Rising Demand for Video Streaming Software

It is expected that the market for video streaming software would grow at a remarkable CAGR of 10.2%, from US$ 5.9 billion in 2022 to US$ 12.87 billion by the end of 2030. The need for original video material is now growing rapidly in the broadcasting sector.

As a result, a number of companies and broadcasters are working to improve their video streaming services and software by producing original content to bolster their brands. Given that live video streaming is still in its infancy, the quantity and calibre of premium live content available on various platforms is expanding.

Viewers who were earlier watching live events and sports on TV have started to shift towards these platforms, mainly due to the availability of live video content as per their linking and convenience. This demand-side trend is working in favor of the growth of the video streaming software market, which is projected for nearly threefold growth over the next decade.

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Key Takeaways of Video Streaming Software Market Study

For residential end-users, 4K or UHD video streaming software is becoming mainstream, and this trend is likely to grow with an increase in the availability of mobile devices that support these formats.
Although some regions such as Latin America have limited broadband penetration and high levels of piracy, they show great potential in becoming over-the-top (OTP) video streaming software market leaders in the coming years, owing to the changing habits of end users.
Although growth in the total number of video streaming subscriptions is slowing down in North America, consumption time or video streaming time per user continues to increase, as the content that is available to stream is constantly improving.

COVID-19 Pandemic Impact Analysis

Increasing cases of COVID-19 infections have forced governments across the world to legislate nationwide lockdowns. Citizens are required to stay indoors until the concerned authorities lift the lockdown orders. The first quarter (Q1) witnessed accelerated adoption of gaming and media platforms on a global level, as the need for digital entertainment rose among users.

Netflix and Amazon Prime, among other video streaming software and service providers, are registering increased influx of subscriptions, as the number of COVID-19 infections surge and strict lockdowns are legislated across the world. These lockdowns are propelling the adoption of video streaming software solutions, worldwide.

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