Live Streaming Market Worth $4.26 Billion By 2028 — Exclusive Report
Live Streaming Market By Component (Platform, Services), Offering Model (B2B, B2C), Streaming Type (Audio, Video, Game), Vertical (Media & Entertainment, Education, Sports & Gaming, Government, Fitness), and Region – Global Forecast To 2028
Redding, California, Nov. 29, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled, “Live Streaming Market by Component (Platform, Services), Offering Model (B2B, B2C), Streaming Type (Audio, Video, Game), Vertical (Media & Entertainment, Education, Sports & Gaming, Government, Fitness), and Geography – Global Forecast to 2028,” published by Meticulous Research®, the live streaming market is expected to grow at a CAGR of 22.4% from 2021 to 2028 to reach $4.26 billion by 2028.
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The rising popularity of live streaming technology for better brand engagement and reach to consumers, the surging popularity of e-sports and video games, growing preference for live streaming over social posts, and increasing adoption of smartphones coupled with faster internet are expected to drive the growth of the live streaming market.
Additionally, the growing need to optimize network bandwidth and increase the consumer base for live streaming content further contributes to market growth. Furthermore, the incorporation of advanced technologies in the digital media industry is the new trend in the live streaming market. However, fake traffic on live streaming sites is creating new challenges for the overall market growth. Also, connectivity and production issues may restraint the growth of this market in the approaching years to some extent.
Impact of COVID-19 on the Live Streaming Market
The COVID-19 disrupted people’s work lives, fueling significant growth in people seeking live streaming, particularly in emerging markets. The pandemic transformed live video technology into nothing short of a necessity. Healthcare, business continuity, public safety, and mental health all now depend on it. During the pandemic, live streaming was used as a workaround to isolation measures in various ways. Religious services, virtual events, and statewide town halls were all broadcasted over the Internet due to widespread stay-at-home orders. Many of these are just extensions of traditional broadcasts that benefited from the ease of use of live streaming.
Live streaming platforms, such as Zoom, Skype, Amazon Chime, BlueJeans, and Cisco WebEx, were popular in business settings. Google Hangouts, Facetime, and Houseparty were also common for personal communications during this pandemic.
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