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SNL Kagan has released its latest report looking at the streaming media player market.
The remarkable growth of OTT video services is attracting attention to consumer electronics products that can efficiently support streaming media services. One of these products, the streaming media player, has experienced a significant growth spurt over the past few years.
SNL Kagan’s research shows that worldwide unit shipments of streaming media players, a product sometimes called an OTT set-top box or a digital media adapter, increased by more than 50 per cent to reach nearly 15 million units in 2013. And while that growth is expected to flatten out over the course of the forecast period, sustained consumer demand has actually been surprising.
“While many felt that these products would be quickly replaced by other consumer electronics devices capable of streaming video such as smart TVs and Internet-connected Blu-ray players, the streaming media player market continues to shrug off such challenges,” explains senior analyst Mike Paxton. “Low prices and ease of use have led to continued consumer demand with many households enjoying more than one of these devices.”
While Apple TV remains the leading streaming media player product on the market, approximately 40 different vendors are currently shipping streaming media player products. These vendors run the gamut from consumer electronics giants such as Samsung, Sony, and Hisense, to start-up companies like Nano Tech and QPlay.
Approximately 90 per cent of all streaming media player unit shipments occur in North America. In order for the market segment to continue to growing, vendors will need to push their products into new markets such as Western Europe and select countries in Asia.