Streaming Media Devices Market Share, Analysis, Outlook,

Market share of streaming media devices

“The business research company recently published a comprehensive report on global streaming media devices market size and trends analysis with forecast 2024-2033. This latest market research report provides a wealth of valuable insights and data including global market size, regional shares, etc. It also covers current trends, future opportunities and essential data for success in the industry.

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According to The Business Research Company, the market for streaming media devices has grown rapidly in recent years. It will grow from $61.92 billion in 2023 to $72.06 billion in 2024, at a compound annual growth rate (CAGR) of 16.4%. The growth in the historical period is due to the rise of over-the-top content (OTT) platforms, the increasing penetration and speed of the Internet, the adoption of smart TV, the shift of consumers to on-demand content and the Expansion of content libraries.

The streaming media devices market is expected to witness rapid growth in the next few years. In 2028, it will grow to $135.57 billion at a compound annual growth rate (CAGR) of 17.1%. The growth during the forecast period is attributed to integration into smart home ecosystems, increase in live streaming and sports content, increasing adoption of 4K and HDR content, and improvements in user interface and user experience. Key trends during the forecast period include the emergence of 5G technology, the focus on 4K and high dynamic range (HDR) content, the emergence of live streaming services, the integration of voice control and virtual assistants, and the growing importance of Play on streaming devices.

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Market drivers and trends:

The growing preference for online streaming services is expected to drive the growth of the streaming media devices market in the future. Online streaming services refer to services that provide entertainment content such as movies or music and stream it directly to users’ computers, televisions and mobile devices over the Internet. Streaming media devices connect the television or home theater to the Internet and allow users to watch the content (videos, music, movies, and sports) through a streaming TV service provider or app; Therefore, the growing preference for online streaming services is driving the growth of the streaming media devices market. For example, according to the annual report of Netflix, Inc., a US-based online streaming service provider, the total number of paid memberships increased in January 2023. At the end of 2020, 2021 and 2022, the total number of paid memberships was The membership numbers increased dramatically to 203,663 (in thousands) in 2020, 221,844 (in thousands) in 2021 and 230,747 (in thousands) in 2022. In addition, the number of Paid memberships in Europe at the end of the year 66,698 (in thousand) in 2020, 74,036 (in thousands) in 2021 and 76,729 (in thousands) in 2022. Therefore, the growing preference for online streaming services is driving the growth of the streaming media devices market.

Advanced technologies in video platforms are a major trend that is becoming increasingly popular in the streaming media device market. Companies operating in the streaming media device market are adopting advanced technologies in video platforms to maintain their position in the market. For example, Xiaomi Corporation, a China-based consumer electronics company engaged in the development of smartphones and electronic hardware, launched the TV Stick 4K in February 2023. The TV Stick 4K’ is equipped with a voice control feature that allows users to use Google Assistant to find content, manage playback and even operate smart home devices. It also has a built-in Chromecast feature that allows users to instantly cast content from their smartphone or tablet to their TV. It allows users to watch various streaming applications and services such as Netflix, Amazon Prime Video and Disney+ Hotstar.

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Key Market Players:

Amazon.com Inc., Apple Inc., Google Inc., Samsung Electronics Co Ltd., Microsoft Corporation, Huawei Technologies Corporate Limited, Sony Corporation, LG Electronics, Panasonic Corporation, Haier Group Corporation, Xiaomi Inc., Mitsubishi Electric Corporation, Hisense Co Ltd., Nvidia Corporation, Azulle, VIZIO Inc., Sharp Corporation, Philips Electronics, Western Digital Corporation, ASUSTeK Computer Inc., ZTE Corporation, Bharti Airtel Limited, Liberty Global plc, Roku Inc., TiVo Corporation, Razer Inc., Netgear Inc., iMedia Technology, D-Link Corporation, HUMAX, Plex Inc., Matricom, Boxee Inc.

Key Insights on Streaming Media Devices Market 2024:

• The streaming media device market is expected to witness rapid growth in the next few years. In 2028, it will grow to $135.57 billion at a compound annual growth rate (CAGR) of 17.1%.
• Growing preference for online services drives expansion in streaming media device market
• The streaming media device market includes advanced video platforms
• North America was the largest region in the streaming media device market in 2023

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