With rapid expansion of internet services across the globe, the streaming devices market is slated to outline a period of notable growth through the forecast years. these devices are the modern-day digital media players with both audio and video capabilities. The devices are witnessing a strong demand among consumers owing to rising popularity of over-the-top (OTT) content services. These streaming boxes render subscription-based rich-quality audio and video content to its users on-demand.

Growing user inclination towards crisp and clear video entertainment services is fueling the demand for 8K steaming devices. 8K or 8,000 pixels (4320 x 7680) resolution digital media players ensure an enhanced viewing experience as compared to 4K streaming boxes. Various companies are eyeing on developing 8K digital media players to capture this growing market niche.

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In November 2020, Xiaomi introduced the Mi Box 4S Pro, a device that supports 8K resolution videos, in China. The 8K video decoding support provided MI Box 4S Pro devices a competitive advantage over other popular streaming devices, such as Apple TV 4K and Amazon Fire TV Stick 4K, resulting in substantial business expansion for the company.

According to GMI, Inc., forecast, global streaming devices market size is projected to surpass US$20 billion valuation by 2027.

Given below are some key factors that would be propelling the demand for streaming boxes by 2027:

1. Growing preference for cloud video streaming devices

Cloud video streaming services are quickly becoming the preferred choice of streaming over other digital media services due to their advanced and additional features. These features allow users to send or access encrypted video, private video session invitations, and live & on-demand video hosting with low latency and 4K HDR quality.

One instance of this service is Dacast, which is a cloud-based video streaming platform that offers enterprise-grade live and on-demand video streaming and hosting services to its customers.

1. Rising adoption of OTT platforms

Over-the-top content services are becoming widely accepted due to the availability of various high-quality and niche audio and video content. Highly accessible and low-cost subscription-based OTT platforms are driving the adoption of streaming devices market.

For instance, the number of Amazon Prime subscribers globally surpassed the 200 million mark in April 2021, representing the demand for digital media players.

1. Increasing penetration of high-speed internet in APAC

Asia Pacific streaming devices market is anticipated to hold a considerable share of the global market by 2027 owing to the growing availability of affordable high-speed internet services, improved broadband connectivity, and escalating demand for digital media content. Rising internet penetration due to substantial growth in the IT & telecom sector in countries like India, Japan, South Korea, and Taiwan would further drive the adoption of media streaming devices.

In a view to engage a larger subscriber base, various OTT players are emphasizing on offering region-specific subscription plans. In January 2021, Amazon launched a mobile-only subscription plan for its Prime Video Mobile platform in India in collaboration with Bharti Airtel. With this initiative, Amazon Inc. is aiming to enhance access to high-quality entertainment to a large base of smartphone users in the country.

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Leading streaming devices manufacturers are focusing on new product and service launches to attract consumers and cement their position in the global market. In July 2020, Humax introduced an advanced Android TV set-top box, Humax H7, which is highly compatible for streaming 4K videos and cloud gaming.

In addition, in November 2020, Nokia introduced the Nokia Streaming Box 8000 for the European market. This streaming device for televisions is based on the Android 10 operating system and supports various other software and OTT services, such as Google Play, Google Assistant, Amazon Prime Video, Netflix, YouTube, and other digital media platforms.

Growing penetration of OTT platforms on account of rising user awareness about the latest entertainment services, along with increasing adoption of advanced electronics is likely to complement streaming devices industry trends.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Scope & definitions

1.2    Methodology & forecast parameters

1.3    COVID-19 impact

1.3.1    North America

1.3.2    Europe

1.3.3    Asia Pacific

1.3.4    Latin America

1.3.5    MEA

1.4    Data sources

1.4.1    Secondary

1.4.2    Primary

Chapter 2   Executive Summary

2.1    Streaming devices market 360º synopsis, 2017 - 2027

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Resolution trends

2.1.4    Distribution channel trends

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