The streaming devices market is expected to showcase exponential growth by 2027 primarily driven by the prevalent expansion of the video streaming sector across the globe. Additionally, increasing consumer demand for cost-effective streaming devices is slated to create massive growth potential for the industry over the forecast timeline.

After the COVID-19 outbreak, government-imposed lockdown restrictions forced people to find a source of entertainment in their homes. Consumers flocked to streaming platforms with extensive collection of video content and invested in affordable and efficient streaming devices to optimize their viewing experience. Subsequently, driven by this surge in demand, the industry has seen optimistic revenue growth during the pandemic.

For instance, in April 2020, Netflix, the global streaming leader, reported around 16 million new subscriptions until March - the initial months of COVID-induced lockdowns. As a result, rise in consumer interest towards premium streaming services has been favorable for product penetration in key regions worldwide.

Recently, industry players have been adopting lucrative strategies to capitalize on prominent market trends, which has positively influenced the global business landscape. Citing an instance, in August 2021, Fandango Media, an NBCUniversal-subsidiary, announced its plans to merge Vudu, the on-demand video streaming company it acquired in 2020, with its existing streaming platform called FandangoNOW.

The new Vudu service, after the merger and rebranding, was purposed to take FandangoNOW’s place as the official entertainment store on the Roku platform. Following the merger, Roku, a major the streaming devices company, was intended to let customers purchase or rent video content on the platform using Roku Pay, its proprietary payment platform that helps users access content directly through the streaming device.

For in-depth analysis, the streaming devices market has been segmented on the basis of resolution, distribution channel, and region. In terms of resolution, the market has further been bifurcated into 720p & 1080p, 8K, and 4K.

The streaming devices market from the 720p & 1080p resolution segment is anticipated to see substantial growth by 2027, registering a considerable CAGR over the assessment timeframe. Depending on the video content and video bit rate, some videos can look better to viewers at a resolution of 720p than at 1080p. Thus, there will be moderate demand for 720p resolution devices, which is set to boost segmental growth through the forthcoming years.

From the regional perspective, the Latin America streaming devices market is projected to reach a notable valuation by the end of 2027, expanding at a robust CAGR through the review period. High consumption of OTT content in LATAM is speculated to propel the demand for streaming devices in the region.

The Middle East & Africa streaming devices market holds a sizable revenue share in the industry and is calculated to amass profitable gains by the end of the forecast period, progressing at a steady pace over 2021-2027. Rapid development of the internet and broadband infrastructures across MEA is likely to foster regional market growth in the future.