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Streaming Devices Market to hit $25bn by 2024: Global Market Insights, Inc.(December 13, 2017)
Sellbyville, Delaware, Dec. 13, 2017 (GLOBE NEWSWIRE) --
Streaming Devices Market is predicted to surpass USD 25 billion by 2024; according to a new research report by Global Market Insights, Inc. The global unit shipments will grow at over 15% CAGR from 2017 to 2024. A prime factor contributing to the high adoption of the streaming devices market is the rising penetration of cloud services in the media and entertainment sector.
Pay-per-use Over-the-Top (OTT) services such as Netflix and Hulu contain immense video libraries stored at remote servers that allow their subscribers to have access to high quality video feed at any time. Additionally, these eliminate the need to download and store massive amounts of data. The rising trend of cord cutting is anticipated to revolutionize the media and entertainment delivery field and promote the growth of the streaming devices market.
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Traditional TV viewing services via cable and satellite TV incurs high costs and additional taxes, need for installation and management services, slow updates, and issues with data transmission and latency issues with transmission of data via a large area. In light of these issues, various consumers are moving to the digital platform with a reduction of over 2.4% annual reduction from 2013 to 2017 and a growth of 6.5 million users that switched from cable pay TV.
Customer subscriptions to OTT services such as Netflix and YouTube and the rising penetration of Netflix and Hulu original series which are generally not available on broadcast TV is anticipated to further drive away the demand from traditional TV viewing. For instance, in the U.S. Netflix had approximately 51 million paying subscribers as of 2017, a large number of which is largely attributed to the growing prominence of original net series. This trend is further reflected across the world is anticipated to contribute to the high adoption of the streaming devices market.
The USD 30 – 100 pricing range in the streaming devices market is anticipated to exhibit the highest growth during the forecast timespan. The devices available in this segment generally are compatible with various types of TV resolutions such as Roku Ultra which is compatible with 4K and lower resolutions and are similar in functionality to the higher-end products. Furthermore, consumers in Asian countries, primarily in India and China, are more inclined to purchase lower cost products.
Browse key industry insights spread across 190 pages with 287 market data tables & 39 figures & charts from this 2017 report Streaming Devices Market in detail along with the table of contents:
The growing prominence of 4K systems offering higher picture quality and is a major factor contributing to the high growth of the 4K UHD segment in the streaming devices market. The consumer electronics market is subject to constant technological advancements with higher resolution systems such as 4K UHD systems anticipated to replace traditional lower resolution systems by 2024.
The economic boom in the Asia Pacific countries is largely contributing to the increase in disposable income allowing consumers to spend a larger amount on luxury electronic systems. Additionally, the increase in local players and the availability of low cost, high quality systems, rising reliance on the internet for media and entertainment services, and government initiatives for the development of broadband infrastructure is projected to drive the Asia Pacific streaming devices market demand.
Players operating in the streaming devices market include Logitech International S.A., Google LLC, NOW TV, Azulle, Amazon.com, Inc., MyGica, Apple Inc., NVidia Corporation, and Roku, Inc. Companies are required to continuously launch new technologies and upgrade their software to sustain growth in the marketplace. For instance, in October 2017, Roku Inc. announced the launch of Roku OS 8 which delivers new features such as a Smart guide, faster updates and searches, and enhanced voice command controls.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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