February 8, 2024

Live streaming industry set to generate 27% CAGR from 2023 to 2029

The live-streaming marketplace is fast becoming a competitive landscape. According to Maximize Market Research (MMR), the global sector is set to grow its revenues at a compound annual growth rate (CAGR) of 27% between now and 2029.

This would take its total market value from $47.43 billion in 2022 to $252.76 billion in 2029. Its regional analysis revealed that North America remained the beating heart of the live-streaming scene, commanding almost two-fifths (39%) of the total market share. The North American live streaming market is described as having “robust growth” driven by the rapid proliferation of 5G technology and the surge of cloud-based streaming platforms available.

Europe follows closely behind North America as the second biggest market for live streaming services, while the Asia Pacific, Middle East & Africa and South America segments remain largely untapped with the former edging ahead as the third largest market.

The industries reshaped by live streaming worldwide

Live streaming technology has emerged as a transformative force across all manner of sectors, reshaping engagement, accessibility and real-time interaction. Below, we’ll explore four of the sectors most profoundly impacted by the rise in speed and clarity of live-streamed communications to desktops, laptops and all manner of mobile devices.

eLearning

Live streaming has had a seismic impact on the education sector, especially in the realm of eLearning. Virtual classrooms, live webinars and on-demand courses facilitate direct interaction between educators and students, seamlessly transcending geographical barriers.

Live-streamed educational content allows students to pose questions, engage in debates and receive immediate feedback. All of which successfully replicates the dynamic and interactive nature of the conventional classroom. This dynamic approach removes former barriers to entry, creating countless opportunities for personal development.

iGaming

Live streaming has revolutionised the online casino experience, transcending the limitations of traditional virtual gaming. In the last five to ten years, conventional online casinos have introduced live casino variants, bringing the ambience of land-based casino floors directly to the screens of players in regulated and licensed jurisdictions.

Using the power of live streaming technology and complementary functionality such as optical character recognition (OCR) technology, professionally trained dealers can host the most popular casino table games in real time. Most iGaming operators, like the one here, separate live casino games from virtual RNG-powered casino games. They don’t just include table games, either. Live gameshows have also become the order of the day, bringing simple yet highly entertaining game dynamics to players as if they were in a television studio.

Video Gaming

It’s also important to consider the seismic shift in the video gaming industry thanks to the advent of live-streaming platforms like Twitch and YouTube. Gamers can now broadcast their gameplay, providing real-time commentary and analysis while interacting with their followers.

This evolution has given rise to a new class of professionals – professional gamers. They effectively become gaming celebrities, many of whom draw hundreds of thousands of viewers. Gaming enthusiasts can also catch the biggest Esports events of their favourite games via live streams too. Live streaming has effectively contributed to Esports becoming a genuine spectator sport.

Events and Performances

Live streaming has also revolutionised the way events and performances are experienced. From live concerts to live industry conferences and seminars, the technology enables artists and organisations to connect with a truly global audience just by live streaming their events.

This extends the reach of a show or event far beyond the physical venue. Conferences and seminars can also enhance their impact by offering virtual attendance packages to prospective delegates.

Ultimately, live streaming fosters inclusivity, breaking down geographical constraints and democratising access, ensuring more connected and engaged audiences. The advent of ultra-low and even zero latency live streaming technologies will only serve to accelerate live streaming’s possibilities.

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