Live Stats, in 2016, there were around 462, 124,989 internet users in India, which is around 34.8% of the total population. According to the same source, total internet users across the globe in 2016 was over 3 billion. According to the Internet and Mobile Association of India (IMAI), in 2019, India had over 500 million internet users across the country. Such increasing internet and mobile device users have led to increased use of video streaming services. Thus, these factors are expected to drive growth of the global video streaming software market during the forecast period.

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Growing demand for video-on-demand (VOD) streaming is expected to propel the global video streaming software market growth over the forecast period
The demand for video-on-streaming (VOD) streaming services has increased significantly in the recent past. VOD streaming services such as Hulu, Netflix, Amazon Prime Video, HBO, Disney Plus, and similar other services have recorded a notable rise in their paid subscribers. These VOD streaming services provide ad-free, high-quality content at affordable subscription fees. Rising competition among VOD service due to the entry of new competitors such as Disney+ and Apple TV+ has compelled other marketers to provide quality service. Thus, these factors are expected to propel the global video streaming software market growth over the forecast period.

Statistics:

Asia-Pacific region dominated the global video streaming software market in 2019, accounting for 32.2% share in terms of value, followed by Europe, North America and ROW respectively.

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