Broadcast and Media Technology (Solutions and Services) Market in Brief
- The global broadcast and media technology (solutions and services) market is expected to register a CAGR of ~ 9.0% between 2019 and 2027. The broadcast and media technology (solutions and services) market is projected to be driven by the growing demand for emerging technologies among broadcast and media companies. Broadcasters and media companies are adopting advanced technology to increase business agility and flexibility. This is expected to boost the broadcast and media technology (solutions and services) market in the near future.
- The global broadcast and media technology (solutions and services) market is expected to reach ~ US$ 12.5 Bn by 2027 from ~ US$ 6.3 Bn in 2019. The new generation of advanced technology continues to drive the demand for broadcast and media solutions from end users, thereby continuously pushing the demand for broadcast and media technology (solutions and services).
- The broadcast and media technology (solutions and services) market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe.
- North America remains the leading market for broadcast and media technology (solutions and services), with revenue in 2019 estimated to reach ~ US$ 2.1 Bn. Technical advancements, increased digitization, and the presence of a large number of broadcast and media technology solution providers are responsible for the growth of the broadcast and media technology (solutions and services) market in the region.
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Key Growth Drivers of the Broadcast and Media Technology (Solutions and Services) Market
- Growing demand for emerging technologies among broadcast and media companies – Advanced technologies in the market are Artificial Intelligence, Augmented & Virtual Reality, Blockchain, Chatbot’s, Digital assistants, 4DX, and others. Emerging technologies enable broadcast and media companies to improve user experience.
- In China and the U.S., some large companies such as Baidu, Tencent, and Netflix have implemented emerging technologies to improve user experience. Further, Artificial Intelligence (AI) has a major impact on the streaming experience. This is propelling the growth of the broadcast and media technology (solutions and services) market across the globe.
- Digital advertising on the rise – Enterprises are spending a considerable percentage of their total advertising budgets on various digital advertising solutions. Therefore, the need for media and broadcasting solutions and services for advertisement and data management is growing at a high pace, thus driving the broadcast and media technology (solutions and services) market, globally.
Broadcast and Media Technology (Solutions and Services) Market – Company Profile Snapshot
Grass Valley USA, LLC: Founded in 1959, Grass Valley, a Belden Brand, is a key player in content and media technology, and provides broadcast solutions to broadcast and media companies. The company offers media playout and automation products that allow television broadcasters to manage the playout of live, pre-recorded, and graphics content to air.
Evertz Technologies Limited: Founded in 1966, Evertz Technologies Limited designs broadcast solutions, technology solutions, and equipment for broadcasters, content creators, and television service providers. The company provides content to on-demand services, television sets, IPTV, mobile devices, and WebTV.
Harmonic, Inc.: Founded in 1998, Harmonic Inc. is specialized in providing video delivery software, products, system solutions, and services to media and broadcast companies across the world. The company offers its solutions and services to cable operators and satellite and telecommunications (telco) pay-TV service providers.
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Other major players operating in the global broadcast and media technology (solutions and services) market are IBM Corporation, Quantum Corporation, ROHDE & SCHWARZ GmbH & Co. KG, Dell Inc. (EMC Corporation), AVI Systems, Video Stream Networks S.L., and WideOrbit Inc. Companies are shifting toward advanced broadcasting solutions and integrating new technologies to enhance broadcasting solutions to gain a competitive advantage in the broadcast and media technology (solutions and services) market.