Asia-Pacific Video Streaming Market To Prosper in Coming Years

From $245.3 billion in 2018, the global video streaming market revenue is predicted to rise to $688.7 billion by 2024. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 19.1% from 2019 to 2024 (forecast period). The major factors driving the progress of the market are the growing penetration of the internet and mushrooming popularity of various social media platforms across the world.

During the last few years, there has been a sharp surge in video content on various social media platforms, mainly because of the rising penetration of the internet and increasing network speed. For instance, the content on YouTube registered a growth of as much as 99% in 2017. Moreover, over 40% of the global population or more than 3 billion people actively use various social media platforms these days. The number of these users rose by 14% from 2017 to 2018. In addition, the increasing internet connectivity is also fueling the progress of the video streaming market.

The total number of internet users surged by around 1.3 billion from December 2014 to March 2019 and reached 4.4 billion. Besides these factors, the growing popularity of video streaming services is also propelling the advancement of the market. Emerging economies, such as Iran, South Korea, South Africa, and India, are witnessing a sharp rise in internet penetration, registering an increment of 158 million active internet users during 2015–2018. Similarly, the number of internet users surged to 31.2 million in South Africa, as of 2019.

In response to the growing internet penetration, companies, such as The Walt Disney Company, Amazon.com Inc., and Netflix Inc., started making huge investments in economies, such as South Korea and India. Depending on type, the video streaming market is classified into linear and non-linear categories. Of these, the non-linear category is predicted to demonstrate the highest growth rate in the market in the coming years. This is attributed to rapid advancements in technology and the telecom infrastructure, providing scalable and definite content for consumption.

Geographically, Europe and North America are predicted to dominate the video streaming market in the coming years. This is credited to the increasing demand for over-the-top (OTT) services in the region. The U.S. was home to around 275 million internet users in 2018, which was considerably higher than the number recorded in 2014, which was 264 million. Additionally, many major market players are making huge investments in the development of original content and innovative technologies, which is further boosting the growth of the industry in the region.

Whereas, the Asia-Pacific (APAC) region is predicted to be the fastest-growing region in the video streaming market from 2019 to 2024. This is ascribed to the soaring number of internet users and low data costs in the region. As per reports, the penetration of the internet was recorded at 45% in 2018, which was considerably greater than the share reported in 2014, which was 35%. China is home to the largest number of internet users (800 million), followed by India (560 million), Indonesia (150 million), Japan (120 million), and Bangladesh (90 million) as of January 2019.

Hence, the demand for video streaming will soar in the coming years, mainly because of the increasing penetration of the internet and growing use of social media platforms across the world.

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