The video streaming market is estimated to grow from $30.29 billion in 2016 to $70.05 billion by 2021, according to a report made available by Research and Markets.
The market is expected to grow at a CAGR of 18.3% throughout the forecast period because of the rising usage of online streaming. Users have started adopting pay TV and OTT solutions for streaming videos. The online video streaming has also increased the viewership up to 60%, which includes young individuals.
In solutions, OTT is expected to have the largest market growth rate and dominate the video streaming market from 2016 to 2021, due to the increasing use of digital platforms for branding and marketing of products.
The use of this video streaming technology is helping enterprises in various industries to grow their business by providing them facility to advertise product offerings through videos at significant cost.
Improved customer engagement in live and on-demand video streaming has helped this market to grow considerably along with increasing use of video streaming solutions and services.
Smartphones and tablets are the widely used platform for streaming live and on-demand videos. It is anticipated that 2016 could be the tipping point in widespread enterprise adoption of mobile devices. It is the fastest-growing platform type among other video streaming platforms as it plays vital role in providing assistance in watching videos on real time.