Streaming Devices Market By Device Type (Game Consoles and Media Streamers), Resolution (4K, 720p & 1080p, 8K), Application (E-Learning, Web-Browsing, Gaming, Real-Time Entertainment, Social Networking), End-use (Residential, Institutional, and Commercial), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023-2032

Market Perspective

The global Streaming Devices Market was valued at around USD 25.9 billion in 2022 and is expected to grow to USD 62.1 billion by 2032 with a projected compound annual growth rate of 9.1% from 2023 to 2032.

The global internet streaming devices market is growing rapidly due to the widespread use of the internet, advancements in communication infrastructure, and the availability of innovative streaming devices. Consumers are demanding personalized TV experiences and the ability to watch content at their own convenience, leading to increased demand for these devices.

The market is also being driven by the popularity of cloud services in the media and entertainment industry, rising disposable incomes, changing lifestyles, and the availability of various streaming services. However, there are some challenges facing the market, including a lack of standardization of services, high costs, and low technical skills among certain populations.

As more people move away from cable TV and towards streaming services, demand for these devices continues to increase. The growing popularity of video-on-demand is providing new opportunities for players in the market. In the last few years, streaming technology has become among businesses for various such as scheduling meetings, conducting desktop conferences, and communicating with clients. The growth of the internet and mobile phone usage, as well as the widespread adoption of cloud services, are also contributing to the growth of the market.

Key Insights

• Based on the device type, the media streamers segment held the largest market share
• On the basis of resolution, the 4K segment dominated the market
• By application, the real-time entertainment segment is expected to dominate over the forecast period
• Based on end-use, the residential segment generated the highest revenue
• On the basis of region, Asia Pacific accounted largest market share

Growing Penetration of Smart TV to Augment Market Growth

Increasing penetration of smart TVs is expected to be a major catalyst for growth in the streaming devices market. Smart TVs are becoming increasingly popular among consumers due to their wide range of features and capabilities, such as Internet connectivity and access to various streaming services. This has led to a significant increase in the adoption of streaming devices, particularly in North America, where the penetration of smart TVs is expected to reach 90% by 2024.

In addition, the growing competition in the streaming devices market has encouraged manufacturers to innovate, driving down prices and providing consumers with more options. For instance, Samsung Display’s QD-OLED panel technology has been implemented in award-winning Samsung S95B and Sony A95K TVs. The technology has enabled manufacturers to produce higher-quality TVs with improved contrast and better picture quality at lower prices.

Moreover, the availability of voice commands, voice recognition, and other interactive features makes smart TVs increasingly attractive to users. These features enable users to quickly search for and access content, which encourages increased engagement and usage.

The emergence of 4G and 5G Technologies and Increased Access to High-Speed Internet is Driving the Growth of the Market

The emergence of 4G and 5G technologies has revolutionized the way people access high-speed internet and stream content. By providing faster speeds, higher bandwidth, and lower latency, 4G and 5G have enabled more efficient streaming devices and services than ever before. In particular, 5G has been a major game-changer by providing speeds up to 100 times faster than 4G. This has made it possible for users to access high-resolution streaming content with minimal buffering. Additionally, 5G enables super-low latency, meaning that data can be transmitted and received almost instantaneously with no lag time. This makes online gaming, virtual reality, and other real-time experiences much smoother and more enjoyable.

The advancements in 4G and 5G technologies have also enabled the rapid growth of the Internet of Things (IoT), which is the system of interconnected devices and sensors that collect and share data about their environment. With 5G technology, IoT devices can now send and receive information at much faster rates due to increased speed and decreased latency. This, in turn, opens up new opportunities for applications such as home automation, smart cities, and artificial intelligence.

Compatibility Issues Pose a Challenge for the Market Growth

The global market for streaming devices is overflowing with a plethora of options that can turn a standard TV into a smart TV, giving users access to popular streaming services like Netflix, Hulu, and Amazon Prime Video. Devices like Roku, Chromecast, and Fire TV operate on an HDMI basis, however, there is a common issue faced by consumers which is compatibility with the resolution of their existing devices. This has posed a challenge for manufacturers to optimize their resolution technology to ensure that consumers receive the best possible experience and satisfaction. To address this issue, manufacturers must focus on improving their resolution compatibility technology, making it easier for consumers to enjoy high-quality streaming on their existing devices.

Recent Development

In November 2022: Vevo collaborated with Plex to launch a series of streaming channels with 24/7 linear high-quality music videos. The partnerships aim to help in making music videos available on all the platforms people choose to consume popular content around the world and driving momentum to provide curated content for an easier home experience.

In May 2022: Microsoft aims to launch an Xbox streaming device within the next 12 months, which would reportedly allow users to access movies, TV services and a library of games through Xbox Game Pass Ultimate. In terms of functionality, the device allows users to access movies and TV services through Xbox Game Pass Ultimate - like we do with the Amazon Fire TV Stick - as well as their game collection.

In April 2022: Comcast and Charter Communications collaborated to offer customers bundled video set-top boxes to better compete with incumbents such as Roku and Amazon. The partnership continues to expand its market share and make its services more attractive to customers, which could reduce subscriber attrition.

Segmentation Analysis

Based on the device type, the market is bifurcated into game consoles and media streamers. The game console segment is the most dominating segment. The game consoles allow developers to create immersive and unique gaming and entertainment experiences for users.

The resolution market is segmented into 4K, 720p and 1080p, and 8K. The 4K segment holds the largest market share, driven by the increasing demand for high-quality content. Game consoles, set-top boxes, and streaming devices are now more widely equipped to support 4K, allowing for a more immersive viewing experience with higher-resolution images. The growing popularity of 4K content has spurred manufacturers of streaming media devices to introduce products that cater to this demand, further fueling the growth of the 4K market

Based on application, the market is segmented into e-learning, web browsing, gaming, real-time entertainment, and social networking. The real-time entertainment segment has attained the dominating position owing to the increase in popularity of digital media devices and the availability of faster internet to access online media. The high value of live video streaming remains in live content such as sports and music events. The benefit of viewing time, lack of buffering, high capacity, and real-time pause are a few factors driving the expansion of segmental growth.

North America is the most Dominating Market Owing to the Wide Availability of Broadband Connectivity

North America is poised to hold a dominant market share due to the surge in live video streaming and substantial investments in the gaming and entertainment industries. The widespread adoption of video streaming on smartphones and the improvement of internet speeds and broadband connections in the region are contributing to the growth of the market.

According to the latest data, streaming services are becoming increasingly popular in both the United States and Canada. In the U.S., users have an average of four streaming service subscriptions and 85% of households now have access to a video streaming service. In Canada, Netflix is the most popular streaming service, offering unlimited streaming of TV shows, movies, and more for one monthly subscription fee.

The report provides further insight into the penetration and consumption of broadband and streaming services in the US and Canada.  In Canada, a market study of competition in respect of residential broadband internet services from May 2018 to June 2022 found that Netflix is the most popular streaming service. The Bureau also found that some Canadian providers offer bundled services which can include TV, internet, and phone services for a reduced price.

Asia Pacific is the Fastest Growing Market Due to the Growing Popularity of Online Gaming

Asia Pacific's streaming device market is growing at the fastest CAGR due to the increasing awareness about OTT media and the growing popularity of online gaming in the industry. The region is experiencing dynamic changes in the adoption of analytics solutions and services across multiple industries. The region's incumbent telecommunication and multi-channel operators have actively sought business innovation and advancement through the latest marketing technologies, such as video streaming.

With the region's fastest-growing broadband internet population, operators in Southeast Asia have increased their revenue opportunities by offering multi-channel video streaming packages alongside fixed-line mobile packages, these measures lead to market expansion in the Asia-Pacific region. The economic boom in the Asia-Pacific region largely contributes to rising disposable incomes, allowing consumers to spend more on luxury electronics. In addition, growth in the number of local operators and the availability of low-cost, high-quality systems, the reliance on media and entertainment services on the Internet, and government initiatives to develop broadband infrastructure are expected to stimulate demand for streaming devices across the region.

The use of video streaming platforms to simplify and accelerate business procedures is increasingly common in the industry. Furthermore, intense competition in the region is expected to accelerate the development of video streaming programs and services, which can improve the overall income of organizations in the media, entertainment, and education sectors across the region.

Competitive Landscape

• Amazon.com, Inc.
• AT&T Inc.
• Charter Communications Inc.
• Comcast
• Google LLC
• Huawei Technologies Co., Ltd.
• Microsoft
• Plex
• Roku, Inc.
• Vevo LLC

The global streaming devices market is segmented as follows:

By Device Type

• Game Consoles
• Media Streamers

By Resolution

• 4K
• 720p & 1080p
• 8K

By Application

• E-Learning
• Web-Browsing
• Gaming
• Real-Time Entertainment
• Social Networking

By End-use

• Residential
• Institutional
• Commercial

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
    • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America