Global Casting Devices Market - Segmented by Type (Game Consoles, Media Streamers, and Smart TVs), Application (E-learning, Web-browsing, and Gaming) End User (Commercial and Residential), and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global Casting Devices market is expected to witness a growth rate of 16.35% during the forecast period (2018 - 2023).
Casting devices are connected, unmanaged devices whose principal purpose is to receive on-demand content via internet, and display it on a screen. The increasing demand for convenient and cost-effective methods to access entertainment content with a lean back experience is impacting the growth of casting devices. The emergence of several technologies, such as 4K resolution, along with broadband access, will improve the demand of the casting devices, globally. Casting device growth depends greatly on primary entertainment streaming services, such as Netflix and Hulu, and ecosystems like Amazon Prime, Apple iTunes, and Google Play Store. Increasing options for watching content on smartphones, laptops, and tablets, coupled with the changing consumer behavior and adoption of several casting devices, are expected to increase during the forecast period.
Smart TV to occupy a Significant Market Share
An increased spending on electronic goods by consumers is a prime factor that is expected to increase the growth prospects of the market. In addition, high adoption of smart TVs in emerging markets and increased market penetration of the internet are other factors that are driving the market growth. Increased adoption of smart TVs in advertising is helping advertisers in expanding their consumer base. Another factor is the emergence of advanced technologies, such as gesture and voice recognition features in smart TVs.
North America to Hold the Major Market Share
US is expected to occupy the major share in the market, majorly due to the tech savvy population in this region. It is expected that by the end of 2020, approximately 30% of the households in the region that have internet connections will be using streaming media devices, in order to stream the content played on TV.
Key Developments in the Market