Video streaming has now become a common thing today as everyone loves to watch personalized and original content in high-quality. The pandemic has increased the demand for streaming services as people spend their time at home watching their favorite content.
Although there is a great opportunity for video streaming companies to grow well, the competition in this sector has also seen a big hike. According to Statista, the revenue of the global video streaming services is expected to reach US$71,237 million in 2021.
The available data has highlighted that there will be a growth rate of 11.04% CAGR during the forecast period, 2021-25. And it is expected to take this market volume to US$ 108,306 million by 2025. Various factors such as rising internet penetration and the rising demand for video streaming are responsible for this expected growth.
Growing Demand for On-Demand Streaming Services
People are now demanding personalized streaming services to watch their favorite content at any given time. Due to the technological evolution, people are upgrading to hybrid TV to enjoy high-quality as well as interactive content.
One can read more on this subject to gain an ample amount of knowledge regarding revolution in the TV segment. The rise in streaming and on-demand services has made people watch their favorite content in a flexible manner. It has become possible due to the technological revolution and people are now enjoying interactive as well as high-quality content in a personalized way.
Rising Competition in the Video Streaming World
Due to the rising demand for streaming services, there is intense competition in this segment. It has made it imperative for video streaming services to use innovative technologies and improve their infrastructure to satisfy their customers.
The future of video streaming services will demand companies to focus on immersive experiences for customers on the Cloud TV platform by laying their focus on the use of the latest technologies.