Video Streaming - Industry Trends Development and Forecast Report, 2030

NEW YORK - Feb. 20, 2024 - PRLog -- The projected revenue of the global video streaming market is around USD 130.1 billion for 2023, with an anticipated increase to USD 508.8 billion by 2030. This growth is forecasted to occur at a compound annual growth rate (CAGR) of 21.6% between 2024 and 2030.

This growth of the industry can be credited to the growing usage of AI and blockchain tech to upgrade video excellence. AI is now playing a vital role in editing, cinematography, voice-overs, scriptwriting, and several other aspects of video production and upload.

In 2023, on the basis of type, the linear bifurcation category had the larger share of 60%. This is mainly because of the growing usage of digital media devices and the fact that this model provides simple and quick access to online content.

In 2023, the smartphones and tablets segment commanded the largest portion of revenue at 45%, attributed to factors such as widespread internet accessibility, rising disposable incomes, and evolving lifestyles.

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These devices facilitate seamless live streaming due to the consistent internet connectivity prevalent in urban regions. Moreover, smartphones and tablets are favored for online streaming due to their portability, ease of use, offline viewing capabilities, and their ubiquity among billions of individuals globally. Additionally, smartphones serve as a secondary screen for seeking supplementary information related to content while watching television.

On a global scale, North America emerged as the leading market, capturing approximately 50% of the revenue share in 2023, driven by the rapid expansion of cloud-based streaming services. Within North America, the United States claimed the majority of the market share in 2023, a trend anticipated to persist until 2030.

Hence, this growth of the industry can be credited to the growing usage of AI and blockchain tech to upgrade video excellence.