Broadcast and Media Technology Market to be worth US$ 12.5 Bn by 2027

Zaraki Kenpachi

July 2, 2021

Broadcast and Media Technology Market to be worth US$ 12.5 Bn by 2027

The global broadcast and media technology (solutions and services) market is expected to register a CAGR of ~ 9.0% between 2019 and 2027. The broadcast and media technology (solutions and services) market is projected to be driven by the growing demand for emerging technologies among broadcast and media companies. Broadcasters and media companies are adopting advanced technology to increase business agility and flexibility. This is expected to boost the broadcast and media technology (solutions and services) market in the near future.
The global broadcast and media technology (solutions and services) market is expected to reach ~ US$ 12.5 Bn by 2027 from ~ US$ 6.3 Bn in 2019. The new generation of advanced technology continues to drive the demand for broadcast and media solutions from end users, thereby continuously pushing the demand for broadcast and media technology (solutions and services).
The broadcast and media technology (solutions and services) market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe.
North America remains the leading market for broadcast and media technology (solutions and services), with revenue in 2019 estimated to reach ~ US$ 2.1 Bn. Technical advancements, increased digitization, and the presence of a large number of broadcast and media technology solution providers are responsible for the growth of the broadcast and media technology (solutions and services) market in the region.
Asia Pacific is projected to lead the global broadcast and media technology (solutions and services) market during the forecast period. This is primarily due to the increasing transition to new viewing experiences, and increasing awareness about digital platforms such as Neflix, Amazon Prime, and Hotstar among the people in the region.

broadcast and media technology solutions and services market segmentation

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Broadcast and Media Technology (Solutions and Services) Market Definition

The broadcast and media technology (solutions and services) market report provides analysis of the global broadcast and media technology (solutions and services) market for the period 2017–2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 of the broadcast and media technology (solutions and services) market has been included as historical information.
In the broadcast and media technology (solutions and services) market report, we analyze the challenges that organizations are facing to acquire the right broadcasting solutions that can cope with the rapidly changing digital world, and also how much organizations are ready to adopt these new technology broadcasting solutions in order to meet the requirements of today’s digital world.

North America Broadcast and Media Technology (Solutions and Services) Market – Snapshot

North America is seen as the growth hub for new technology-driven enterprise business models, for its start-up ecosystem and quick adoption of technology solutions by enterprises in the region. For the same reason, North America is expected to see the highest opportunity addition for the broadcast and media technology (solutions and services) market, globally, with Asia Pacific being the next closest region in the broadcast and media technology (solutions and services) market.

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Key Growth Drivers of the Broadcast and Media Technology (Solutions and Services) Market

Growing demand for emerging technologies among broadcast and media companies – Advanced technologies in the market are Artificial Intelligence, Augmented & Virtual Reality, Blockchain, Chatbot’s, Digital assistants, 4DX, and others. Emerging technologies enable broadcast and media companies to improve user experience.
In China and the U.S., some large companies such as Baidu, Tencent, and Netflix have implemented emerging technologies to improve user experience. Further, Artificial Intelligence (AI) has a major impact on the streaming experience. This is propelling the growth of the broadcast and media technology (solutions and services) market across the globe.
Digital advertising on the rise – Enterprises are spending a considerable percentage of their total advertising budgets on various digital advertising solutions. Therefore, the need for media and broadcasting solutions and services for advertisement and data management is growing at a high pace, thus driving the broadcast and media technology (solutions and services) market, globally.

Key Challenges Faced by Broadcast and Media Technology (Solutions and Services) Market Players

Government bodies of different nations have different content and broadcasting regulations. Most countries have an established permit system or licensing for video streaming. For instance, the advertisement of prescription drugs in real-time events is prohibited in Europe, while it can be advertised in the U.S. This factor is restraining the growth of the broadcast and media technology (solutions and services) market.
Regulations restricting the spread of some video content to specific geographic regions impact the live video processing solutions market in that particular region, as is restricts the distribution of content around the world and limits the reach of a company.

Other major players operating in the global broadcast and media technology (solutions and services) market are IBM Corporation, Quantum Corporation, ROHDE & SCHWARZ GmbH & Co. KG, Dell Inc. (EMC Corporation), AVI Systems, Video Stream Networks S.L., and WideOrbit Inc. Companies are shifting toward advanced broadcasting solutions and integrating new technologies to enhance broadcasting solutions to gain a competitive advantage in the broadcast and media technology (solutions and services) market.

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Broadcast and Media Technology (Solutions and Services) Market by Component