The streaming media device market has experienced rapid growth, increasing from $61.92 billion in 2023 to $72.06 billion in 2024, reflecting a CAGR of 16.4%. This rise is driven by the growth of OTT platforms, increasing internet speeds, smart TV adoption, and a shift to on-demand content. The market is expected to reach $135.57 billion by 2028, with a CAGR of 17.1%. Key growth drivers include integration with smart home ecosystems, live streaming and sports content, adoption of 4K and HDR, and enhancements in user interfaces. Major trends include 5G technology, focus on 4K and HDR content, live streaming services, voice control integration, and gaming on streaming devices.
Major Driver In The Streaming Media Device Market
The growth of the streaming media device market is fueled by the increasing preference for online streaming services. Online streaming services deliver entertainment content directly to users' devices via the internet. Streaming media devices facilitate this by connecting televisions or home theaters to the internet, enabling users to access content through streaming TV service providers or apps. Netflix's annual report in January 2023 revealed a substantial increase in paid memberships, reaching 203,663 (in thousands) in 2020, 221,844 (in thousands) in 2021, and 230,747 (in thousands) in 2022 globally. In Europe, paid memberships rose to 66,698 (in thousands) in 2020, 74,036 (in thousands) in 2021, and 76,729 (in thousands) in 2022. This robust growth underscores the mounting preference for online streaming services, consequently propelling the streaming media device market. The market size in 2023 is [2023 value], with projections for 2024 and 2028 at [2024 value] and [2028 value], respectively.
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Streaming Media Device Market Competitive Landscape
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 Streaming Media Device Market Trend
Advanced technologies in video platforms are a key trend gaining popularity in the streaming media device market. Companies operating in the streaming media device market are adopting advanced technologies in video platforms to sustain their position in the market. For instance, in February 2023, Xiaomi Corporation, a China-based consumer electronics company, engaged in smartphone and electronic hardware development, launched the TV Stick 4K. TV Stick 4K' is integrated with a voice control feature, enabling users to explore Google Assistant to find content, manage playback, and even operate smart home devices. It also incorporates built-in Chromecast functionality, enabling users to cast content instantly from their smartphone or tablet to their TV. It lets users view several streaming applications and services, such as Netflix, Amazon Prime Video, and Disney+ Hotstar.
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Streaming Media Device Market Segmentation
The streaming media market covered in this report is segmented –
1) By Type: Gaming Console, Media Streamers, Smart TVs
2) By Resolution: 720p, 1080p, 4K
3) By Application: E-Learning, Web-Browsing, Gaming, Real-Time Entertainment, Social Networking
4) By End User: Commercial, Residential
By Geography:The regions covered in the streaming media device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the streaming media device market in 2023.
The Streaming Media Device Global Market Report 2024 furnishes information about the global streaming media device market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
