The
global video streaming market is expected to worth US$223.98 billion
by 2028, according to a new report by Grand View Research, with the compound
annual growth rate (CAGR) at 21% from 2021 to 2028. In contrast, the market is
worth an estimated US$59.14 billion in 2021.
Growth in Asia Pacific
The Asia-Pacific
region is projected to demonstrate growth at the highest CAGR over the forecast
period, attributed to the increasing use of mobiles and tablets, rapid technological
advancements, and popularity of online streaming.
The
popularity of cloud-based video streaming in the Asia-Pacific region is
contributing to the growth, Grand View said, fuelled by rapid digitalisation,
the increased use of mobile devices, and high-speed internet connectivity.
Over-the-top
(OTT) video streaming solutions have further transformed content consumption
behaviour in the Asia-Pacific region. Incumbent telecommunication providers and
multi-channel operators in this region have also proactively pursued business
innovation and advancement using video streaming for advanced marketing.
Various
initiatives by service providers are contributing to the growth in the Asia
Pacific region, said Grand View. Operators in Southeast Asia have expanded
monetisation opportunities by offering the fast-growing broadband internet
population multi-channel video streaming services along with fixed-mobile
packages.
COVID effects
Grand
View also commented that the COVID-19 outbreak has had a positive impact on
video streaming viewership and engagement.
The
company noted that viewership of video streaming services has drastically risen
across the globe as more people stay home and turn to online entertainment.
Video streaming platforms such as Netflix, Amazon Prime Video, YouTube, and
Disney+ registering spikes in their viewership worldwide.
In
March 2020, the viewership of Twitch increased by 31% as more individuals
connected with the live streaming platform, Grand View added.
Cloud deployments
Cloud-based
deployments have the advantage of large bandwidths and high speeds, leading to
better viewing experiences. In addition, cloud-scaling helps in increasing the
bandwidth and dealing with buffering and latency issues. This has driven some
streaming service providers to migrate from on-premises to the cloud.
In
terms of deployments, the cloud-based segment in Asia-Pacific is expected to
grow at the highest CAGR in coming years, Grand View predicted.
Technology as drivers
According
to the consultancy, technological advances such as blockchain for video
streaming and artificial intelligence (AI) to improve video quality are
expected to boost demand over the forecast period.
AI is
of particular interest as it is now found in editing, cinematography,
voice-overs, scriptwriting, and several other aspects of video production and
upload, Grand View maintained. Various video streaming solution providers are
using AI to improve the content quality of videos as well.
The
research further suggests that live video will have the highest growth over the
forecast period.