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Growing Preference For Online Services Fuels Expansion In The Streaming Media Device Market: Critical Driver Shaping the Streaming Media Device Market in 2025
Streaming Media Device
What Will the Streaming Media Device Industry Market Size Be by 2025?
The market size of streaming media devices has experienced significant expansion lately. The forecast suggests the market, valued at $70.94 billion in 2024, will further increase to $81.82 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 15.3%. The notable growth in the previous period is credited to factors like the emergence of over-the-top (OTT) content platforms, a surge in internet access and speed, adoption of smart TVs, consumers transitioning to on-demand content, and expansion of content repositories.
What's the Long-Term Growth Forecast for the Streaming Media Device Market Size Through 2029?
In the forthcoming years, the market size of streaming media devices is projected to surge rapidly, ballooning to $158.15 billion in 2029, showing a compound annual growth rate (CAGR) of 17.9%. This escalation during the forecast period can be due to the amalgamation with smart home ecosystems, the upsurge of live streaming and sports content, the expanded acceptance of 4K and HDR content, and advancements in the user interface and user experience. Emerging trends within the forecast period encompass the rise of 5G technology, emphasis on 4K and high dynamic range (HDR) content, introduction of live streaming services, integration of voice-activated controls and virtual assistants, and the increasing significance of gaming on streaming platforms.
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What Are the Key Growth Drivers Fueling the Streaming Media Device Market Expansion?
The increasing popularity of online streaming services is likely to push the expansion of the streaming media device market in the future. Online streaming services pertain to platforms that offer entertainment items like movies or music and directly stream it to users' computers, televisions, and mobile devices through the internet. Streaming media devices establish a connection between the television or home theater and the internet, enabling users to enjoy content (video, music, films, and sports) using a streaming TV service provider or application. Hence, this escalating fondness for online streaming services powers the expansion of the streaming media device market. For example, in the annual report released by Netflix, Inc., a US-based online streaming service firm, in January 2023, the total count of paid memberships towards the end of 2020, 2021, and 2022, ascended remarkably to 203,663 (in thousands) in 2020, 221,844 (in thousands) in 2021, and 230,747 (in thousands) in 2022. Furthermore, the count of paid memberships in Europe towards the year-end stood at 66,698 (in thousands) in 2020, 74,036 (in thousands) in 2021, and 76,729 (in thousands) in 2022. Therefore, this mounting preference for online streaming services fuels the development of the streaming media device market.
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What Are the Key Trends Driving Streaming Media Device Market Growth?
In the streaming media device market, newer, cutting-edge video platform technologies are becoming an increasingly popular trend. To remain competitive, companies in this space are incorporating these advances into their offerings. Take, for instance, the case of Xiaomi Corporation. This consumer electronics company from China, renowned for its smartphone and electronic hardware innovation, launched 'TV Stick 4K' in February 2023. The device highlights advanced features such as voice control which allows users to utilize Google Assistant for content search, playback management, and even the operation of other smart home devices. It also houses a built-in Chromecast feature, allowing easy casting of content from phones or tablets to televisions. Moreover, the device caters to diverse user preferences by providing access to various streaming applications and services such as Netflix, Amazon Prime Video, and Disney+ Hotstar.
How Is the Streaming Media Device Market Segmented?
The streaming media device market covered in this report is segmented -
1) By Type: Gaming Console, Media Streamers, Smart TVs
2) By Resolution: 720p, 1080p, 4K
3) By Application: E-Learning, Web-Browsing, Gaming, Real-Time Entertainment, Social Networking
4) By End User: Commercial, Residential
Subsegments:
1) By Gaming Console: PlayStation, Xbox, Nintendo Switch
2) By Media Streamers: Roku, Amazon Fire TV, Apple TV, Google Chromecast
3) By Smart TVs: OLED TVs, QLED TVs, LED TVs, Android TVs, WebOS TVs
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Which Companies Are Leading the Charge in Streaming Media Device Market Innovation?
Major companies operating in the streaming media device market include 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., Bharti Airtel Limited, Roku Inc., TiVo Corporation, Razer Inc., Netgear Inc., iMedia Technology, D-Link Corporation, HUMAX, Plex Inc., Matricom
Which Regions Are Leading the Global Streaming Media Device Market in Revenue?
North America was the largest region in the streaming media device market in 2024. The regions covered in the streaming media device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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