The competitive landscape in the global streaming media devices market is fairly consolidated as a few players hold a dominant share, observes Transparency Market Research. Investments in technological innovations, product differentiation, feature-rich products, and affordable pricing are expected to be some of the key strategies of the companies operating in the global market. Apple, Google, Microsoft, and Roku are some of the important players in the global streaming media devices market.
According to the research report, the global streaming media devices market is expected to be worth US$337,683.2 mn by the end of 2025. During the forecast period of 2017 and 2025, the global market is expected to rise at a remarkable CAGR of 16.7%. Out of the various types of streaming media devices, the smart TVs segment is expected to show tremendous progress. The consistently rising demand for high resolution display screens is projected to augment the growth of this demand in the foreseeable future. In terms of geography, North America held a leading share in the global market of about 50%. The trend is expected to continue due to rapid penetration of high-speed Internet and entertainment industry.
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Rise of Content Streaming Channels Spikes Demand
The ongoing technological development of streaming devices has led to gradual replacement of CDs and DVDs, which were previously used for education or entertainment. The convenience of storing or live-streaming content on various types of media devices has garnered a wide consumer base in recent years. Furthermore, the wide availability of internet that enables streaming of content has also propelled market growth in recent years. The report also suggests that introduction of content streaming websites such as Netflix and YouTube has also prompted several end users to invest in streaming devices such as smart TVs, gaming consoles, and media streamers. The major trend supportive to growth of streaming media devices is the rising production of in-house web series, which is anticipated to lift the demand for video content over the coming years. The streaming media devices support wireless streaming as well as wired streaming using a cabled LAN.
The report states that the improving broadband rates and quality is likely to favor market growth during the forecast period. The rising disposable incomes, especially in the developing countries, has accelerated purchases for residential purchases, thereby prompting purchases of smart TVs. The growing usage of virtual content for educative purposes and e-learning modules has also triggered a wave of using streaming devices in the education industry. The unstoppable rise of social networking, entertainment, and gaming are also identified as the key growth drivers of the global streaming media devices market.
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Slow Pace of Development in Emerging Economies Acts as a Restraint
On the flip side, the global streaming media devices market is riddled with the slow pace of development in the emerging economies. The uptake of technologically advanced streaming devices in these countries is slow as compared developed regions due to poor broadband rates. Furthermore, the high cost of streaming media devices for majority of the population is also restraining the global market. However, the introduction of several local players is expected to bring in a wide range of streaming media devices at affordable in the developing countries, thereby creating a new avenue of growth for the global market.