Cloud TV Market worth $4.2 billion by 2026, Growing at a CAGR of 21.9% Report by MarketsandMarkets™

Chicago, Aug. 02, 2023 (GLOBE NEWSWIRE) -- The global Cloud TV Market size is expected to grow from USD 1.2 billion in 2020 to USD 4.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.9% during the forecast period, according to a new report by MarketsandMarkets™. The cloud TV platform is used to deliver audio, video, rich media, and other media content over the internet. Cloud TV is delivered over end users’ handheld devices, such as smartphones, tablets, and connected TVs, through a wireless connection over the internet. It offers features such as live TV, video-on- demand, and web surfing.

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Scope of the Report

The media organizations and broadcaster’s vertical is estimated to grow at the highest CAGR in the cloud TV market during the forecast period. Media and broadcasting is huge and diverse vertical. It encompasses video and audio content distribution, publishing, film, music, and social media, among others. However, a common trend across all the segments of media and broadcasting is the rising importance of video content delivered over the internet. Advances in technology and consumer behavior are driving a transformation in the way video content is delivered to consumers. The change involves a migration from traditional broadcasting models and media platforms toward digital distribution over the internet to a wide array of connected devices.

This fundamental shift is triggering three major disruptions for broadcasters and media companies. These disruptions are scalability, cost flexibility, and agility of cloud computing. With the digitalization of media and broadcasting mediums, the consumer appetite for gaining access to the right information or preferred channels is growing increasingly. The media and broadcasting vertical seeks to interact with its consumers to achieve deeper customer engagement. Various companies use cloud TV platforms to do live broadcasting of sports, which includes live voting for viewers. This ensures consumer engagement and retention. Using AI and analytics, the media and broadcasting companies show preferred content to their consumers, which, in turn, increases the viewing time and ad revenue. These factors help the cloud TV platforms to be consumed by media and broadcasting companies.    

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Mobile phones and connected TVs segment to grow at the highest CAGR during the forecast period. The increasing inception of video streaming platforms, such as Netflix, Hotstar, and Amazon Prime, coupled with the growing internet penetration, is responsible for the rising smartphone penetration, leading to the growth of digital video consumption and digital video consumption. Entertainment apps have become the most penetrated app category among smartphone users after social networking, chatting, and eCommerce apps. The growing internet penetration is increasing the number of smartphones, contributing to the overall cloud TV market growth. Connected TVs are rapidly evolving globally, with providers, broadcasters, and manufacturers such as STC, Orbit Showtime Network (OSN), and Samsung offering consumers increased access to content through smart devices. These TVs connect to wireless systems, making it easy to find something to watch. However, to ensure rich and immersive digital entertainment experiences for new-age viewers, connected TV brands opt for OS that comes equipped with a built-in app store with all popular and licensed apps that can never go outdated on a television set. Customers can surf through popular services, such as Disney+ Hotstar, Zee5, SonyLIV, Voot, SunNxt, Netflix, Amazon Prime Video, Eros Now, Yupp TV, and Bloomberg Quint. Many TV manufacturers provide the screen sharing option, which lets users sync content from their mobile phones with their TV sets. Hence, the growing smartphone and connected TV penetration is expected to fuel the cloud TV market growth across the globe.

The geographic analysis of the cloud TV market is mainly segmented into 5 regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to hold highest market share which leads to the adoption and implementation of cloud TV, followed by Europe and APAC. North America is expected to be the largest regional market due to technological advancements, a large number of early adopters, and the presence of major market players. Moreover, this region has the largest number of cloud TV providers, which is expected to result in increased investments related to the technological development of the existing infrastructure, contributing to the growth in the number of cloud TV deployments. The region includes early adopters from industries, such as telecom companies and media and broadcasters which contribute major market shares and adopt cloud TV solutions, creating lucrative opportunities. Moreover, the rapid growth of the social media and online video services in APAC has further increased the demand for cloud TV solutions. This demand can be met by the effective deployment of cloud TV solutions, further contributing to market growth. 

Top Trends in Global Cloud TV Market

• Over-the-Top (OTT) Services Domination: OTT services, which transmit video content over the internet without traditional cable or satellite subscriptions, were gaining favor. Because of its ease, enormous content libraries, and flexibility to stream material on several devices, consumers were increasingly adopting OTT services.
• Streaming Video on Demand (SVoD) Growth: Subscription-based SVoD services such as Netflix, Amazon Prime Video, Disney+, and others were gaining popularity. These platforms provided a diverse selection of original and licensed series and films, allowing viewers to access content at their leisure.
• Transition from Traditional TV to Cloud TV: Traditional TV broadcasters were also shifting to cloud TV services in order to respond to changing customer tastes and remain competitive. Scalability, flexibility, and cost savings were among the advantages of cloud TV.
• Hybrid Cloud TV Services: Hybrid cloud TV services were emerging, combining the benefits of public and private cloud infrastructure. This technique provided content suppliers and broadcasters with improved security, performance, and data control.
• Live Streaming and Real-Time Content Delivery: There was an increase in demand for live streaming events, sports, and real-time content. Cloud TV platforms enabled broadcasters to provide live programming to a worldwide audience in real time with little latency.
• Personalization and Content Recommendations: Cloud TV providers have been investing in advanced recommendation algorithms and user profiling in order to deliver personalized content recommendations. The goal of this personalization was to increase user engagement and retention.
• Ad Insertion and Monetization Opportunities: Cloud TV platforms improved capabilities for targeted ad insertion and data-driven advertising. Content providers could improve monetization tactics by optimizing ad placements based on user preferences and behavior.
• Integration of AI and Machine Learning: Artificial Intelligence (AI) and Machine Learning (ML) technologies are increasingly being integrated into cloud TV systems to automate operations like as content tagging, metadata management, and content suggestions.
• Multi-Platform Accessibility: Cloud TV services enabled customers to access content on a variety of devices, including smartphones, tablets, smart TVs, and game consoles, providing a unified watching experience across numerous platforms.
• Edge Computing for Improved Performance: Edge computing techniques were investigated in order to improve performance and minimize latency for cloud TV services. Providers could obtain higher quality and faster delivery by processing content closer to end customers.

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Key Industry Development

• Expansion of OTT Services: Over-the-top (OTT) services expanded their global reach, with key companies such as Netflix, Amazon Prime Video, Disney+, and others opening in new territories. Traditional media organizations and broadcasters were also building their own OTT platforms in order to capitalize on the increased demand for streaming content.
• Integration of Cloud DVR: Cloud-based Digital Video Recorder (DVR) functionality has become more common in cloud TV providers. This enabled customers to record and keep their favorite shows and movies in the cloud, removing the need for physical hardware and increasing content consumption flexibility.
• Proliferation of Hybrid Cloud TV Solutions: As content delivery demands increased, hybrid cloud TV solutions gained traction. Hybrid cloud models combined the benefits of public cloud scalability with the added control and security of private cloud infrastructures.
• Focus on Original Content Production: Streaming platforms are progressively investing in original content creation in order to separate themselves from competitors and attract more users. The success of original programmers and films was critical in terms of brand loyalty and customer acquisition.
• Live Streaming and Real-Time Events: Live streaming of events, sports, and news became more common. Cloud TV services enabled the continuous and scalable transmission of live programming to a worldwide audience with little latency.
• AI-Driven Personalization: Cloud TV platforms now include Artificial Intelligence (AI) and Machine Learning (ML) technology to provide personalized content recommendations based on user behavior, preferences, and viewing history.
• Adaptation to 5G Connectivity: With the rollout of 5G networks, cloud TV platforms were prepared to exploit increased bandwidth and lower latency to deliver higher-quality video content and improved user experiences.
• Focus on Multi-Platform Accessibility: Cloud TV providers emphasized providing a uniform user experience across different devices, such as smartphones, tablets, smart TVs, and gaming consoles, ensuring that users could access content whenever and wherever they wanted.
• Security and Content Protection: As digital piracy and content theft have increased, cloud TV providers have concentrated on building strong security measures to secure material and prevent unauthorized access.
• Edge Computing for Improved Performance: Edge computing technologies have gained traction in the cloud TV sector for their ability to reduce latency and improve performance. Providers hoped to give a smoother and more dependable streaming experience by processing content closer to end customers.

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