Broadcast is a widely used operation in many streaming and deep learning applications to disseminate large amounts of data on emerging heterogeneous High-Performance Computing (HPC) systems. However, traditional broadcast schemes do not fully utilize hardware features for Graphics Processing Unit (GPU)-based applications. In this paper, a model-oriented analysis is presented to identify performance bottlenecks of existing broadcast schemes on GPU clusters. Next, streaming-based broadcast schemes are proposed to exploit InfiniBand hardware multicast (IB-MCAST) and NVIDIA GPUDirect technology for efficient message transmission. The proposed designs are evaluated in the context of using Message Passing Interface (MPI) based benchmarks and applications. The experimental results indicate improved scalability and up to 82 percent reduction of latency compared to the state-of-the-art solutions in the benchmark-level evaluation. Furthermore, compared to the state-of-the-art, the proposed design yields stable higher throughput for a synthetic streaming workload, and 1.3x faster training time for a deep learning framework.