New York, US, May 09, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Cloud TV Market” information by Service, by Cloud Deployment, by Streaming, by End User and Region – Forecast to 2027” market size to reach USD 4 billion, growing at a compound annual growth rate of 20% by 2027.
Market Scope:
Increased demand and use of live streaming videos, as well as the expanding reach of YouTube, Netflix, and Amazon Prime is likely to offer robust opportunities for the market over the forecast period.
Dominant Key Players on Cloud TV Market Covered are:
- Surefire
- Brightcove
- Amagi Corporation
- IntelliMedia Networks
- SeaChange International
- Simplestream
- Entertainment And Interactivity For Digital TV
- Mware Solutions
- ActiveVideo
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Market USP Exclusively Encompassed:
Market Drivers
Growing Adoption of 5G Technology to Boost Market Growth
The growing adoption of 5G technology will boost market growth over the forecast period. To improve the cloud TV experience, many telecom firms are making huge investments in 5G technologies. Nokia, for example, worked with AT&T to improve 5G connection in the 39 GHz band via conducting fixed wireless 5G testing with DIRECTV NOW, AT&T's Internet TV streaming service.
Lack of High-Speed Network Infrastructure to act as Market Restraint
The lack of high-speed network infrastructure and connectivity issues especially in rural areas may act as market restraints over the forecast period.
Concerns over Digital Piracy to act as Market Challenge
The concerns over digital piracy may act as a market challenge over the forecast period.
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Segmentation of Market Covered in the Research:
The global cloud TV market is bifurcated based on deployment type, organization size, and vertical.
By deployment type, the cloud TV market is segmented into public cloud and private cloud.
By organization size, large scale enterprise will lead the market over the forecast period.
By vertical, media organizations will dominate the market over the forecast period.
Regional Analysis
North America to Command Cloud TV Market
The greatest proportion of the cloud TV market has been recorded in North America. Countries in the area, such as the United States & Canada, were quick adopters of cloud TV, securing the region's position in the market during the projected period. The existence of numerous major market participants in the North American industry, as well as a growing number of start-ups, is projected to propel the cloud TV market forward. In addition, the region is home to a number of internationally known service providers and businesses that offer video streaming & on-demand services. Because of its early adoption of innovative technological & digital platform solutions, as well as an increase in consumer spending on advanced cloud TV solutions, North America owns a significant proportion of the worldwide cloud TV market.
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APAC to Have Favorable Growth in Cloud TV Market
The cloud TV market in Asia Pacific, on the other hand, is expected to rise at the fastest CAGR throughout the assessment period. Consumers in the region are progressively adopting smart technology, which is resulting in a growing acceptance of video streaming. In the local APAC market, there are numerous prospects for products and services. The APAC market is predicted to rise to a significant valuation throughout the forecasted period, owing to the region's potential. Due to increased internet & smart phone adoption, Asia Pacific is predicted to develop the fastest. With increased internet penetration and the number of smart devices anticipated to shape this market significantly at the projected period, developing regions have the greatest potential for growth. Countries with big populations, such as India, are expected to have 800 million or more smart devices by 2020, thus making it the world's biggest smart device user. This suggests that the market has the ability to develop, indicating a quickly evolving sector with a lot of room for growth. China is a large income provider to the public cloud in the Asia-Pacific area. Domestic enterprise users are enthusiastic about cloud services, particularly IaaS. Small and medium businesses prefer to build IT resources in the domains of video, gaming, and mobile internet on the local IaaS market. The telecom business is dominated by a few companies, each of which has the reach and capacity to serve millions of customers. Reliance's recent rollout of JIO services has resulted in a massive increase in awareness of 4G services. Explaining the possibilities of the service supplied to the audience goes a long way toward gaining the consumer's trust. Consumers are progressively adopting smart technology in the region, and video streaming is becoming more popular. In the local APAC market, there are numerous prospects for products and services. The APAC market is predicted to rise to a significant valuation throughout the forecasted period, owing to the region's potential.
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COVID-19 Impact on the Global Cloud TV Market
The COVID-19 health issue has had a significant impact on all consumers' lifestyles and habits. Work-from-home policies and social isolation have pushed the consumption of in-home video to new heights. Consumers are also acquiring new skills and staying entertained thanks to an abundance of internet-based material. The COVID-19 crisis has transformed the way people work, whether it's through OTT platforms, video hosting websites like YouTube/video conferencing tools & software for organizing webinars and internal meetings. The contemporary period has increased the consumption of in-home video to never-before-seen levels, thanks to the COVID-19 epidemic. While smartphones, connected TVs, and tablets enhance the entertainment experience, the technological advancements, the continued proliferation of video apps, and greater interoperability and communication with other devices have catapulted cloud TVs to new heights during the COVID-19 outbreak. During the epidemic, SVODs were very popular among users. Netflix, for example, topped 15.8 million paid users in the first three months of 2020, as many people were forced to remain at home for the outbreak. Netflix had expected 7.2 million paid subscribers, but experienced a rise of more than double. According to Limelight Networks, online videos continue to grow in popularity and at the expense of the traditional broadcast viewership. Viewers spend roughly 7 hours and 55 minutes every week on average consuming a variety of entertainment.
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