New York, United States , Aug. 15, 2024 (GLOBE NEWSWIRE) -- The Global Broadcast Media Technology Market Size is to Grow from USD 44.29 Billion in 2023 to USD 91.65 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.54% during the projected period.
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Any digital mass communication medium that uses wavelengths from the electromagnetic spectrum to broadcast audio or video information to an online audience is known as broadcasting. Throughout history, the expanding broadcast and media technology ecosystem has advanced gradually. The radio was the first mass medium and played a pivotal role in the twentieth century by enabling the transmission of information without the use of cables. The 1920s then commemorated the start of the television century. Cable television, on-air promotions, long-form programming, multilingual computer programming, broadcast television, radio, TV/web convergence, and on-demand TV are examples of broadcast media. The broadcast and media technology markets are growing quickly due to the quick adoption of 5G technology, which allows broadcasters to give live virtual reality (VR) broadcasts of concerts and sporting events. 5G is being used by media businesses to offer viewers personalized content recommendations and allow them to engage with the content in real time. Furthermore, one of the main constraining issues is plagiarism and infringement on intellectual property rights, which are significant issues for the market.
Browse key industry insights spread across 212 pages with 115 Market data tables and figures & charts from the report on the "Global Broadcast Media Technology Market Size, Share, and COVID-19 Impact Analysis, By Component (Software and Services), By Hosting Model (Integrated and Standalone), By End-User (Broadcast, Distributors, and OTT and IPTV) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The software segment is expected to hold a significant market share of the broadcast media technology market during the projected timeframe.
Based on the component, the broadcast media technology market is divided into software and services. Among these, the software segment is expected to hold a significant market share of the broadcast media technology market during the projected timeframe. Cloud computing is the delivery of computer services over the Internet, such as storage, processing power, and software applications. Rather than relying on local servers or personal laptops, cloud computing allows users to access and use these resources remotely through data centers managed by cloud service providers.
The standalone segment holds the highest market share of the broadcast media technology market during the projected timeframe.
Based on the hosting model, the broadcast media technology market is divided into integrated and standalone. Among these, the standalone segment holds the highest market share of the broadcast media technology market during the projected timeframe. This is because of the multiple benefits of standalone, including adaptability, scalability, cost-efficiency, and reduced vendor lock-in, plus others. Organizations can alter their broadcast and media technology infrastructures to match their demands, save money, and maintain flexibility by adopting standalone solutions.
The OTT and IPTV segment is anticipated to grow at the highest CAGR of the broadcast media technology market during the projected timeframe.
Based on the end-user, the broadcast media technology market is divided into broadcast, distributors and OTT and IPTV. Among these, the OTT and IPTV segment is anticipated to grow at the highest CAGR of the broadcast media technology market during the projected timeframe. The expansion of over-the-top (OTT) services will promote innovation and investment in broadcast and media technology, influencing future media consumption. The rise of OTT platforms such as Netflix, Amazon Prime Video, and Disney+ has altered the way viewer’s access and consume media content. These platforms are gaining popularity with viewers because of their diverse content, tailored viewing experiences, and low membership rates.
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North America is expected to hold the largest share of the broadcast media technology market over the forecast period.
North America is expected to hold the largest share of the broadcast media technology market over the forecast period. Several factors are driving this expansion, including rising internet penetration, acceptance of OTT services, increased demand for high-quality content, and government backing. Internet penetration in North America is quickly increasing, with more than 60% to 65% of the population being online. As a result, there is a vast and expanding market for online media consumption. Furthermore, governments across North America are investing heavily in the development of broadcast and media technology. This helps to create an enabling atmosphere for market expansion.
Europe is predicted to grow at the fastest pace in the broadcast media technology market during the projected timeframe. Subscription video-on-demand (SVOD) is gaining popularity in Europe because of its flexibility and personalization, which is driving market expansion in the region. The availability of high-speed internet at reasonable prices, together with rising trends in IPTV usage, is helping to maintain the broadcasting and cable TV industries' steady growth.
The Asia-Pacific region is predicted to hold a significant share of the global broadcasting and media technology business. The market leader's position can be attributed to an increase in digital channels and the region's rapid shift to digital broadcasting. Increased adoptions of new watching experiences, and increased public awareness of digital platforms including Netflix, Amazon Prime, and Hotstar, are expected to boost market growth. In China, major companies such as Baidu, Tencent, and Netflix have used cutting-edge technology to improve customer experience. The latest 5G network architecture is expected to revolutionize the region's broadcast and media technology landscape.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the broadcast media technology market are Dell Inc., IBM, Quantum Corporation, Harmonic, VSN Video Stream Networks S.L, WideOrbit, Clyde Broadcast, Sencore, AVI Systems, EVS Broadcast Equipment, ACORDE Technologies S.A, Grass Valley LLC., Evertz, Rohde & Schwarz GmbH &Co KG, and other key vendeors.
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Recent Developments
- In April 2024, Panasonic Entertainment & Communication Co., Ltd. confirmed that, in collaboration with KAIROS Alliance Partners, the IT/IP platform KAIROS, which offers live production for broadcasters, is now available to clients worldwide.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the broadcast media technology market based on the below-mentioned segments:
Global Broadcast Media Technology Market, By Component
- Software
- On-Premise
- Cloud
- Services
- Consulting
- Support and Maintenance
- Manages Services
Global Broadcast Media Technology Market, Hosting Model
- Integrated
- Standalone
Global Broadcast Media Technology Market, End-User
- Broadcast
- Distributors
- OTT and IPTV
Global Broadcast Media Technology Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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