The Asia Pacific market provides high potential for growth with a CAGR of around 25% during the forecast timespan owing to the improvements in the economic conditions, primarily in countries such as China and India. The economic boom in this region is aiding the middle-class population to purchase luxury and high-end products with the increase in disposable income.
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Streaming Devices Market is anticipated to reach a revenue of over USD 25 billion over the forecast timespan. A major factor contributing to this demand is the shift of consumers away from traditional TV viewing, such as satellites and cable TVs, to the digital platforms. This trend is highly amplified in the North American and European regions, where the provision of fast broadband services is very high.
Cable and satellite packages can amount to prices ranging upwards of USD 50 per month with additional charges for installation, maintenance, and a-la-carte channels, propelling the growth of the streaming devices market. For instance, in the U.S., the shift toward non-traditional viewing is occurring with over 2 million users yearly terminating traditional subscriptions. Consumers are increasingly subscribing to Over-the-Top (OTT) platforms, such as Netflix, Hulu, and Amazon Prime, owing to their low-priced and flexible packages.
The demand for streaming devices market and the movement to the digital platform for entertainment purposes is further streamlined by the provision of cloud solutions as these reduce costs for viewing content, space utilized for storing downloaded content, and issues pertaining to copyright thefts. Additionally, video and audio content are compatible with a variety of devices and can be accessed over multiple platforms at any time and is encoded to handle security and safety concerns.
The streaming devices market by pricing indicates that the USD 30–100 pricing range is dominating in terms of revenue and shipment in 2016. Consumer tendency to purchase low-cost electronic devices, primarily in the Asia Pacific and the Latin America region, is anticipated to drive the streaming devices market demand. There is a large availability of low-cost devices, such as the Google Chromecast and the Amazon Fire TV stick, that provide streaming services and are fully compatible with HD, UHD, and low-resolution systems without excessive spending on the products.
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The availability of fast broadband services and accessibility in remote locations are aiding the growth of the Europe and North America streaming devices market. The UK has 62.1 million users and a 94.2% population that has access to the continuous internet. Additionally, the increase in binge-watching and cord-cutting has aided in the industry growth. OTT providers, such as Netflix, allow consumers the added benefit of using their services at any time, substantially aiding users with hectic working schedules.
Streaming devices market players include Matricom, Roku, Inc., Google LLC, Amazon.com, Inc., Nvidia Corporation, Sling Media LLC., Apple, Inc., Sony Corporation, Xiaomi, Inc., and TiVo. Companies operating in this industry spend a large amount on R&D activities to improve their product landscape and increase their market share.
For instance, in September 2016, Google LLC announced the launch of the Chromecast Ultra 4K with Google Assistant capabilities and compatibility with 4K resolution screens. This is anticipated to aid the company in sustaining growth in the streaming devices market and stay on par with the competition.
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