Video Streaming Market To Generate Revenue worth $508.8 Billion by 2030

The video streaming market revenue is estimated to have stood at USD 130.1 billion in 2023, and it will reach USD 508.8 billion by 2030, with a CAGR of 21.6% between 2024 and 2030. This is ascribed to the growing usage of artificial intelligence, blockchain technology, and smartphones, easy accessibility of content streaming platforms, and availability of unlimited mobile data and Wi-Fi plans.

OTT Solutions Are Most Popular

On the basis of solution, the OTT category holds the largest share, as these platforms offer film and TV programs without users having to subscribe to a conventional pay-TV or cable service. They provide a significant variety of original content and enable hybrid monetization and content fragmentation. Additionally, with the easy availability of mobile and Wi-Fi plans with unlimited download limits, an increasing number of media companies are launching OTT platforms.

Such video streaming enables the saving of storage space on the device and allows people to avoid waiting for the content to download fully, by supporting online viewing. For instance, the Netflix application allows people to download videos in the application, rather than the device, which helps save storage space.

Smartphones Are Platform of Choice among Viewers

The smartphones & tablets category dominates the platform due to the easy access to fast internet, increase in disposable income, and changes in lifestyles. Smartphones provide convenience as they can be used anywhere, such as while traveling or relaxing at home. Further, the billions of smartphones connected to the internet around the world have encouraged market players to tailor their video streaming apps for these devices.

Further, many video streaming apps, such as Netflix and Amazon Prime, offer offline watching options. These apps use algorithms to offer recommendations for content, based on user history. Smartphones also allow for video content generation with high-quality cameras, which can be shared with people on diverse applications.

Greater Demand for Cloud-Based Deployment

The cloud-based deployment bifurcation holds the larger share in the deployment segment. Cloud-based solutions help video streaming services handle more users and changes in traffic without much trouble. They also enable users to change the quality of the videos so that they can be played on all sorts of devices with internet connections of varying speeds and signal strength. Cloud-based deployment is essentially used by video streaming companies to provide bigger bandwidths and improved speeds, thus allowing people to easily deal with buffering and latency issues.

Further, the use of cloud-based video streaming for training and support & consulting is gaining attraction as it connects people, helps make online learning easy, and allows for enhanced productivity in work-from-home scenarios.

Highest Revenue Is Generated in North America

Globally, North America is the largest market, owing to the existence of advanced IT infrastructure. Additionally, the availability of numerous training courses on technical skills and the presence of all major market players lead to the dominance of North America on global video streaming revenue generation. Further, the busy lives of most people in the continent leave them with little choice but to consume content on the go, such as on the way to the office or back home. In this regard, the high adoption of smartphones and tablets and the easy availability of high-speed internet benefit the market in the region.

Some of the key competitors in the market are Netflix Inc., Amazon.com Inc., AT&T Inc., The Walt Disney Company, Alphabet Inc., Warner Bros. Discovery Inc., Paramount, and AMC Networks Inc.