I'm trying to implement adaptive bit-rate streaming in my app that automatically switch the quality depending on the connection speed. How could I achieve this. Is there is any third party library available for this. does the default android video view support adaptive bit-rate streaming?
Android supports HLS, please have a look at the Android documentation about Supported Media Formats.
There is also the ExoPlayer Open Source project, which supports MPEG-DASH and I think also HLS, which can be used to build native apps.
If you want to use the webview (or support playback in the browser) you could also use web-based players, like the Bitmovin Adaptive Streaming Player, which also supports MPEG-DASH and HLS.