The cloud TV market size reached USD 2.03 Billion in 2020 and is expected to reach USD 4.60 Billion by 2028 and register a CAGR of 10.8%. Cloud Television industry report classifies global market by share, trend, and on the basis of cloud type, service, streaming, end-use, and region
The global cloud TV market size reached USD 2.03 Billion in 2020 and is expected to register a CAGR of 10.8% during the forecast period. Growing demand for video on demand with high quality viewer experience is a key factor expected to drive revenue growth of the global cloud TV market during the forecast period. Rapid developments in technology and changing consumer behavior are resulting in evolution of methods and how video content is offered for viewing. Advancements include shift from conventional broadcasting approaches and medium to digital delivery by Internet to an extensive array of connected devices. The change generates three key conditions for broadcasters respectively, including cost flexibility, agility, and scalability of cloud TV. Online audiovisual consumption has changed considerably in the recent past. Customers are familiarized with utilizing Internet facilities; consequently, customers are valuing supplementary personalized and interactive viewing experiences. As an outcome, demand has increased among viewers for additional options, ease, and control over viewing and selecting what to watch on a network’s programmed line-up such as live events, or record preferred content and watch whatever device and whenever convenient. This requires much more computation and properties than old-style distribution. Therefore, several broadcasters are adopting the cloud TV platform for delivering varieties of watching choices, coupled with tailored content recommendations for consumers.
Growing demand for cloud streaming services is expected to further propel global cloud TV market growth over the forecast period. In addition, rising adoption of smart devices like smart TV for cloud streaming in developed and developing countries is expected to augment global cloud TV market growth in future. Furthermore, increasing demand for TV business analytics is expected to increase cloud TV adoption, which is expected to boost global cloud TV market growth going ahead. Application of TV business analytics in the broadcast industry is growing, as importance of leveraging big data is understood at each point of the process. Integration of analytics solutions with Cloud TV platform delivers better visibility of channels’ performance; aids in enhancing content achievement, decreases churn, and improves viewer experience.
However, dearth of high-speed network infrastructure in developing countries and concerns regarding piracy of digital content are some key factors expected to hamper global cloud TV market growth over the forecast period.
Based on cloud type, the global cloud TV market is segmented into private cloud, public cloud, and hybrid cloud. The public cloud segment is expected to account for largest market share over the forecast period due to rising public cloud-based TV adoption. Public cloud-based TV offers streamline deployment for cloud TV providers, which is the primary factor for higher adoption of public cloud-based TV. The public cloud deployment approach provides several benefits, including reliability, scalability, remote location access, and flexibility. In addition, public cloud-based TV can be offered as a pay-per-use approach, relying on user requirements, which is expected to further augment growth of the segment during the forecast period.