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Cloud TV Market Insights, Competitive Analysis, Latest Trends, And Forecast To 2033
Cloud TV Market Insights
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According to The Business Research Company's, The cloud tv market size has grown rapidly in recent years. It will grow from $2.47 billion in 2023 to $2.83 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to rise of streaming services, adoption of smart tvs, growth in over-the-top (ott) content, internet penetration, expansion of content libraries.
The cloud tv market size is expected to see rapid growth in the next few years. It will grow to $5.07 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to quality of service enhancement, integration with smart home devices, cloud dvr and on-demand services, mobile-centric viewing habits, diversification of content libraries. Major trends in the forecast period include subscription models and bundling, user interface and experience, partnerships and licensing deals, seamless device integration, monetization via advertising.
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Market Drivers and Trends:
Rising income levels are expected to propel the growth of the cloud TV market going forward. Income levels refer to the amount of money or earnings that individuals or households receive within a specified period. Rising income levels contribute to the growth of the cloud TV market by expanding the consumer base with increased purchasing power, enabling more individuals to afford subscription-based streaming services and personalized content. For instance, in August 2023, according to the Bureau of Economic Analysis, a US-based government agency, disposable personal income in the US increased by $7.3 billion (less than 0.1 percent). Therefore, rising income levels are driving the growth of the cloud TV market.
Technological advancement is a key trend gaining popularity in the cloud TV market. The increasing adoption of 5G technology has recently boosted the demand for cloud TV. Many companies are investing heavily in 5G technologies to improve the cloud TV experience and strengthen their market position. Cloud TVs have advanced streaming capabilities, allowing viewers to stream content easily to their laptops, smartphones, tablets, and other devices. For instance, in June 2022, Breezeline, a US-based cable company, launched the next-generation Breezeline Stream TV. This new cloud-based TV service incorporates live TV, DVR, on-demand, and popular streaming apps for devices both within and outside the home through a simple interface.
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Major Key Players of the Market:
Kaltura Inc., ActiveVideo Networks Inc., Amagi Corporation, Amino Technologies LLC, Brightcove Inc., Comcast Technology Solutions LLC, CSG Systems International Inc., IntelliMedia Networks, MatrixStream Technologies Inc., MediaKind Corporation, Minerva Networks Inc., Muvi Television, Mware Solutions SRL, Simplestream Limited, Viaccess-Orca Israel Ltd., SeaChange International Inc., Aferian plc, Pontis Technologies LLC, Synamedia Ltd., Egla Communications, Phoenix Satellite Television Holdings, Ziggo Holding BV, PCCW Limited, Oceanic Time Warner Cable LLC, Character Communication Ltd., Liberty Global plc, Blinkbox Entertainment Limited, Altice USA Inc., Charter Communications Inc.
Cloud TV Market 2024 Key Insights:
• The cloud tv market size is expected to see rapid growth in the next few years. It will grow to $5.07 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%.
• Increasing Internet Penetration Fuels Growth Of Cloud Tv Market
• Technological Advancements Transforming The Landscape Of The Cloud Tv Market
• North America was the largest region in the cloud TV market share in 2023
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