Streaming software market to witness $13bn by 2030

The broadcasting industry is experiencing ever-increasing demand for original video content, reports Future Market Insights. Major competitors are spending billions on the production of new content to satisfy their existing audiences and also attract new viewers. With new changes in viewing patterns after the pandemic, over-the-Top platforms also posed a big threat to television viewership. However, broadcast players started realigning their goals, understanding these changing patterns and adopting agile approaches for content development.

As a result, broadcasters have been working towards tailor-making their content that is adept to multiple platforms’ front-end user interfaces. This approach accelerated digital transformation in the broadcast industry by a few years and helped to believe that television and digital are indeed capable of growing hand-in-hand in India. Key factors that are expected to drive the growth of the market are the increasing penetration of mobile devices and internet users, growing demand for VoD streaming, technological advancements in the digital media industry, and the growing need for transcoding to deliver videos to maximum users and this trend will continue to take shape further in 2022 as well.

The Indian OTT streaming industry is expected to grow to $13-15 billion over the next decade at a CAGR of 22-25%.

The OTT sector is also witnessing a rise in investments in Indian original content. This has led to growth in hours of original content available to users. There are several developers and broadcasters striving to boost their video streaming software and services by creating original content to enhance brand reputation.

Availability and quality of premium live content on different devices continues to grow, as live video streaming is in its nascent stage. Viewers who were earlier watching live events and sports on TV have started to shift towards these platforms, mainly due to the availability of live video content as per their liking and convenience. For residential end users, 4K or UHD video streaming software is becoming mainstream, and this trend is likely to grow with an increase in the availability of mobile devices that support these formats.

Netflix and Prime Video, among other video streaming software and service providers, are registering an increased influx of subscriptions, as the number of Covid-19 infections surged and strict lockdowns were legislated across the world. These lockdowns propelled the adoption of video streaming software solutions, worldwide. 

S Mohini Ratna, Editor, VARINDIA