The rising popularity of various social media platforms is one of the major factors responsible for the surging demand for video streaming across the world. With the increasing penetration of the internet and the soaring internet speeds in several countries, the popularity of video streaming is rising rapidly across the world. For example, according to several reports, video content on various social media platforms such as YouTube demonstrated a growth of as much as 99% in 2017.
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Currently, more than 40% of the total population of the world is engaged in various social media platforms, with over 3 billion users of these platforms across the globe. Moreover, as per various studies, there was a year-over-year (Y-o-Y) growth of as much as 14% in the number of social media users all over the world from 2017 to 2018. Apart from these factors, the increasing internet connectivity is also propelling the demand for video streaming across the world.
The ballooning popularity of video streaming services such as Netflix Inc. is also positively impacting the popularity of video streaming throughout the world. This is, in turn, driving the advancement of the global market for video streaming. According to the estimates of PS Intelligence, a market research company based in India, the valuation of the market will grow from $245.3 billion in 2018 to $688.7 billion by 2024. Furthermore, the market will progress at a CAGR of 19.1% during 2019–2024.
According to reports, the total number of internet users increased by nearly 1.3 billion from December 2014 to March 2019. Moreover, this number grew to 4.4 billion by March 2019. As per the Global Internet Phenomena Report published by Sandvine, nearly 58% of the total downstream internet traffic across the world is consumed by people streaming video content. Across the globe, the highest share of downstream traffic volume is currently held by Netflix Inc.
