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Broadcast Automation Software Market: Demand, Market Share, and Strategic Insights
Broadcast Automation Software Global Market Report 2024
According to The Business Research Company's, The broadcast automation software market size has grown exponentially in recent years. It will grow from $1.74 billion in 2023 to $2.13 billion in 2024 at a compound annual growth rate (CAGR) of 22.1%. The growth in the historic period can be attributed to growing complexity in broadcast media planning, increase in the adoption of cloud-based solutions, increasing demand for smart devices, increased need for operational efficiency and cost reduction, rising demand for personalized content and audience engagement.
The broadcast automation software market size is expected to see rapid growth in the next few years. It will grow to $4.38 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The growth in the forecast period can be attributed to rising popularity of multimedia streaming applications, growing demand for seamless broadcasting in single channel environments, increasing demand for automation in broadcasting and entertainment industries, increasing demand for high-quality content, increasing investments in broadcasting infrastructure. Major trends in the forecast period include technology advancements, cloud-based solutions in broadcasting, integration of AI and machine learning, emergence of personalized and interactive content experiences, shift towards IP-based and remote production workflows.
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Market Drivers and Trends:
The rising popularity of multimedia streaming applications is expected to propel the growth of the broadcast automation software market going forward. Multimedia streaming refers to the delivery of video or audio content over the Internet in compressed form, allowing users to play the media immediately without the need to download it to their device's storage. Multimedia streaming applications are experiencing growth due to several factors, including the widespread adoption of smartphones, tablets, smart TVs, and other connected devices, the availability of high-speed internet, and the increasing demand for on-demand content. Broadcast automation software is used to simplify content management for media streaming platforms, including content ingestion, transcoding, and delivery to different devices and networks. Broadcast automation software also plays a crucial role in ensuring the smooth transmission of multimedia content by automating tasks related to planning broadcast media with high precision. For instance, in April 2023, according to a press release shared by Netflix Inc., a US-based streaming media company, Netflix had 223 million paying subscribers in the fourth quarter of 2022, and by the first three months of 2023, that number had risen to 231 million. Therefore, the rising popularity of multimedia streaming applications is driving the growth of the broadcast automation software market.
Major companies operating in the broadcast automation software market are focusing on advanced technological solutions, such as radio automation software, to make broadcasting more efficient and effective. Radio automation software is an advanced tool that revolutionizes the radio broadcasting industry by automating various tasks essential for running a radio station. For instance, in March 2023, Aiir, a US-based IT service management company that provides online services and products to broadcast radio stations, launched PlayoutONE version 5, a radio automation software designed for broadcasters that focuses on increasing speed and efficiency and allowing broadcasters to get more things done with ease. PlayoutONE version 5 features a significant improvement to WebVT, a program that enables users to broadcast from anywhere using only a web browser. The update enhances the broadcasting experience by lowering latency and improving audio quality. PlayoutONE V5 is available as a free update to existing customers and is designed for all broadcasters, including individuals and broadcast stations around the world.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Belden Incorporated, Harmonic Inc., Grass Valley, Avid Technology, Evertz Microsystems, Ross Video, Amagi Corporation, Imagine Communications, Visualization in Real-Time (Vizrt), Snell Limited, Dayang Technology Development Inc., Dalet Digital Media Systems, Bitcentral Inc., Video Stream Networks (VSN), Automated Video Editing (Aveco), Pebble Beach Systems, BroadStream Solutions, ENCO Systems Inc., Cinegy GmbH, Pixel Power Ltd., Florical Systems, PlayBox Technology, OASYS Automated Playout, Orad Hi-Tec Systems
Broadcast Automation Software Market 2024 Key Insights:
• The broadcast automation software market size is expected to grow to $4.38 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%.
• Multimedia Streaming Applications Fueling Broadcast Automation Software Market Expansion
• Revolutionizing Radio Broadcasting With Launch Of PlayoutONE Version 5
• North America was the largest region in the broadcast automation software market in 2023
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