Forecast: Streaming software market at $13bn by 2030
March 28, 2022
At present, the broadcasting industry is experiencing ever-increasing demand for original video content, reports Future Market Insights. Major competitors are spending billions on the production of new content to satisfy their existing audiences and also attract new viewers.
As such, several developers and broadcasters are striving to boost their video streaming software and services by creating original content to enhance brand reputation. Availability and quality of premium live content on different devices continues to grow, as live video streaming is in its nascent stage. Viewers who were earlier watching live events and sports on TV have started to shift towards these platforms, mainly due to the availability of live video content as per their linking and convenience.
This demand-side trend is working in favour of the growth of the video streaming software market, which is projected for nearly threefold, to nearly $13 billion (€11.8bn), by 2030.
Key Takeaways of Video Streaming Software Market Study
- For residential end users, 4K or UHD video streaming software is becoming mainstream, and this trend is likely to grow with an increase in the availability of mobile devices that support these formats.
- Although some regions such as Latin America have limited broadband penetration and high levels of piracy, they show great potential in becoming over-the-top (OTP) video streaming software market leaders in the coming years, owing to the changing habits of end users.
- Although growth in the total number of video streaming subscriptions is slowing down in North America, consumption time or video streaming time per user continues to increase, as the content that is available to stream is constantly improving.
Covid-19 Pandemic Impact Analysis
Increasing cases of Covid-19 infections have forced governments across the world to legislate nationwide lockdowns. Citizens are required to stay indoors until the concerned authorities lift the lockdown orders. The first quarter witnessed accelerated adoption of gaming and media platforms on a global level, as the need for digital entertainment rose among users.
Netflix and Prime Video, among other video streaming software and service providers, are registering increased influx of subscriptions, as the number of Covid-19 infections surge and strict lockdowns are legislated across the world. These lockdowns are propelling the adoption of video streaming software solutions, worldwide.