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In 2020, the worldwide video streaming industry was estimated to be worth USD 50.11 billion. From 2021 to 2028, it is predicted to increase at a compound annual growth rate (CAGR) of 21.0 percent. Innovations in video quality, such as blockchain technology and artificial intelligence, are projected to drive market expansion.

More than a quarter of the world’s population has been quarantined because to the COVID-19 (Coronavirus Disease) pandemic. As millions of people remain cooped up at home, they turn to online streaming and entertainment services. During the lockdown, the number of people using video streaming services increased by almost 10%.

North America had the highest revenue share of roughly 39% in 2020, owing to the rapid rise of cloud-based streaming services. Meanwhile, the European region accounted for a significant portion of the industry. Because of the vast number of people who view online content, it is likely to rise steadily. Asia Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period.

The key players that dominated the global market in 2020 include Amazon Web Services, Inc.; Apple Inc.; Netflix, Inc.; International Business Machine Corporation (IBM Cloud Video); Hulu, LLC; amongst others.