The Casting Devices Market is anticipated to witness a CAGR of 16.4% over the forecast period (2020 - 2025). The growing consumption of video-on-demand (VoD) services, increasing demand for convenient and cost-effective methods to access entertainment content with a lean-back experience, changing consumer behavior are some of the significant factors influencing the growth of casting devices market while increasing availability of native smart TV apps is expected to hinder the growth of the market.
- Casting devices are connected, unmanaged devices whose principal purpose is to receive on-demand content via the internet, and display it on a screen.
- Primary entertainment streaming services play a vital role in this industry. Some of the examples of these services include Netflix, Hulu, and ecosystems like Amazon Prime, Apple iTunes, and Google Play Store. The market is expected to grow as customers are provided with an increasing number of options for watching the content on smartphones, laptops, and tablets and with the emergence of several technologies, such as 4K resolution, coupled with broadband access.
- A study conducted by Rapid TV News estimated that the global household subscriptions of VoD would grow from 250 million in 2018 to 450 million in 2022 and the number of individuals would grow from 1311.0 million in 2018 to 1463.3 million in 2022.
Scope of the Report
This report on Casting Devices categorizes the market based on various types of casting devices, end-user, and geography. By type, the market studied is segmented into gaming consoles, media streamers, and smart TVs. By end-user, the market studied is segmented into commercial and residential users. The scope of the report covers detailed information pertaining to major factors influencing the casting devices market, such as drivers and restraints. The study of the market also focuses on various trends in the market, such as the rise in the demand for VoD services and its effects on the market.
Key Market Trends
Smart TV Segment is expected to occupy a Significant Market Share during the Forecast Period
- The market for streaming services is expanding at a rapid pace, and the casting devices market is quickly following suit. Smart TVs combine the features of a standard TV with features of a computer, thereby enabling users to access the internet and download apps, in addition to watching their favorite shows. High adoption of smart TVs in emerging markets and development of new technologies like 4K resolution have become some of the notable trends in the casting devices market. Consumer Technology Association estimates that worldwide smart TV penetration is projected to reach 32% by 2019. Besides, increased spending on electronic goods by consumers and increased market penetration of the internet are other factors that are driving the market growth.
- The entertainment sector has witnessed prominent advances with the emergence of advanced technologies, such as gesture and voice recognition features in smart TVs. Increased number of services that offer internet TV, superior navigation options, and playback capabilities are some of the benefits provided by streaming on a smart TV. These benefits are not limited to just watching favorite movies and shows, but also to play games with a seamless connection to the TVs.
- Increased adoption of smart TVs in advertising is helping advertisers in expanding their consumer base. Rhythmone, a digital advertising technology company, estimated that the adoption of smart TVs in the US has increased from 62 million units in 2016 to 94.8 million units in 2018.
North America is expected to hold a Large Share of the Casting Devices Market
- North America is expected to hold the largest market size and dominate the casting devices market during the period of forecast owing to the presence of the tech-savvy population in the region. The region has a high concentration of large multinational companies, which largely contribute to the growth of the casting devices market.
- The dominance of North America in the market studied is attributed mainly to the popularity of VoD subscriptions in the region coupled with the lucrative deals offered by the service providers to attract customers and growing demand for the content produced.
- A survey conducted by TiVo & FierceCable, to understand the distribution of streaming device ownership in North America revealed that more than 48% of the respondents own either a smart TV or any of the gaming console(Xbox, Sony PlayStation, etc.), in 2018. The survey also revealed that more than 48.1% of the users spend around 3 hours daily, utilizing the services of VoD.
- However, the Asia-Pacific region is expected to provide lucrative opportunities for casting devices market owing to the increasing number of startup companies in the region.
The Casting Devices Market is a highly competitive market and is currently dominated by a few players with their technological expertise in streaming technology. The global market is expected to be consolidated in nature, and the major players in the market are focusing on the expansion of business and customer base across foreign countries by leveraging on strategic collaborative initiatives to increase their market share and their profitability. Google Inc., Roku Inc., Apple Inc., Anycast, Mirascreen, Microsoft Corporation, Hisense Co. Ltd., EZCast, NVIDIA Corporation, LG Electronics Inc., Samsung Electronics Co., Ltd., Airtame ApS, and Amazon.com, Inc., are some of the major players present in the current market.
- July 2019 - ACT Fibernet, a broadband Internet service provider, stepped into the streaming devices category with its ACT Stream TV 4K device. This device supports entertainment streaming services like Netflix, Hooq, Sony LIV, and Hungama Play, etc.
- March 2019 - Microsoft launched a new app on game console that allows the users to cast their PC games over to the Xbox One. The app can also be used to mirror Android phones.
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