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Online Streaming Services Market size is set to grow by USD 507 billion from 2024-2028, rising penetration of smartphones and internet access to boost the market growth, Technavio

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NEW YORK, June 19, 2024 /PRNewswire/ — The global online streaming services market  size is estimated to grow by USD 507 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  26.01%  during the forecast period.  Rising penetration of smartphones and internet access is driving market growth, with a trend towards integration of advanced technologies with online streaming. However, concerns pertaining to video piracy  poses a challenge. Key market players include Access Industries Inc., Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Apple Inc., AT and T Inc., Baidu Inc., Balaji Telefilms Ltd., Brightcove Inc., British Broadcasting Corp., Eros International Media Ltd., Fox Corp., fuboTV Inc., Hulu LLC, Netflix Inc., Philo Inc., Sling TV LLC, Spotify Technology SA, Tencent Holdings Ltd., and The Walt Disney Co..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Revenue (Subscription, Advertising, and Rental), Type (Online video streaming and Online music streaming), and Geography (North America, APAC, Europe, South America, and Middle East and Africa)

Region Covered

North America, APAC, Europe, South America, and Middle East and Africa

Key companies profiled

Access Industries Inc., Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Apple Inc., AT and T Inc., Baidu Inc., Balaji Telefilms Ltd., Brightcove Inc., British Broadcasting Corp., Eros International Media Ltd., Fox Corp., fuboTV Inc., Hulu LLC, Netflix Inc., Philo Inc., Sling TV LLC, Spotify Technology SA, Tencent Holdings Ltd., and The Walt Disney Co.

Key Market Trends Fueling Growth

Artificial intelligence (AI) and deep learning technologies are revolutionizing online streaming services by improving video quality and identifying offensive content. AI aids various aspects of video production, and its adoption is increasing due to the popularity of platforms like Hulu and YouTube. Blockchain technology, on the other hand, offers decentralization by enabling artists to distribute content directly to consumers and enforce license terms using smart contracts. The implementation of these technologies is expected to positively impact the growth of the online streaming services market. 

The online streaming services market is experiencing significant growth with various players offering a wide range of content. Costs are a key consideration for consumers, with many opting for more affordable options. The trend towards on-demand viewing continues, with streaming services providing convenience and flexibility. Technology plays a crucial role, with advancements in video quality and user experience driving innovation. Devices are also a factor, with streaming services available on a variety of platforms. Overall, the market is competitive, with providers continually striving to differentiate themselves through content offerings and pricing strategies. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

The proliferation of web video piracy and illegal streaming through torrent sites poses a significant challenge to the growth of the global online streaming services market. Torrents, which contain metadata for downloading copyrighted audio and video content, are increasingly popular due to their convenience and the absence of advertisements. Despite the legality of using torrent software, the majority of the content shared is illegal. This trend is particularly prevalent in countries with lenient piracy laws. The abundance of exclusive content across various streaming platforms makes it difficult for users to subscribe to all of them. As a result, many opt for torrents, hindering the expansion of the online streaming services market.The Online Streaming Services market is experiencing significant growth, with numerous players vying for market share. One of the main challenges is the intense competition, as companies strive to offer unique content and features to attract and retain subscribers. Another challenge is the need to provide high-quality streaming, as consumers demand seamless and uninterrupted viewing experiences. Additionally, the market is constantly evolving, with new technologies and business models emerging, requiring companies to stay innovative and adapt to changing consumer preferences. Furthermore, there are regulatory and legal challenges, such as copyright issues and geo-restrictions, that must be navigated to ensure compliance and expand reach. Overall, the Online Streaming Services market presents both opportunities and challenges for businesses looking to succeed in this dynamic industry.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This online streaming services market report extensively covers market segmentation by

Revenue 1.1 Subscription1.2 Advertising1.3 RentalType 2.1 Online video streaming2.2 Online music streamingGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Subscription-  The Subscription Video-on-Demand (SVOD) market is experiencing significant growth due to the availability of original, high-quality content from platforms like Netflix, Amazon Prime Video, Hulu, HBO, Disney+, and others. In India, Hotstar leads the market, with 36% of OTT users in Tier I cities and 55% in metros subscribing. In the US, Disney+ reached 10 million subscribers, and Netflix had 69.97 million. Functionalities beyond messaging are offered, expanding the scope of OTT services. This trend is driving the expansion of the global online streaming services market.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

The Online Streaming Services Market encompasses various platforms that deliver video content over the internet for both consumer and enterprise use. This market includes Video Streaming Services and Cloud-based solutions, which enable on-demand access to a vast library of movies, TV shows, and original content. Paramount Plus and other similar services are popular choices for consumers, while enterprise solutions cater to remote patient monitoring, webinars, courses, and more. The market’s growth is driven by the widespread use of Mobile Phones, Smart TVs, and high-speed Internet Connectivity, leading to increased Video Data Traffic. Social media platforms have also played a significant role in promoting online streaming, making it an integral part of our daily lives. The market offers both cloud and on-premises solutions, allowing businesses and individuals to choose the best fit for their needs. Online Streaming has revolutionized industries like education, entertainment, and healthcare, making content more accessible and convenient than ever before.

Market Research Overview

The Online Streaming Services Market is a rapidly growing industry that offers consumers a vast selection of video content, available for instant viewing. This market encompasses various types of streaming services, including subscription-based models, ad-supported platforms, and transactional video on demand. Consumers can access these services through various devices, such as smartphones, tablets, computers, and smart TVs. The market is driven by advancements in technology, increasing consumer demand for on-demand content, and competition among providers. Streaming services offer a wide range of programming, including movies, TV shows, live sports, and original content. Additionally, they provide features such as personalized recommendations, parental controls, and the ability to download content for offline viewing. Overall, the Online Streaming Services Market is transforming the way we consume media, offering convenience, flexibility, and a vast array of content choices.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

RevenueSubscriptionAdvertisingRentalTypeOnline Video StreamingOnline Music StreamingGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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DeepL unveils industry-first Glossary Generator to solve business communication and brand consistency challenges

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Enhanced DeepL glossary functionality – including new glossary generator, expanded language support and more – will boost global business translations, saving time, effort, and costs

COLOGNE, Germany, Sept. 23, 2024 /PRNewswire/ — DeepL, a leading global Language AI company, today announced several updates to its glossary feature, which is a powerful tool that enhances translation consistency and accuracy by enabling professionals and companies to personalize translations for specific terms. The tool now offers the industry’s first smart glossary generator, which helps simplify and speed up the process of creating glossaries for translations. Glossary is also available in several new languages and within DeepL’s browser extensions and integrations, fitting seamlessly into existing workflows to offer an even more accessible and smooth user experience across the web and applications like Google Workspace and Microsoft 365.

“AI-powered translations are essential for businesses looking to overcome language barriers in today’s increasingly connected world, and DeepL’s powerful glossary tool takes this a step further by ensuring translations are personalized to a company’s unique phrases and needs,” said Christopher Osborne, VP of Product, DeepL. “We’re always looking for ways to improve the DeepL experience and drive even more value and ROI for 100,000+ customers worldwide, and these new capabilities make our glossary even more efficient, accessible and user-friendly – empowering teams to achieve the customization and consistency they are looking for, while minimising time spent on costly alternatives like manual translations or find-and-replace tools.”

For global businesses aiming to drive revenue growth, investing in brand consistency across all communications and languages is essential to ensure that every message—whether technical terminology, product names, or branded terms—resonates clearly with teams, customers, and markets worldwide. Consistent branding has been proven to increase revenue by 20% or more[1] and enhance visibility by 3 to 4 times[2] – however, maintaining this consistency can be expensive and complex. DeepL’s glossary tool simplifies this process, helping businesses and professionals easily create and scale high-quality, consistent multilingual communications across teams. With glossary, companies can create and manage custom translation glossaries to ensure that specific words or phrases are translated consistently according to their unique terminology.

DeepL’s glossary now offers the following expanded capabilities:

The industry’s first smart, AI-powered glossary generator: DeepL’s new glossary generator is a first-of-its-kind tool enabling teams to create custom translation glossaries with a simple file upload. Previously translated files can be leveraged to generate entries for personalized DeepL glossaries, reducing the need for manual work and significantly enhancing efficiency, enabling teams to facilitate more consistent communication at scale.Expanded glossary language functionality: Glossary now supports Korean, Danish, Swedish, Norwegian, and Romanian translations, bringing the total number of languages to 16. This allows for more precise and nuanced translations across a wider range of linguistic contexts, helping businesses reach a broader audience.More convenient access across DeepL platforms: Users are now able to access and apply the glossary directly within the DeepL browser extensions for Chrome and Edge, enabling consistent translations across the web, including Google Workspace applications. Furthermore, the glossary can now also be applied directly within DeepL for Microsoft 365 integrations, including Word, Outlook, and PowerPoint. Additionally, the glossary can be accessed through DeepL’s web browser, desktop apps, and API.

Unlike other find-and-replace tools, DeepL’s glossary excels with its advanced contextual understanding and ability to process complex grammatical elements—such as case, gender, and tense—to deliver nuanced, natural-sounding translations. This results in substantial productivity gains, largely due to the time saved in post-editing. Blind tests with language experts show that DeepL reduces post-editing time by 30% compared to Google Translate and 20% compared to Chat GPT-4. Furthermore, DeepL requires significantly fewer edits, with Google Translate and Chat GPT-4 needing two to three times as many feedback rounds.

Glossary with DeepL Pro also offers enhanced data security, including proprietary data centers, the highest level of certification and compliance standards (ISO 27001 certification, GDPR/SOC 2 type 2 compliance), data encryption, and a commitment to never using Pro customer data to train models.

DeepL’s glossary generator is now available to Pro Advanced and Ultimate subscribers with support for TMX/DOCX/PDF files. It is initially available for glossaries in German, Spanish, Japanese, Italian, French, and Russian (to and from English), with more languages coming soon.

Learn more about DeepL Pro and try out glossary yourself here.

About DeepL

DeepL is on a mission to break down language barriers for businesses everywhere. Over 100,000 businesses and governments and millions of individuals in 228 global markets trust DeepL’s Language AI platform for human-like translation and better writing. Designed with enterprise security in mind, companies around the world leverage DeepL’s AI solutions that are specifically tuned for language to transform business communications, expand markets, and improve productivity. Founded in 2017 by CEO Jaroslaw (Jarek) Kutylowski, DeepL today has over 900 passionate employees and is supported by world-renowned investors including Benchmark, IVP, and Index Ventures.

[1] Marq, “2021 Brand Consistency Report”
[2] Demand Metric x Lucid Press, “Impact of Brand Consistency” Report, 2016

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SOURCE DeepL

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Agoda: Chinese Travelers Post a 137% Increase in International Searches for Upcoming Golden Week

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SINGAPORE, Sept. 23, 2024 /PRNewswire/ — Digital travel platform Agoda has revealed a 137% year-over-year increase in international accommodation searches from China for the upcoming Golden Week. China’s second Golden Week of the year takes place from 1 to 7 October.

Agoda’s accommodation search data reveals a shift in Chinese travelers’ preferences for Golden Week. Last year, the top five outbound destinations were Tokyo, Seoul, Osaka, Kyoto, and Bangkok, respectively. This year, Seoul has emerged as the number one destination, leapfrogging Tokyo. Bali is a new entry in the top five and takes third place. Bangkok and Osaka continue to be among the most searched destinations and complete the ranking in fourth and fifth, respectively.

Taking place from 1 – 7 October this year, Golden Week is a prime travel period for Chinese families looking to take advantage of the week-long break. Golden Weeks are celebrated twice a year in China, around Lunar New Year and China’s National Day.

Top Outbound Destinations for Golden
Week 2024

(Based on Agoda’s accommodation search data)

      1. Seoul, South Korea

      2. Tokyo, Japan

      3. Bali, Indonesia

      4. Bangkok, Thailand

      5. Osaka, Japan

Andrew Smith, Senior Vice President, Supply at Agoda said, “The increase in outbound travel searches for China’s Golden Week suggests a growing confidence among Chinese citizens to explore international travel. It’s great to see destinations close to China’s east coast like Seoul and Osaka featured in the rank, as well as holiday favorites Bangkok and Bali further south.  With the unique advantage of its ‘Asia hotels’ network, Agoda is committed to helping Chinese customers to experience the rest of Asia for less with its great value deals.”

Agoda continues to support travelers by offering over 4.5 million holiday properties globally, more than 130,000 flight routes, and over 300,000 activities, all of which can be conveniently combined in the same booking. For more information on travel options during China’s Golden Week, visit agoda.com or download the Agoda app.

About Agoda

Agoda, a digital travel platform, helps anyone see the world for less with its great value deals on a global network of 4.5M hotels and holiday properties worldwide, plus flights, activities, and more. Agoda.com and the Agoda mobile app are available in 39 languages and supported by 24/7 customer support.

Headquartered in Singapore, Agoda is part of Booking Holdings (Nasdaq: BKNG) and employs more than 6,900 staff in 25 markets, dedicated to leveraging best-in-class technology to make travel even easier.

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SOURCE Agoda

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AECOM supports the Highways Department in winning the Hong Kong Institute of Surveyors Awards for innovative road safety technology

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HONG KONG, Sept. 23, 2024 /PRNewswire/ — AECOM, the world’s trusted infrastructure consulting firm, today announced that a Road Defect Detection System (RDDS) technology it has developed in partnership with the Highways Department of HKSAR Government (HyD) has secured two prestigious awards from the Hong Kong Institute of Surveyors (HKIS). This RDDS project, under part of the award-winning topic “Sustainability Strategy in Road and Tree Inspection by Advanced Geo-spatial Technology,” integrates advanced geographic information system (GIS) and artificial intelligence technologies to automatically detect road defects. The new technology aims to streamline the road inspection process, improving maintenance efficiency, effectively allocating resources and helping ensure public safety.

“AECOM is dedicated to delivering innovative solutions that meet our clients’ specific needs and address their complex challenges. From deploying the world’s largest tunnel boring machine for the Tuen Mun-Chek Lap Kok Link project to integrating GeoAI in our Road Defect Detection System, we harness emerging technologies to support the Highways Department in delivering landmark projects that span tunnels, bridges, highways, and now digital solutions,” said Ian Chung, chief executive of AECOM’s Asia region.

The jointly developed RDDS technology responds to the pressing need to effectively survey Hong Kong’s vast and complex road network. To provide a superior alternative to traditional inspection methods, the AECOM and HyD teams developed an approach that automatically detects defects from road images captured by a vehicle-based camera system.

Integrating the two organizations’ geospatial expertise, the technology uses AI to identify cracks and discolored road markings from road images, which can then be viewed on a web application platform that integrates data such as quantity, location, and severity for engineers to review and assess. The multi-step system simplifies the inspection process and allows for more efficient resource allocation — bringing greater efficiency to HyD’s road maintenance work and supporting a safer road network.

The HKIS honored the technology with the Innovative Surveying Award, which commends industry participants for outstanding project quality in innovative surveying technology, and the Post-occupation Category Grand Award, which recognizes the surveyors’ efforts in enhancing work efficiency and precision through innovative technology at post-occupation stage.

The HKIS Awards aim to recognize the outstanding achievements of Hong Kong surveyors. The awards align with the Sustainable Development Goals set by the United Nations, affirming surveyors’ exceptional accomplishments in sustainable development projects and their contributions to improving environmental outcomes and promoting a sustainable future for Hong Kong.

For more details about the project, please visit here.

 

 

About AECOM 

AECOM is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from advisory, planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical and digital expertise, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of US$14.4 billion in fiscal year 2023. See how we are delivering sustainable legacies for generations to come at www.aecom.com/hk/.

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