Selbyville, DE -- (SBWIRE) -- 01/14/2019 -- A prime factor contributing to the high adoption of the streaming devices market is the rising penetration of cloud services in the media and entertainment sector. Pay-per-use Over-the-Top (OTT) services such as Netflix and Hulu contain immense video libraries stored at remote servers that allow their subscribers to have access to high quality video feed at any time. Additionally, these eliminate the need to download and store massive amounts of data. Streaming Devices Market is set to exceed USD 25 billion by 2024; according to a new research report. The global unit shipments will grow at over 15% CAGR from 2017 to 2024.

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The rising trend of cord cutting is anticipated to revolutionize the media and entertainment delivery field and promote the growth of the streaming devices market. Traditional TV viewing services via cable and satellite TV incurs high costs and additional taxes, need for installation and management services, slow updates, and issues with data transmission and latency issues with transmission of data via a large area. In light of these issues, various consumers are moving to the digital platform with a reduction of over 2.4% annual reduction from 2013 to 2017 and a growth of 6.5 million users that switched from cable pay TV.

Customer subscriptions to OTT services such as Netflix and YouTube and the rising penetration of Netflix and Hulu original series which are generally not available on broadcast TV is anticipated to further drive away the demand from traditional TV viewing. For instance, in the U.S. Netflix had approximately 51 million paying subscribers as of 2017, a large number of which is largely attributed to the growing prominence of original net series. This trend is further reflected across the world is anticipated to contribute to the high adoption of the streaming devices market.

The USD 30 - 100 pricing range in the streaming devices market is anticipated to exhibit the highest growth during the forecast timespan. The devices available in this segment generally are compatible with various types of TV resolutions such as Roku Ultra which is compatible with 4K and lower resolutions and are similar in functionality to the higher-end products. Furthermore, consumers in Asian countries, primarily in India and China, are more inclined to purchase lower cost products.

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The growing prominence of 4K systems offering higher picture quality and is a major factor contributing to the high growth of the 4K UHD segment in the streaming devices market. The consumer electronics market is subject to constant technological advancements with higher resolution systems such as 4K UHD systems anticipated to replace traditional lower resolution systems by 2024.

The economic boom in the Asia Pacific countries is largely contributing to the increase in disposable income allowing consumers to spend a larger amount on luxury electronic systems. Additionally, the increase in local players and the availability of low cost, high quality systems, rising reliance on the internet for media and entertainment services, and government initiatives for the development of broadband infrastructure is projected to drive the Asia Pacific streaming devices market demand.

Players operating in the streaming devices market include Logitech International S.A., Google LLC, NOW TV, Azulle, Amazon.com, Inc., MyGica, Apple Inc., NVidia Corporation, and Roku, Inc. Companies are required to continuously launch new technologies and upgrade their software to sustain growth in the marketplace. For instance, in October 2017, Roku Inc. announced the launch of Roku OS 8 which delivers new features such as a Smart guide, faster updates and searches, and enhanced voice command controls.

Table of Content:

Chapter 1. Streaming Devices Market Methodology and Scope

Chapter 2. Streaming Devices Market Executive Summary

Chapter 3. Streaming Devices Industry Insights

Chapter 4. Streaming Devices Market, By Price (Revenue & Shipments)

Chapter 5. Streaming Devices Market, By Resolution Type (Revenue & Shipments)

Chapter 6. Streaming Devices Market, By Region (Revenue & Shipments)

Chapter 7. Streaming Devices Market Company Profiles

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Related Report:

Global Streaming Devices Market 2018 by Manufacturers, Regions, Type and Application, Forecast to 2023

Growing dependence on the internet and the rise in video and audio streaming activities is driving the streaming devices market. The growing trend of integrating internet connectivity in everyday objects is a prime factor promoting the growth. These systems allow the consumer to stream video and audio content directly onto their TV systems without the limitations on the mobility and issues pertaining to the consumption of memory space. Furthermore, they also provide instant playback and allows the consumer to watch various streams at flexible timings, providing high advantages over traditional devices.

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