Streaming Devices Market Set for Rapid Growth to Reach Value $25 billion by 2024 | APAC to emerge as a prominent revenue ground

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.
A prime factor contributing to the high adoption of the streaming devices market is the rising penetration of cloud services in the media and entertainment sector. Pay-per-use Over-the-Top (OTT) services such as Netflix and Hulu contain immense video libraries stored at remote servers that allow their subscribers to have access to high quality video feed at any time. Additionally, these eliminate the need to download and store massive amounts of data.
The rising trend of cord cutting is anticipated to revolutionize the media and entertainment delivery field and promote the growth of the streaming devices market. Traditional TV viewing services via cable and satellite TV incurs high costs and additional taxes, need for installation and management services, slow updates, and issues with data transmission and latency issues with transmission of data via a large area. In light of these issues, various consumers are moving to the digital platform with a reduction of over 2.4% annual reduction from 2013 to 2017 and a growth of 6.5 million users that switched from cable pay TV.
The USD 30 - 100 pricing range in the streaming devices market is anticipated to exhibit the highest growth during the forecast timespan. The devices available in this segment generally are compatible with various types of TV resolutions such as Roku Ultra which is compatible with 4K and lower resolutions and are similar in functionality to the higher-end products. Furthermore, consumers in Asian countries, primarily in India and China, are more inclined to purchase lower cost products.
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The growing prominence of 4K systems offering higher picture quality and is a major factor contributing to the high growth of the 4K UHD segment in the streaming devices market. The consumer electronics market is subject to constant technological advancements with higher resolution systems such as 4K UHD systems anticipated to replace traditional lower resolution systems by 2024.
The developing economies including China, India, Indonesia, Japan, South Korea, etc., have been witnessing massive internet penetration in the recent times. The economic boom in the Asia Pacific region has been assisting the middle-class populace to shore up their disposable income, which has enabled them to purchase high-end products and invest in leisure activities. This has, eventually, entailed an astonishing rise in the number of internet users across this region, who are now demanding super-fast internet connectivity.
Add to it, this has necessitated the telecom sector to enhance the internet speeds at a drastic pace, particularly in the East and South Asia, which has further propelled the APAC streaming device industry size. As per estimates, China attained an internet user base of more than 720 million with India bagging the 2nd rank. In addition to such remarkable internet penetration, the enhanced internet speed has proved to yet another crucial factor which has embellished the APAC streaming devices industry share. To cite an instance of the growing speeds of the internet across the APAC, South Korea in 2016 claimed the first spot in terms of global average internet speed, with an average internet speed of 27 Mbps. Apparently, owing to the aforementioned declarations, the Asia Pacific streaming device market is forecast to record an impressive CAGR of 25 percent over the estimated period of 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.