Streaming Media Device Global Market Report 2024

The streaming media device market size has grown rapidly in recent years. It will grow from $61.92 billion in 2023 to $72.06 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth observed in the historic period can be attributed to several key factors, including the rise of over-the-top (OTT) content platforms, a notable increase in internet penetration and speeds, the widespread adoption of smart TVs, a significant consumer shift towards on-demand content, and the expansion of content libraries available through these platforms. These elements collectively contributed to the growth and evolution of the digital entertainment industry during that period.

The streaming media device market size is expected to see rapid growth in the next few years. It will grow to $135.57 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The anticipated growth in the forecast period can be attributed to various factors including the integration of streaming services with smart home ecosystems, a surge in live streaming and sports content popularity, the increasing adoption of 4K and HDR content, and continuous enhancements in user interface and experience across platforms.

The burgeoning preference for online streaming services is anticipated to fuel the expansion of the streaming media device market. These services provide entertainment content directly to users' devices via the internet, encompassing films, music, and more. Streaming media devices act as conduits linking televisions or home theaters to the internet, facilitating the consumption of varied content through streaming TV service providers or apps. A case in point is Netflix, Inc.'s annual report in January 2023, indicating a significant surge in paid memberships from 203,663 (in thousands) in 2020 to 230,747 (in thousands) in 2022 globally, with Europe contributing 76,729 (in thousands) memberships in 2022. This escalating inclination toward online streaming services substantiates the growth trajectory of the streaming media device market.

The streaming media device market anticipates substantial growth due to the increasing number of online gamers. These individuals, engaged in online gaming through the internet, seek streaming media devices that support gaming and interactive content. A study by the Office of Communications (Ofcom) in June 2022 revealed that individuals aged 13 to 64 spent an average of one hour per day on online gaming activities, with a notable 25% increase in gaming time in 2021, particularly among the 55-64 age group. This growing demographic of online gamers serves as a significant driver for the heightened demand in the streaming media device market.

Advanced technological integration in video platforms is emerging as a significant trend within the streaming media device market, with companies leveraging these technologies to maintain their market positions. In February 2023, Xiaomi Corporation introduced the TV Stick 4K, integrated with voice control functionalities empowering users to access Google Assistant for content search, playback management, and smart home device operation. This device also features built-in Chromecast functionality, facilitating instant content casting from smartphones or tablets to TVs. Offering access to various streaming applications such as Netflix, Amazon Prime Video, and Disney+ Hotstar, the TV Stick 4K embodies the integration of advanced technologies into the streaming media landscape.

Xfinity, a US-based telecommunications company, introduced the Xumo Stream Box in December 2023. Powered by Comcast's EntertainmentOS, this 4K streaming device integrates live TV and streaming services, offering users a simplified viewing experience. Noteworthy features include immediate access to live TV, advanced voice search, an integrated guide, and personalized content recommendations, streamlining content discovery and enhancing user convenience.

In January 2022, Microsoft Corporation, a US-based technology giant, completed the acquisition of Activision Blizzard. This move accelerates Microsoft's gaming business expansion across various platforms and lays the foundation for their presence in the metaverse. The acquisition bolsters Microsoft's Game Pass catalogue, aiming to integrate Activision Blizzard games once the subscriber base surpasses 25 million customers. Activision Blizzard specializes in interactive gaming platforms and console development.

Major companies operating in the streaming media device market report are Amazon.com Inc., Apple Inc., Google Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Huawei Technologies Corporate Limited, Sony Corporation, LG Electronics, Panasonic Corporation, Haier Group Corporation, Xiaomi Inc., Mitsubishi Electric Corporation, Hisense Co. Ltd., Nvidia Corporation, Azulle, VIZIO Inc., Sharp Corporation, Philips Electronics, Western Digital Corporation, ASUSTeK Computer Inc., ZTE Corporation, Bharti Airtel Limited, Liberty Global PLC, Roku Inc., TiVo Corporation, Razer Inc., Netgear Inc., iMedia Technology, D-Link Corporation, HUMAX, Plex Inc., Matricom, Boxee Inc.

North America was the largest region in the streaming media device market in 2023. The regions covered in the streaming media device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the streaming media device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Streaming media devices encompass gaming consoles, media streamers, and smart TVs. Gaming consoles are specialized computer systems primarily geared for playing video games and typically connected to televisions or monitors, employing specialized controllers for gaming experiences. These consoles are optimized with both hardware and software to enhance gaming performance and come in varying resolutions such as 720p, 1080p, and 4K. They serve diverse purposes including e-learning, web browsing, real-time entertainment, social networking, and find application in both commercial and residential settings.

The streaming media device market research report is one of a series of new reports that provides streaming media device market statistics, including streaming media device industry global market size, regional shares, competitors with a streaming media device market share, detailed streaming media device market segments, market trends and opportunities, and any further data you may need to thrive in the streaming media device industry. This streaming media device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The streaming media device market consists of sales of smart TVs, streaming sticks, set-up boxes, and Blu-ray players. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.