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Streaming Media Device Market Share, Analysis, Outlook, Overview, Forecast 2024-2033
Streaming Media Device Market Share
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According to The Business Research Company's, The streaming media device market size has grown rapidly in recent years. It will grow from $61.92 billion in 2023 to $72.06 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to rise of over-the-top (OTT) content platforms, increasing Internet penetration and speeds, smart TV adoption, consumer shift to on-demand content, expansion of content libraries.
The streaming media device market size is expected to see rapid growth in the next few years. It will grow to $135.57 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to integration with smart home ecosystems, rise of live streaming and sports content, increasing adoption of 4K and HDR content, enhancements in user interface and experience. Major trends in the forecast period include emergence of 5G technology, focus on 4K and high dynamic range (HDR) content, emergence of live streaming services, integration of voice control and virtual assistants, growing importance of gaming on streaming devices.
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Market Drivers and Trends:
Growing preference for online streaming services is expected to propel the growth of the streaming media device market going forward. Online streaming services refer to services that provide entertainment content, such as films or music, and deliver it straight to users' computers, televisions, and mobile devices via the internet. Streaming media devices link the television or home theater to the internet, allowing users to view the content (video, music, movies, and sports) using a streaming TV service provider or app; thus, the growing preference for online streaming services propels the growth of the streaming media device market. For instance, in January 2023, according to the annual report published by Netflix, Inc., a US-based online streaming service company, the total number of paid memberships At the end of 2020, 2021, and 2022, the total number of paid memberships climbed dramatically to 203,663 (in thousands) in 2020, 221,844 (in thousands) in 2021, and 230,747 (in thousands) in 2022, respectively. Furthermore, the number of paid memberships in Europe at the end of the year was 66,698 (in thousands) in 2020, 74,036 (in thousands) in 2021, and 76,729 (in thousands) in 2022. Therefore, the growing preference for online streaming services is driving the growth of the streaming media device market.
Advanced technologies in video platforms are a key trend gaining popularity in the streaming media device market. Companies operating in the streaming media device market are adopting advanced technologies in video platforms to sustain their position in the market. For instance, in February 2023, Xiaomi Corporation, a China-based consumer electronics company, engaged in smartphone and electronic hardware development, launched the TV Stick 4K. TV Stick 4K' is integrated with a voice control feature, enabling users to explore Google Assistant to find content, manage playback, and even operate smart home devices. It also incorporates built-in Chromecast functionality, enabling users to cast content instantly from their smartphone or tablet to their TV. It lets users view several streaming applications and services, such as Netflix, Amazon Prime Video, and Disney+ Hotstar.
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Major Key Players of the Market:
Amazon.com Inc., Apple Inc., Google Inc., Samsung Electronics Co Ltd., Microsoft Corporation, Huawei Technologies Corporate Limited, Sony Corporation, LG Electronics, Panasonic Corporation, Haier Group Corporation, Xiaomi Inc., Mitsubishi Electric Corporation, Hisense Co Ltd., Nvidia Corporation, Azulle, VIZIO Inc., Sharp Corporation, Philips Electronics, Western Digital Corporation, ASUSTeK Computer Inc., ZTE Corporation, Bharti Airtel Limited, Liberty Global plc, Roku Inc., TiVo Corporation, Razer Inc., Netgear Inc., iMedia Technology, D-Link Corporation, HUMAX, Plex Inc., Matricom, Boxee Inc.
Streaming Media Device Market 2024 Key Insights:
• The streaming media device market size is expected to see rapid growth in the next few years. It will grow to $135.57 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%.
• Growing Preference For Online Services Fuels Expansion In The Streaming Media Device Market
• Streaming Media Device Market Embraces Advanced Video Platforms
• North America was the largest region in the streaming media device market in 2023
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