The Asia Pacific Video Streaming Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
According to a new report by Million Insights, the Asia Pacific video streaming market size is anticipated to touch USD 31,054.1 million by the end of 2025. The market is projected to exhibit a CAGR of 20.7% over the forecast duration. Increasing preferences for on-demand video content coupled with increasing consumption of online consumption of videos through online platforms are anticipated to bode well for the growth of the market. Owing to the shift from traditional media to digital one, there has been significant growth in media consumption in Asia Pacific. Growing penetration of smart phone and easy accessibility of data in countries such as China, India, Japan and Australia are bolstering the growth of the market.
Key Players:
- Amazon Web Services, Inc.
- Microsoft Corporation
- Netflix
- Tencent
- iQIYI, Inc.
- Novi Digital Entertainment Pvt. Ltd. (Hotstar)
- Iflix
- HOOQ
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Growth Drivers:
The consumption of digital data has increased considerably owing to the increasing penetration of smartphone coupled with the advent of high-speed internet connectivity. As studied by GSMA, nearly 2.8 billion people, which are around 67% of the population in Asia Pacific, have subscribed to mobile connections in 2018. Additionally, soon to come 5G technology will further generate a huge volume of data, thereby, bolstering the market growth.
Easy access to high-speed internet makes video content available across various networking platform. Social media sites such as Instagram, Facebook, Google Hangout and Twitter offer easy accessibility to video content and entertainment services in real-time. Therefore, the increasing numbers of users on these platforms are estimated to bolster the demand for this market over the next few years in Asia Pacific. Further, these trends have resulted in increasing production of on-demand content in the region.
Application Outlook:
- Real-time Entertainment
- Web Browsing & Advertising
- Gaming
- Social Networking
- E-learning
Country Outlook:
By countries, APAC video streaming market has been bifurcated into India, China, South Korea, Japan, Singapore and Australia. Among them, in 2018, China generated the highest revenue on account of the presence of a large number of consumers for video contents. Owing to the growing number of internet users and smart penetration, South Korea and India are also estimated to offer a lucrative opportunity for the market players from 2019 to 2025.
Liberalization in the telecom industry led to a rise in investment and competitive cost for various video streaming services are attributing to the growth of the market in the region. Leading Chinese companies such as Baidu, Alibaba and Tencent are investing considerable amount to create appealing content and expand their user base. However, these contents are still in the early stage at the global level. Thus, high cost incurred in content creation may hamper the market growth in the next few years.
COVID-19 Impact Analysis:
Covid-19 has positively affected the growth of this market. Owing to the lockdown imposed by several governments following the pandemic outbreak, people were forced to stay at their homes. The data consumption and demand for video streaming services have increased as people are quarantining themselves at their home. Time spending on social media has increased by over 20% during this pandemic, which, in turn, has positively affected the market growth. Further, people spending on subscription-based video platforms have increased considerably owing to the closure of cinema halls and multiplexes. Additionally, the education sector has witnessed a rapid surge in the demand for video contents as schools and colleges have stopped their operations.
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