According to a new report by GMI, Inc., the streaming devices market size is projected to exceed USD 20 billion by 2027. Growing penetration of internet and emerging trend of audio and video streaming across the globe is encouraging consumers to deploy streaming devices that allow them to watch OTT content online on their TVs or home theatres. In addition, increasing inclination towards cloud-based streaming solutions is further impelling streaming devices application.

The streaming solutions allow users to access or send private session invitations and live, and on-demand video hosting. The growing significance of these solutions is expected to accelerate the expansion of streaming devices market over the upcoming years.

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The streaming devices market outlook is being further strengthened by the rising popularity of online retailing platforms like Flipkart and Amazon.com. These platforms provide wide range of high-performance streaming media players from various prominent brands which are encouraging the consumers to shop online rather than visiting physical stores.

The mounting product demand is encouraging the market players to launch more innovative offerings that can effectively meet consumer expectations and solidify their market position and expand solution offerings. For instance, Google is reportedly planning to launch a new wireless streaming device in 2021. Apparently, the device has been approved by FCC (Federation Communication Commission). 

The streaming devices market are widely available in the resolutions of 720p, 1080p, 4K and 8K. Of these, streaming devices with 8K resolution are gaining massive traction as they offer crisp and clear videos. It provides an optimized and enhanced viewing experience as compared to 4K. In light of this, companies are focusing on the development of advanced streaming devices supporting 8K resolution. Quoting an instance, in 2020, Xiaomi introduced Mi Box 4S Pro device that supports 8K video decoding in China. Apparently, this product launch enabled the company to gain a competitive edge over other devices like the Apple TV 4K and Amazon Fire TV Stick 4K.

The streaming devices market is observing a robust growth in Asia Pacific on account of the availability of high-speed internet data plans and broadband connectivity along with increasing penetration of digital media in the region. Besides, significant expansion of IT & telecom sector in the countries like South Korea, India, Japan and Taiwan is further driving the internet penetration, leading to heightened adoption of sophisticated media streaming devices.

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In addition, increasing penetration of OTT platforms in the region is encouraging the adoption of streaming devices to watch content on TVs and home theatres. As a result, OTT players are launching region-specific plans to capture a larger market share. To illustrate, in 2021, Amazon launched Prime Video Mobile Edition in India in collaboration with Bharti Airtel. As a part of this initiative, the company aims to increase access to high-quality entertainment in the country.

Rising demand for internet and streaming media solutions has impelled the adoption of streaming devices in recent years. Besides, expansion of IT and telecommunication sector coupled with increasing adoption of OTT platforms is further supporting the product adoption, which is positively impacting the business space.

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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