Press release
Revolutionizing Media: Global Trends in Broadcast and Technology for 2024
Broadcast And Media Technology Market Segments
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According to The Business Research Company's, The broadcast and media technology market size has grown strongly in recent years. It will grow from $52.21 billion in 2023 to $57.21 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to immersive media and virtual reality, digital transformation, internet revolution, content on-demand, mobile and portable devices..
The broadcast and media technology market size is expected to see rapid growth in the next few years. It will grow to $86.62 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to remote production and collaboration tools, regulatory changes and standards, hybrid broadcast-broadband services, cloud-based solutions, rise of ai and machine learning,content monetization and advertising.. Major trends in the forecast period include streaming dominance, live content and interactivity, personalization and ai,immersive experiences, remote workflows..
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Market Drivers and Trends:
A rise in access to media and video streaming is contributing to the growth of the broadcast and media technology market. Streaming media is the process of delivering multimedia data (such as video or audio) from a streaming service provider to an end-user. Streaming media uses HTTP, TCP/IP, and HTML protocols to deliver audio and video elements. For instance, in April 2022, according to a survey by the State of Play report by Nielsen Holdings Inc., a US-based data, information, and market measurement firm, between February 2021 and February 2022, there was a double-digit growth of 18% in Americans' average weekly time viewing a video. The total amount of streamed minutes increased from 143.2 billion to 169.4 billion. Over the last few years, viewers have increased the number of services they subscribe to and pay for. Such an increase in consumption of media and video streaming will propel the broadcast and media technology market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Evertz Microsystems Limited, International Business Machines Corporation, Quantum Corporation, Rohde & Schwarz GmbH & Co. KG, Dell Technologies Inc., Amagi Media Labs Private Limited, Zoomph Inc., PHYTunes Inc., Focal Point VR Ltd, Arqiva Limited, Vislink Technologies Inc., C360 Technologies Inc., Brompton Technology Limited, Grass Valley USA LLC, AVI Systems Inc., Video Stream Networks S. L., WideOrbit Inc., Harmonic Inc., Eletec Broadcast Telecom S. A. R. L., Clyde Broadcast Technology Limited, Sencore Inc., EVS Broadcast Equipment SA, ACORDE Technologies S. A., Cisco Systems Inc., Telefonaktiebolaget LM Ericsson, CommScope Holding Company Inc., Avid Technology Inc., Blackmagic Design Pty. Ltd., Chyron Corporation, Dalet Digital Media Systems S. A., Dolby Laboratories Inc., Imagine Communications Corp., Ross Video Limited, Snell Advanced Media Limited, Sony Corporation, Vizrt Group AS, Xilinx Inc.
Broadcast And Media Technology Market 2024 Key Insights:
• The broadcast and media technology market size is expected to see rapid growth in the next few years. It will grow to $86.62 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Rise In Media And Video Streaming Fuels Broadcast And Media Technology Market
• Growing Embrace Of Technological Advancements In The Broadcast And Media Technology Market
• North America was the largest region in the broadcast and media technology market in 2023
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