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Pay TV Market Size Revenue to Increase to About $240.1 Billion By 2031: Adroit Market Research
Pay TV Market
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By 2031, the pay-TV industry is projected to be valued at USD 240.1 billion, growing at a CAGR of 1.6% between 2022 and 2031. Increased consumer spending and the cord-cutting movement, in which people switch from traditional cable or satellite TV subscriptions to streaming services, are credited with this surge. The desire for HD and 4K content, rising demand for on-demand content, and technological developments in services like streaming and VOD are all anticipated to contribute to the pay TV market's continued expansion. Due to its vast reach and range when compared to other technologies, the satellite TV technology sector is anticipated to dominate the pay TV market in terms of revenue over the forecast period. Over the course of the projection year, the advent of hybrid DTH technologies like HITS (Headend in the Sky) is also anticipated to increase the satellite TV market.
Due to rising disposable income, increased demand for video streaming services, and the increasing prevalence of smart homes, the residential application segment is anticipated to hold the lion's share of the Pay TV market over the forecast period. Additionally, increased access to broadband and fibre networks, government programmes to bring internet to rural regions, and the introduction of OTT (over-the-top) services are all projected to increase demand for pay TV. Geographically, North America's pay TV market is thought to be dominated by rising interest in streaming services like Netflix, Hulu, and Amazon Prime Video.
Furthermore, by giving viewers more options for content access, the development of advanced technologies like "headend in the sky" (HITS) and "over-the-top" (OTT) services has positively impacted the pay-TV business.
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In January 2022, providers of streaming services announced intentions to include cutting-edge technologies including artificial intelligence (AI) and pattern recognition into their offerings. The introduction of these cutting-edge technologies allowed providers to enhance the user experience and customise services to meet the needs of individual customers, which represented a
significant advancement in the pay-TV market. Major pay TV providers started offering subscription-based streaming services in March 2021, enabling subscribers to view content from a range of devices. This innovation marked a significant shift in the pay-TV industry by enabling users to access content without owning a set-top box.
New technologies like cloud-based services and artificial intelligence entered the pay-TV market in May 2020. With the help of these technologies, content providers are now in a position to deliver content more effectively and specifically to their customers. Pay TV companies like Comcast, AT&T, and Dish Network started promoting "unbundled" packages in October 2019. Instead of being compelled to buy the entire package, these packages let users choose the content they wanted access to.
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Adroit Market Research is an India-based business analytics and consulting company. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a markets size, key trends, participants and future outlook of an industry. We intend to become our clients knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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