Pune, June 08, 2021 (GLOBE NEWSWIRE) -- Market Analysis
Market Research Future (MRFR) expects the global streaming media device market size to reach USD 24 billion at a CAGR of 17.5% from 2020–2026 (forecast period).
A streaming media device is streaming hardware that links TV or home theater to the Internet through Wi-Fi or Ethernet and allows users to access content from online services. These are common devices with just a few connections, such as video (HDMI and/or composite), audio (RCA and/or digital), and Ethernet network jacks.
Several streaming media players also have built-in Wi-Fi for wireless internet connectivity, most of which have a dedicated remote control. Roku Player, Google Chromecast, Amazon Firestick, and Apple TV are among the most popular streaming media devices.
The growing demand for digital video and audio streaming content services and the increasing penetration of the Internet are factors pushing the growth of the global market for streaming media devices. The spike in the number of smart devices capable of supporting digital media, together with the availability of high-speed Internet access, has provided consumers with access to the media content of their preference. The US has seen a huge rise in demand for digital media, with much of the digital media consumption being audio and video. OTT services such as Netflix, Amazon Prime, and YouTube have witnessed a rising demand among young people around the globe that drives demand for streaming media devices. Strong restrictions on piracy and illegal streaming are likely to impede the market growth. The industry is finding opportunities from the rising demand for cloud-based services and solutions. In addition, the growing penetration of smart TVs is expected to challenge market growth.
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COVID-19 Impact on the Global Streaming Media Device Market
The digitalization of consumption is fundamentally changing the media and entertainment industry. Streaming platforms are among the structural winners of this trend. They have enjoyed tremendous success over the last few years, and their prospects remain promising despite the dire economic consequences of the COVID-19 crisis.
Market Segmentation
The global streaming media device market has been segmented on the basis of device type, resolution, application, and end-use.
By device type, the global streaming media device market has been segmented into gaming consoles and media streamers. The media streamers segment has been further segmented into streaming boxes and streaming sticks.
By resolution, the global streaming media device market has been segmented into 720p, 1080p, and 4K.
By application, the global streaming media device market has been bifurcated into gaming, audio/video entertainment, e-learning, and others.
By end-Use, the global streaming media device market has been segmented into commercial and residential.
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Regional Analysis
Market Research Future (MRFR) study has covered the following regions in the regional analysis of the streaming media device market: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America to lead the global market
North America currently leads the global streaming media device market and has a large market share due to the involvement of the majority of main players in the market who are investing heavily in developing streaming media devices to provide innovative features with advanced functionality and high resolution. Moreover, the region is also an early adopter of technology, and young people in the region are increasingly demanding OTT services, which fuel the demand for streaming media devices in the region.
APAC to be the fastest-growing regional market
The Asia Pacific is expected to be the fastest-growing regional market in the forecast period. The demand for cloud-based solutions and services and rising Internet penetration in the region are expected to boost the market growth. In addition, high consumer income in the region and increasingly demanding on-demand streaming services among young people in the region further increase market demand in the region.
Europe to achieve large market share
Europe is also expected to have a large market share. The region has been very focused on the adoption of cloud strategies and streaming entertainment services that drive market growth in the region.
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Competitive Landscape
Notable Players of The Global Streaming Media Device Market Are:
- VCA Technology (the U.K.)
- Amazon.com, Inc. (US)
- Apple Inc. (US)
- Google LLC (US)
- HUMAX (South Korea)
- Philips Electronics (Netherlands)
- Nvidia Corporation (US)
- Sony Corporation (Japan)
- Samsung Electronics (South Korea)
- Azulle (US), Roku, Inc. (US)
- Xiaomi Inc. (China)
- WeTek (Portugal)
- TiVo (US)
- SkyStream Technologies (US)
- Matricom (US)
- ASUSTeK Computer Inc. (Taiwan).
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Industry News
In July 2019, Apple Inc. revealed plans to launch Apple TV+ streaming services to allow consumers to watch content on iPhone, iPad, MAC, Apple TV, and other smart TVs. The latest edition also includes access to new shows created by the company based on a subscription service.
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