The market for streaming media services is projected to reach US$ 7.9 billion in 2022 and grow at a CAGR of 18.5% through 2032. The market will probably be valued at US$43.13 billion by 2032.
The market for streaming video services is predicted to expand significantly over the predicted time frame. The expected market increase is due to the use of blockchain and artificial intelligence (AI) to enhance video quality. Artificial intelligence (AI) is being used by a variety of streaming media service providers to enhance the content quality of videos. AI is essential for editing, voice-overs, scriptwriting, cinematography, and other aspects of creating and uploading videos.
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Technological Advancements and Innovations to Aid Market Growth
The market for streaming video services is growing as a result of the globalisation of mobile devices and the internet. The market for streaming media services is also growing as a result of the rapidly rising popularity of cloud-based solutions, which is mainly observed in Europe and North America.
Streaming Media Services Market: Drivers and Restraint
When it was first introduced in 1995, streaming media was designed to do away with the lengthy wait times connected with downloading digital media content. (Since the streaming media’s audio and video begin playing as soon as the data connection is established.) The popularity of streaming media services has been accelerated by the widespread availability of high-speed internet connection, which has considerably decreased the lag time in content delivery and improved the user experience.
Webcasting, in which enterprises transmit media content (audio, video, and multimedia presentations) using a specialised IP-based network, is one of the drivers driving its expansion in the industry. Growing consumer demand for digital media content, particularly among young people, is another.
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Streaming Media Services Market: Segmentation
On the basis of the services provided, applications, end users, and geographical regions, the market for streaming media services may be segmented.
Based on the types of services provided, the streaming media services market is further segmented into the categories of audio streaming, video streaming, and others (includes live closed captioning, ticker tape and real time text). The fastest rate of growth is anticipated for the sub-segment of these that involves video streaming. The trend is mostly due to the increase in popularity of on-demand entertainment services like live sporting events, TV shows, movies, and videos on platforms for TVs and other portable devices.
Streaming Media Services Market: Key Players
Apple Inc., Adobe Systems Inc., Microsoft Corporation, RealNetworks Inc., Google Inc. (You Tube), Netflix Inc., Amazon.com Inc., and Pandora Media Inc. are a few of the major competitors in the streaming media services sector. Midwest Tape and Spotify AB.
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The report covers exhaustive analysis on
- Global Streaming Media Services Market Segments
- Global Streaming Media Services Market Dynamics
- Historical Actual Market Size, 2012 – 2015
- Global Streaming Media Services Market Size & Forecast 2016 to 2026
- Supply & Demand Value Chain
- Global Streaming Media Services Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
- Global Streaming Media Services Market Drivers and Restraints
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