Press Release Description
Increasing Deployment of 5G Technology Expected to Drive the Global Broadcast and Media Technology Market
The Global Broadcast and Media Technology Market size is anticipated to grow at a CAGR of about 8.4% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The Global Broadcast and Media Technology Market is being driven by rising demand for immersive experiences, cloud-based solutions, IP-based broadcast infrastructure, 5G network rollout, developing media formats, global expansion of streaming platforms, and other reasons. The deployment of 5G technology is a major driver of the Global Broadcast and Media Technology Market since 5G provides several advantages over previous generations of cellular networks, including higher bandwidth, lower latency, larger coverage, improved streaming quality, and so on.
Moreover, broadcasters use 5G to provide live VR broadcasts of sporting events and concerts, and the rapid implementation of 5G technology is driving the Global Broadcast and Media Technology Market. Media companies are using 5G to provide personalized content suggestions and to allow viewers to interact with content in real time.
Furthermore, due to factors such as rising demand for immersive experiences, technological advancements, diverse applications, growing consumer interest, industry initiatives & investments, and so on, virtual reality (VR) and augmented reality (AR) are gaining traction in the Global Broadcast and Media Technology Market. These technologies are progressively being integrated into many elements of content generation, delivery, and consumption, influencing the growth & size of the Global Broadcast and Media Technology Market.
The Global Broadcast and Media Technology Market is facing significant hurdles as a result of increasing incidents of piracy and infringement of intellectual property rights. Piracy and copyright infringement can have a significant influence on the broadcast and media industries by depriving content creators of cash and undermining the value of intellectual property, among other things. So, broadcasters and media companies must change their strategy to reduce the negative impact of piracy & copyright infringement and to accelerate the growth of the Global Broadcast and Media Technology Market in the coming years, further states the research report, “Global Broadcast and Media Technology Market Analysis, 2024.”
Broadcast and Media Technology Market Segmentation Analysis
OTT (Over-the-Top) Segment Expected to Dominate Market
Based on the deployment, the market is further bifurcated into broadcasters, distributors, OTT, IPTV, and others. While traditional broadcasters and distributors retain a substantial market share, their growth will most certainly be slower than that of OTT providers. IPTV (internet protocol television) services, which deliver television content over the internet, are also predicted to see moderate growth, but adoption is expected to be impeded by a shortage of high-speed internet connections. As the popularity of OTT services grows, so will the demand for broadcast and media technology.
Overall, OTT services are likely to lead the Global Broadcast and Media Technology Market due to their ability to provide personalized, on-demand, and low-cost access to a diverse range of media content. The growth of OTT services will encourage innovation and investment in broadcast and media technology, altering media consumption in the future.
Asia-Pacific Region Anticipated to Lead the Market
Internet penetration is rapidly expanding in the Asia-Pacific region, with more than 60%-65% of the population now having access. As a result, internet media consumption has a large and growing following. Furthermore, OTT services such as Netflix and Amazon Prime Video are becoming increasingly popular throughout Asia-Pacific. These services offer a vast range of content at competitive prices, boosting demand for broadcast and media technology.
As a result, the Asia-Pacific region is predicted to be the fastest-growing segment in the Global Broadcast and Media Technology Market throughout the forecast period. Several factors are fueling this rise, including growing internet penetration, improved adoption of OTT services, rising demand for high-quality content, and government support.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Dell Inc, Quantum Corporation, IBM Corporation, Harmonic Inc., Video Stream Networks S.L., WideOrbit Inc., Grass Valley USA, LLC, AVI Systems, Evertz Technologies Limited, Rohde & Schwarz Gmbh & Co. Kg, Eletec Broadcast Telecom S.A.R.L, Clyde Broadcast, Sencore, EVS Broadcast Equipment, ACORDE Technologies S.A, ETL Systems Ltd, and Others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various provinces, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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