Live Streaming Market is Expected to Reach USD 247.27 Billion By 2027 with Registering a CAGR of 28.1% | Media & Entertainment to be the Top End-User Industry, Projected to Grow at 28.3% CAGR
Key players involved in the live streaming market are Flux Broadcast, Vimeo, Amazon.com Inc., Streaming.hr, Microsoft Corporation, Facebook Inc., IBM Corporation, Empire Video Productions LLC, Google Inc., EventStreaming.TV, Periscope, AfreecaTV Co. Ltd., Huya Inc., Twitch Interactive Inc., Instagram Inc., and Dacast.
Live streaming sites have gained precedence in light of emerging social media platforms and affordable data consumption plans. Live streaming software allows users to present a live feed of events. It has been used by social media influencers for gaining followers and debate on interesting topics. The global live streaming market size can expand to USD 247,275 million by 2027, according to Market Research Future (MRFR) in its latest report.
The market is deemed to expand owing to emergence of various social media platforms providing voice to opinions and commentaries on various interests. This is attributed to public figures, celebrities, and government agencies using the software for reaching masses. Growing popularity of online gaming and esports tournaments are evidence of the large potential of the industry. The monetization of the content using live streaming sites by channel owners can drive its use over the forecast period. Establishment of podcasts and preference of ad-supported live streaming casts will be beneficial for the market in the long run. The increasing net-savvy populace, rapid urbanization, and availability of affordable broadband plans can facilitate the live streaming industry.
But rise of data attribution manipulation for gaining fake clicks and engagement boosts can deter the market growth. Efforts for controlling malicious narratives and fake internet traffic can be lucrative for live streaming developers over the forecast period.
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The COVID-19 pandemic has positively impacted the live streaming market growth. Imposed lockdowns in nations and movement restrictions has led to people surfing streaming sites often. Increased viewership on platforms has led to influencers creating content from the safety of their homes. Use of live streaming for showcasing events, weddings, and important exhibitions can boost the market revenues over the forecast period.
Based on component, the live streaming market can be divided into platforms and services. The platforms segment is expected to garner heavy demand over the forecast period. It accounted for 81.6% market share in 2018. Rise of live streaming platforms owing to increasing online data consumption and surfing habits of customers. Use of artificial intelligence for morphing users’ faces with celebrities has been gaining precedence with many players jumping on the bandwagon. Use of influencers for promoting new applications and gaining new customers can bolster the segment growth in the global live streaming market. On the other hand, the services segment can clock 28.4% CAGR over the forecast period owing to need for managed and professional services for ensuring seamless delivery of content. Enterprise managed firms are providing cloud security solutions for protecting them from malware and other cyberattacks.
Major end-users of the live streaming market includes government, education, media & entertainment, events, esports, retail, and others. The media & entertainment segment is estimated to exhibit 28.3% CAGR over the forecast period. This is attributed to consumption of celebrity news and movie updates by customers. Launch of channels by movie studios and small-time influencers for doling out interesting content can drive the vertical growth. Engagement of audiences seems to be the top priority of channel owners and increasing their customer base. On the other hand, the esports vertical is likely to generate huge revenues for the global live streaming market. This is attributed to rise of gaming communities and launch of MMORPGs by game developers. Establishment of esport tournaments and live streaming of events coupled with sponsorship deals can bolster the segment’s rise in the coming years.
Source: Original article Market Research Future