The growing adoption of smartphones and the easy availability of high-speed 3G, 4G, and LTE internet services in several countries in the region have led to a massive rise in digital data consumption volumes. In the near future, the network connectivity with 5G technology is expected to lead to an increase in the consumption of videos, especially in Japan, China, and South Korea where the commercial deployment of 5G is already in process.
In-Depth research report on Asia Pacific Video Streaming market:
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Easy access to high-speed internet in several countries in the region is also expected to drive the growth of the market. The high number of users of audio and video streaming services has boosted internet data consumption. Furthermore, there is a growing demand for connected devices and consumer electronics devices that can support digital media and high-speed internet technologies, which can allow consumers to access videos from anywhere.
However, there are also some challenges faced by the market that can change its growth prospects in the coming years. Over the past few years, the creation of media content has witnessed a drastic change with a shift from traditional television to online digital platforms. Online entertainment content providers such as Netflix, Amazon, and Hulu have successfully introduced acclaimed original video content in the region. These companies are also financing content in regional languages in a bid to attract customers, especially in multilingual countries such as India. The rising competition in the market, high cost of content creation, and technical difficulties associated with viewing videos online are expected to hinder the market growth to an extent over the forecast period.
Some of the major video streaming solution providers in the region include Amazon Web Series, Inc., Google Inc., Microsoft Corporation, Netflix, Inc., and Tencent, iQIYI, Inc.
Further key findings from the report suggest:
• In terms of solution, the OTT segment is expected to grow at the fastest pace over the forecast period owing to the increasing demand for improved automation of business processes and the wide availability of broadband infrastructure in the region
• In terms of platform, the gaming consoles segment is expected to grow at a promising pace over the forecast period, which can be attributed to the increasing demand for video games and the increasing number of consumers viewing videos on gaming consoles
• The growing emphasis and initiatives undertaken by governments in the region to improve ICT connectivity are expected to create new growth opportunities for the market in APAC
• The increasing adoption of smartphones and mobile broadband services also leads to an increase in the usage of data services. The rising coverage of high-speed networks in APAC countries is supporting these trends and leading to increased growth of the market
• Developing countries, including China and India, are expected to emerge as promising growth avenues for the market in line with rapid technological advancements, increasing use of smartphones and tablets, and the growing popularity of viewing online videos
• Some of the key players in the Asia Pacific video streaming market are Amazon Web Series, Inc., Google Inc., Microsoft Corporation, Netflix, Inc., Tencent, and iQIYI, Inc.
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