Streaming Devices Market Trends

Growth Drivers

• Integration of advanced technologies: The continuous advancements in streaming devices such as the integration of artificial intelligence, machine learning, and feature-rich technologies such as Dolby Vision and Dolby Atmos are augmenting the sales of advanced streaming devices. AI & ML algorithms effectively translate languages and make live streaming more accessible and visible to a larger audience base. To maintain these features and drive innovations, key players are investing heavily in research and development activities. For instance, in August 2024, Google LLC announced the launch of a new Google TV streamer. This next-gen AI-powered streaming device offers a personalized and smart home experience to users. Google uses its self-innovated generative AI tool Gemini to boost the productivity of its new streamer device.

• Rise in gaming and OTT platforms: The rising popularity of over-the-top (OTT) platforms such as Netflix, Hulu, Disney+ Hotstar, and Amazon Prime Video is expanding the use of modern streaming devices. These devices seamlessly connect with smart TVs making the content-watching experience more realistic. For instance, the number of OTT video users is anticipated to reach over 4.9 billion by 2029. The OTT user penetration is set to increase from 50.6% in 2024 to 61.1% by 2029. Furthermore, the admiration of live gaming and augmented/virtual reality streaming is booming the adoption of next-gen streaming solutions. There are more than 2.5 billion gamers and gaming title holders around the globe. Many content creators with millions of subscribers stream live gaming on platforms such as YouTube and Facebook with the help of modern streaming tools and devices. This interactive content trend is thriving in the profit revenues of streaming devices market.

Challenges

• Intense Competition: Increasing competitiveness is one of the major challenges for streaming device manufacturers. The strong presence of industry giants and the continuous emergence of start-ups is creating a price war. Key market players are necessitated to offer high-quality services at lower prices, hampering their revenue growth. Thus, reduced profitability and high competition are hindering the streaming devices market growth to some extent.
• Privacy and data security concerns: Streaming devices with advanced technologies are able to collect data based on viewing habits and preferences. These devices when installed in a smart home ecosystem, where all systems are interconnected, create an open-door data theft opportunity for cyber attackers. Thus, the high privacy issues and data breach concerns can hamper the overall streaming devices market growth.