According to the latest market research study released by Technavio, the global streaming media device market is expected to grow at a CAGR of more than 17% during the forecast period of 2016 to 2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the global streaming media devices market based on the product type:
Global streaming media devices market share by product type, 2015
The top three revenue contributing product segments are discussed below:
Global streaming media device market for gaming consoles
In 2015, the gaming consoles segment accounted for almost 14% of the overall market share. However, the market share of this market segment is expected to decline over the forecast period due to the lack of innovation in these devices and the resultant drop in the shipment of these devices. Furthermore, the replacement cycle is low as the time gap between the two generation of consoles is huge. The high cost of purchase is yet another factor that is hindering the adoption of gaming consoles in spite of the unparalleled gaming experience they provide. Consumers increasingly prefer to invest in other streaming devices such as Chromecast and VR headsets as they are more affordable than conventional devices. Gaming console manufacturers are making use of advanced technologies in an attempt to retain their shares in the market. For instance, the last console generation of Sony and Microsoft had an 8-GB RAM, which was compatible with Blu-ray video, HDMI, and digital output. The GPU offered up to 1.84 TFLOPS.
“The introduction of VR and 360-degree videos is revolutionizing the global market for streaming devices. VR and 360-degree videos gained popularity with the launch of the 360-degree video channel by YouTube launched in January 2015. VR is becoming a trend in the entertainment domain, and it is making its way into various digital arenas, particularly the digital video content market. It is emerging as one of the mainstream platforms, leading to the technological transformation of the digital world. In 2016, Facebook launched its flagship VR device, Oculus Rift, Sony launched PlayStation VR, and HTC launched Vive,” says Ujjwal Doshi, a lead analyst at Technavio for consumer electronics.
Global streaming media device market for media streamers
The media streamers segment was the second largest in the global market for streaming media devices during 2015 with a market share of more than 20%. Media streamers are devices that are developed specifically for the streaming of online content over TVs and allows users to stream and manage content according to their preferences. Their smaller size, when compared to other devices, make then easy to transport and move.
The growth of the global streaming media device market for media streamers is fueled primarily by the compatibility of these devices with the latest TV sets. Technological advances and innovations in these devices also act as an incentive for the growth of this market segment. Vendors in the media streamer market offer these devices at different prices, with attractive features, and a variety of channel subscriptions in an attempt to attract more consumers. The global streaming media device market for media streamers is expected to post growth at a CAGR of almost 21% during the forecast period.
Global streaming media device market for smart TVs
APAC is one of the largest markets for smart TVs, with China being a key revenue contributor. The significant growth rate of the market can be attributed to the increase in PPP; a rise in standards of living in India, China, and South Korea; high adoption of technologically advanced consumer electronics products; and the emergence of local vendors that supply cheaper smart TVs than global vendors. In the Americas, the US accounts for a majority share of the demand for smart TVs. However, the market penetration of smart TVs in this region is dampened by the increased adoption of on-demand services in the region. Furthermore, the region has a higher penetration of Internet-connected content streaming devices such as video gaming consoles and Blu-ray players, which decrease the need for smart TVs.
The market for smart TVs in developed countries such as Turkey, Spain, and the UK is driven by the availability of advanced features in these devices. In the Netherlands, Belgium, Germany, and France, the price of smart TVs influences the buying decision among consumers.
The top leading vendors operating in the global streaming media devices market are:
Other prominent vendors in the market include ASUSTeK Computer, ARRIS Group, D-Link, HiMedia Technology, Hisense, Huawei Technologies, Keedox, LG Electronics, Matricom, NETGEAR, NVIDIA, Philips, Razer Forge, Samsung Electronics, Sling Media, TiVo, and VIZIO.
A more detailed analysis is available in the Technavio report titled, ‘Global Streaming Media Devices Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Digital Video Content Market 2016-2020
- Global Music Streaming Market 2016-2020
- Global Video Services Market 2016-2020
- Global OTT Devices and Services Market 2016-2020
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