Streaming devices market is set to display phenomenal progress in the ensuing years, on the grounds that an increasing number of consumers are moving away from traditional TV and inclining toward over-the-top (OTT) pay-per-use services such as Netflix, Amazon Prime and Hulu, that have vast, easily-accessible video libraries eliminating the requirement of video download and data storage.
The media and entertainment industry, in recent times, has witnessed this major shift in preference, given the convenience that these devices provide and the changing inclination of the current internet-savvy generation of consumers. In consequence, streaming devices like Roku, Google Chromecast. Amazon Fire TV and Apple TV are becoming wildly popular, providing a major boost to the streaming devices industry.
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It would be prudent to mention that streaming devices market is driven not only by the type and quality of content that different devices offer but also the price of the streaming device itself. Streaming devices that are priced between USD 30 TO USD 100 are predicted to be the chief drivers for the streaming devices industry in the forecast period. A major example of this phenomena is the Roku streaming device. Roku has been increasingly capturing a major chunk of U.S. streaming devices market share despite the lack of its own TV platform.
Instead, Roku has been successful in striking third party deals and has been able to lead the streaming devices market with a consumer base that is larger than Google Chromecast and Apple TV. Apple has a connected TV device that is more technologically advanced than Roku, however, it has been observed that consumers looking forward to buying a basic streaming device will opt for Roku instead of Apple. Also, people in emerging economies such as India and China prefer low priced devices over high-priced ones – another factor that validates why USD 30 – 100 based streaming devices market has been doing better in terms of revenue generation.
As far as quality of content is concerned, it is quite overt that viewers demand high quality content from streaming devices, owing to which 4K compliant devices that provide better image clarity and sharpness will witness higher demand in the forecast period. Prices of 4K compatible devices have also been substantially reduced in the past few years.
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As more consumers are deemed eligible to afford 4K technology systems, 4K compliant devices will contribute significantly toward the growth of the streaming devices industry. However, 1080p, full HD systems also provide impressive picture clarity, and being less expensive than the 4K versions, are able to capture a wider section of the streaming devices market at present. For instance, though Apple has launched a technologically modified device that supports 4K and HDR videos, Roku is still making more sales from its basic streaming device.
The buzzing trend of customers shifting base from cable TV to digital platforms and increased access to fast broadband has been fueling streaming devices industry. The rising prominence of this vertical can be undeniably attributed to the rising popularity of OTT streaming systems like Netflix, Hulu, Amazon Prime, etc., across numerous economies. China and India, for instance, owing to the economic boom and the rise of the educated middle class with greater disposable incomes, willing to spend on OTT streaming systems, will undeniably propel Asia Pacific streaming devices market. As per estimates, APAC streaming devices market size is projected to witness a 25% CAGR over 2017-2024.
Just as the advancement of the streaming devices market has threatened traditional cable TV, ironically, the advent of smart TV has also threatened the streaming devices industry. However, the higher content access coupled with the low cost of the devices will contribute toward stimulating streaming devices market. Having recorded a shipment valuation of 60 million units, streaming devices industry is expected to continue depicting a positive growth path over 2017-2024.
Browse key industry insights spread across 190 pages with 287 market data tables & 39 figures & charts from the report, “Streaming Devices Market Size By Price (USD 30 – 100, USD 101 – 250), By Resolution Type (4K UHD, 1080p, 720p), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, China, India, Japan, South Korea, Brazil, Mexico, GCC, South Africa), Application Potential, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Chapter 4. Streaming Devices Market, By Price (Revenue & Shipments)
4.1. Streaming devices market share by pricing, 2016 & 2024
4.2. USD 30 – 100
4.2.1. Market estimates and forecasts, 2013 – 2024
4.2.2. Market estimates and forecasts, by region, 2013 – 2024
4.3. USD 101 – 250
4.3.1. Market estimates and forecasts, 2013 – 2024
4.3.2. Market estimates and forecasts, by region, 2013 – 2024
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