Cloud TV Market to Reach $11.5 Billion by 2032 at 20.4% CAGR: Allied Market Research
Saturday, December 23, 2023
Surge in adoption of smart devices, rise in demand for cloud streaming services, and increase in trend for over-the-top (OTT) services drive the growth of the global cloud TV market
PORTLAND, Ore., Dec. 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cloud TV Market by Deployment Type (Public Cloud, Private Cloud, and Hybrid Cloud), Device (STB, Mobile Phones, and Connected TV), and Application (Telecom, Media & Entertainment, Consumer Television, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global cloud TV industry generated $1.8 billion in 2022, and is anticipated to generate $11.5 billion by 2032, witnessing a CAGR of 20.4% from 2023 to 2032.
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Prime determinants of growth
The increase in adoption of high-speed internet globally has paved the way for seamless streaming, enabling users to access a vast array of content conveniently. As internet infrastructure continues to improve, more regions and demographics are gaining access to reliable broadband, expanding the potential user base for cloud TV services. Further, the proliferation of smart devices, such as smart TVs, smartphones, and tablets, has transformed how audiences consume content. This shift towards a more connected and digitally inclined consumer base has led to a surge in demand for flexible, on-the-go entertainment options provided by cloud TV platforms.
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Report coverage & details:
Report Coverage
Details
Forecast Period
2023-2032
Base Year 2022
Market Size in 2022
$1.8 Billion
Market Size in 2032
$11.5 Billion
CAGR 20.4 %
No. of Pages in Report 290
Segments covered Deployment Type, Device, Application, and
Region.
Drivers Growing adoption of smart devices
Rise in demand for cloud streaming
services
Growing trend for over-the-top (OTT)
services
Opportunities
Rise in adoption of 5G
Restraints
Lack of high-speed network
Concerns about piracy of digital content
COVID-19 Scenario
-- The pandemic had a positive impact on the cloud TV market size. The
increased time spent at home during lockdowns and social distancing
measures led to a surge in demand for entertainment, driving the
adoption of cloud TV services. With traditional entertainment options
limited, more consumers turned to streaming platforms for their diverse
content offerings.
-- The pandemic disrupted content production schedules, causing delays in
the release of latest content. This, in turn, affected the content
pipeline for cloud TV services, impacting their ability to attract and
retain subscribers. Thus, the net impact of the pandemic on the cloud TV
market was influenced by a combination of increased demand for home
entertainment and economic uncertainties, resulting in both challenges
and opportunities for service providers in this sector.
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The public cloud segment to maintain its leadership status throughout the forecast period
By deployment type, the public cloud segment held the highest market share in 2022, accounting for more than half of the global cloud TV market revenue, and is estimated to maintain its leadership status throughout the forecast period, as increasing migration of cloud TV services to public cloud platforms, such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP) was a key trend in the market which boosted the growth of the market. However, the private cloud segment is projected to manifest the highest CAGR of 22.8% from 2023 to 2032. This is attributed to increase in adoption of private cloud infrastructure by content providers offers a greater control and customization over their operations.
The mobile phones segment to maintain its leadership status throughout the forecast period
By device, the mobile phones segment held the highest market share in 2022, accounting for nearly half of the global cloud TV market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the fact that streaming platforms are investing in short-form content, exclusive series, and interactive formats that cater to the on-the-go nature of mobile consumption. However, the connected TV segment is projected to manifest the highest CAGR of 22.6% from 2023 to 2032, as significant increase has been witnessed in the adoption of Smart TVs, embedding advanced features that enable direct access to cloud TV services.
The media & entertainment segment to maintain its lead position during the forecast period
By application, the media and entertainment segment accounted for the largest share in 2022, contributing to nearly half of the global cloud TV market revenue, as the rise of user-generated content and interactive formats is transforming the way audiences engage with media. Streaming services are incorporating social features, interactive elements, and virtual watch parties to enhance the communal aspects of content consumption. However, the telecom segment is expected to portray the largest CAGR of 25.8% from 2023 to 2032, and is projected to maintain its lead position during the forecast period. This is owing to the fact the increasing convergence of telecom and media services, as telecom operators is increasingly offering bundled packages that include high-speed internet and cloud TV subscriptions.
North America to maintain its dominance by 2031
By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global cloud TV market revenue, owing to the fact that streaming platforms in North America are heavily investing in original content production to differentiate themselves and attract subscribers. However, the Asia-Pacific region is expected to witness the fastest CAGR of 23.6% from 2023 to 2032, and is likely to dominate the market during the forecast period, owing to the fact that region witnessed a substantial upswing in the uptake of streaming services, as an increasing number of consumers transitioned from conventional television to on-demand streaming platforms.
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Leading Market Players: -
-- Brightcove Inc.
-- Amino Communications
-- Oracle
-- Kaltura Inc.
-- Muvi
-- Amagi
-- Comcast Technology Solutions
-- dacast
-- MatrixStream Technologies, Inc.
-- MediaKind
The report provides a detailed analysis of these key players of the global cloud TV market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research
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