Based on a recent report from Vantage Market Research, the global live-streaming market will be worth $4.29 billion by 2028. In 2021, the industry was valued at $988 million, meaning that the compound annual growth rate (CAGR) for this sector will be 23.5% during this forecast period.
According to the report, an increase in mobile devices and more internet users around the world will contribute heavily to the industry’s growth. On top of that, the growing support governments have been providing to the industry will aid in the expansion of the global live-streaming market.
“The surging popularity of e-sports and video games is anticipated to fuel the growth of the Live Streaming Market in the years to come,” the report reads. “This is attributable to the easy availability and access of games on the internet along with increase in awareness about e-sports among the consumers. However, lack of literacy and digital skills, as well as affordability and high content creation cost, and threat of content piracy are expected to restrain the growth of the market in the near future. Moreover, growth in demand for real-time video services with increase in data usage due to the global pandemic coupled with increased invest in network upgrades and expanding 3G, 4G, and 5G coverage in few markets is further expected to support the growth of the market in within the estimated timeframe.”
The APAC (Asia-Pacific) region is expected to record the fastest CAGR during this forecast period. This can be attributed to the region’s growing preference for online streaming services rather than traditional TV as well as an increase in the number of online gamers in the region.
(All information was provided by Globenewswire)