✔️ 2022-05-05 09:00:00 – Paris/France.
REDDING, Calif., May 5, 2022 /PRNewswire/ — According to a new market research report titled, « Live streaming market by component (platform, services), offer model (B2B, B2C), type of Streaming (audio, video, gaming) and vertical (media and entertainment, education, sports and games, government, fitness) – Global forecasts until 2028″, Live Streaming Market is expected to grow at a CAGR of 22,4% from 2021 to 2028 to reach $4,26 billion by 2028.
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Live streaming streams video through various streaming protocols over the internet in real time and without any video latency. A well-equipped live streaming solution includes an HTML5 video player, simple integrated video options, monetization, production, content creation services, analytics, high-level security, and reliable content delivery. Several businesses and other organizations use live streaming technology to interact with their audience. Live streaming has become a top priority for many businesses amid the COVID-19 pandemic to promote their products and services and expand their reach to their consumers.
The growth of this market is supported by the increasing popularity of electronic sports and video games, growing preference for live-streamed content, and growing smartphone adoption and internet penetration. However, connectivity and production issues are expected to restrain the growth of this market. The growing focus on network bandwidth optimization and the growing reach of live streaming technology are expected to create growth opportunities for vendors operating in this market. However, the fake traffic on the sites of Streaming live is a major challenge for the growth of the market. Moreover, the incorporation of advanced technologies is a constant trend in this market.
The impact of COVID-19 on the market for Streaming live
The COVID-19 pandemic has spread across the world, with governments imposing nationwide lockdowns to ensure social distancing. These closures have affected most industries due to operating restrictions. Businesses around the world have been badly affected due to operating at limited capacities in line with social distancing measures. Most companies have adopted the remote work model to ensure business continuity. Consequently, there has been a noticeable increase in cloud-based video conferencing applications such as Zoom, Microsoft Teams, Google Meet, and Cisco Webex for employee training, virtual meetings, and remote work facilitation.
According to Dacast (US), approximately 55% of enterprises worldwide used such applications for company/division-wide broadcasts. Additionally, the COVID-19 pandemic has negatively impacted sectors such as media and entertainment, sports, education, and healthcare. Media and entertainment, sports and gaming events have been either postponed indefinitely or canceled due to lockdown restrictions and social distancing measures, leading to widespread adoption of live streaming platforms and services to broadcast these events remotely for viewers. Most companies in the media and entertainment sector have turned to the platforms of Streaming online to allow viewers to watch broadcast content from the safety of their homes.
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The sports and gaming industries have also used platforms for Streaming live to broadcast major events. For example, FIFA Tournament 2021, ICC Men's T20 World Cup (Cricket) 2021 and Tokyo Olympics 2020 were broadcast live for audiences around the world.
Although the pandemic has had a positive impact on the health sector, hospital infrastructure, doctors and other health professionals have taken a heavy toll due to the increasing number of COVID-19 cases and associated hospitalizations. Live streaming technology proved beneficial to the healthcare industry as doctors could offer consultations online, eliminating the need for patients to travel to the hospital. Medical experts also used live-streaming technology to offer advice on surgeries and diagnosis. The education sector has also been badly affected, with schools, colleges and other educational institutions closing temporarily to comply with government-imposed social distancing restrictions and keep students and teachers safe. Under such circumstances, there has been a remarkable increase in the adoption of cloud-based video conferencing applications such as Zoom in the education sector for online classes, assessments, seminars, etc.
Religious organizations have also adopted live-streaming technology for sermons, religious meetings and to reach wider audiences as people could not visit their places of worship due to lockdown restrictions. Live-streaming technology has enabled people to pursue their faith and stay connected with faith communities during the pandemic. Thus, the COVID-19 pandemic has had a positive impact on the live streaming market with a massive increase in the adoption of live streaming services and platforms across various industries.
The growing popularity of electronic sports and video games to drive demand for live streaming
With the increase in the number of viewers of live game streams around the world, the platforms of Streaming live set a new benchmark in the content creation space. Gaming industry business models have evolved alongside improvements in hardware, processing power, bandwidth, and internet penetration, making high-quality games more accessible on smart devices. the Streaming Live gaming involves recording and delivering game content to live audiences through social platforms. The growing number of players, the growth of the cloud Gaming and increasing investment in gaming and esports are expected to drive the demand for live gaming streams, driving the market growth. For example, in 2021, Kwalee (UK), a game developer, announced investments worth approximately USD 30 million over the next five years to expand the company's presence in the Indian market. . Additionally, Hangzhou, the capital of China's Zhejiang Province, announced plans to build around 14 esports facilities before 2022, investing nearly $2,22 billion. These investments in games are further expected to drive the growth of the market.
Amid the COVID-19 pandemic, government restrictions and nationwide lockdowns have boosted user engagement with video games and electronic sports. The increase in time spent in isolation during the pandemic has spurred consumer interest in online gaming. Streaming around the world, attracting the attention of major media companies. According to Newzoo (Netherlands), between 2019 and 2020, the number of people watching live game streams increased by around 11,7% globally, indicating a positive outlook for the overall market in the post-COVID-19 period.
To provide effective analysis, Meticulous Research® has segmented this market based on components (platform, services (subscription services, advertising, video production and content creation services), offering model (business-to-business ( B2B) and business-to-consumer (B2C)), type of Streaming (Streaming Audio, Streaming video and Streaming industry), vertical (business, media and entertainment, education and e-learning industry, sports and games industry, government, fitness industry, religious organizations, and other verticals) and geographic (Asia -Pacific, Europe, North America, Latin America, Middle East and Africa).
Based on components, the market for Streaming live is segmented into services and software/solutions. In 2021, the services segment accounted for the largest share of the overall live streaming market. This segment is also expected to register the highest CAGR during the forecast period. This is primarily attributed to the growing demand for new live streaming platform installations and integrations and the need for professional post-production support, upgrades and maintenance to help deliver a content based on customer specifications and provide a personalized experience for viewers. Additionally, growing demand for customer support, content creation services, and subscription services is driving the growth of the market.
On the basis of supply, the market for Streaming live is segmented into business-to-business (B2B) and business-to-consumer (B2C). In 2021, the business-to-consumer (B2C) segment accounted for the largest share of the overall live streaming market. This segment is also expected to register the highest CAGR during the forecast period. This is mainly attributed to the growing need to deliver live content over the internet for better engagement and brand reach, growing adoption of smart devices and faster internet penetration. In addition, the rise of established social media platforms or e-commerce sites and the growing adoption of live streaming platforms by the retail, media and entertainment sector are further contributing to the growth. the fastest in the overall market in the region.
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Based on the type of Streaming, the market for Streaming live is segmented into Streaming Audio, Streaming video and Streaming games. In 2021, the segment of Streaming video accounted for the largest share of the overall market for Streaming live. The large share of this segment is mainly attributed to changing online data consumption and consumer browsing behavior, growing use of new applications to attract new customers for branding and marketing by influencers, the growing adoption of cloud-based solutions to increase the reach of live video content and the growing popularity of social media platforms and other digital mediums. However, the segment of Streaming games is expected to grow at the highest CAGR over the forecast period. This is mainly attributed to the proliferation of smartphones with high processing power, high internet penetration, growing number of online game players and growing popularity of esports games among young people.
Based on the vertical, the live streaming market is segmented into media and entertainment, business, education and e-learning, sports and games, government organizations, fitness, religious organizations, and other verticals. In 2021, the media and entertainment segment accounted for the largest market share of the Streaming live. This segment is also expected to register the highest CAGR during the forecast period. This is mainly attributed to the growing popularity of Streaming live video online in the media and entertainment industry, to growing technological advancements such as the implementation of blockchain technology in the Streaming, the growing adoption of Streaming cloud-based video and the use of artificial technologies. intelligence to increase the reach of video content, improve video quality and ensure security.
Geographically, the market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the Asia-Pacific region accounted for the largest market share of the Streaming live. The large share of this region is mainly attributed to factors such as increasing emphasis on digitization with advancements in technology including cloud computing, AI, 5G technology in the digital media industry, and the growing adoption of live streaming platforms for better brand engagement. and reach. The Asia-Pacific region is expected to grow at the highest CAGR over the…
SOURCE: Reviews News
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