Cloud TV Market worth $4.2 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 3, 2021 /PRNewswire/ -- According to the new market research report "Cloud TV Market by Deployment Type (Public Cloud and Private Cloud), Device Type (STBs, and Mobile Phones and Connected TVs), Organization Size, Vertical (Telecom Companies, and Media Organizations and Broadcasters), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market size is expected to grow from USD 1.2 billion in 2020 to USD 4.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.9% during the forecast period.
The cloud TV platform is used to deliver audio, video, rich media and other media content over the internet. Cloud TV is delivered over end users' handheld devices, such as smartphone's, tablets, and connected TVs, through a wireless connection over the internet. It offers features such as live TV, video-on- demand, and web surfing
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Public deployment type to hold the largest market size during the forecast period
Public cloud refers to the cloud computing model in which resources are accessible in sharing to multiple users through the internet. It is a standard model that enables service providers to grant access to resources, such as applications and storage, available to the public over the internet. The public cloud can be offered as a pay-per-use model, depending upon end user requirements. The reasons for the high adoption of public cloud among cloud TV providers are ease of access and faster deployment. The public cloud deployment model offers various benefits to enterprises. These benefits include scalability, reliability, flexibility, and remote location access. It is highly preferred by OTT providers so that customers can watch content anywhere in the world.
Mobile phones and connected TVs segment to grow at the highest CAGR during the forecast period
The increasing inception of video streaming platforms, such as Netflix, Hotstar, and Amazon Prime, coupled with the growing internet penetration, is responsible for the rising smartphone penetration, leading to the growth of digital video consumption and digital video consumption. Entertainment apps have become the most penetrated app category among smartphone users after social networking, chatting, and eCommerce apps. The growing internet penetration is increasing the number of smartphones, contributing to the overall Cloud TV Market growth. Connected TVs are rapidly evolving globally, with providers, broadcasters, and manufacturers such as STC, Orbit Showtime Network (OSN), and Samsung offering consumers increased access to content through smart devices. These TVs connect to wireless systems, making it easy to find something to watch. However, to ensure rich and immersive digital entertainment experiences for new-age viewers, connected TV brands opt for OS that comes equipped with a built-in app store with all popular and licensed apps that can never go outdated on a television set. Customers can surf through popular services, such as Disney+ Hotstar, Zee5, SonyLIV, Voot, SunNxt, Netflix, Amazon Prime Video, Eros Now, Yupp TV, and Bloomberg Quint. Many TV manufacturers provide the screen sharing option, which lets users sync content from their mobile phones with their TV sets. Hence, the growing smartphone and connected TV penetration is expected to fuel the Cloud TV Market growth across the globe.
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North America to account for the largest market size during the forecast period
North America is estimated to account for the highest market share as technology adoption in the region is high. It is one of the early users of cloud TV. The presence of several key players and startups are factors for the growth of cloud TV in the region. Additionally, the presence of various service providers and companies providing video streaming platforms such as live video streaming and video-on-demand is also a key factor for cloud TV growth in the region. As per GSMA, unique mobile subscribers will grow to 342.1 million by 2025, with 51% of the total 5G connections. The mobile internet penetration rate will also grow from 76% in 2019 to 80% by 2025, as per GSMA. Thus, these statistics infers that customers would shift to mobile devices and prefer to consume content on devices of various size. Cloud TV solutions are expected to use this situation for targeted advertising and to increase their revenues. The high penetration of smart devices, such as smart TVs and smartphones, demand for VOD content, and high rate of per-user payments are some of the major factors driving the region's Cloud TV Market growth. Most of the top global OTT vendors, such as Netflix and Amazon, are US-based, which provides an advantage to the regional market. The increasing percentage of viewing online video content with the rising revenue generated by ads and SVODs, among others, reflects the online video streaming growth in this region. However, these factors are also changing the region's entertainment landscape which forces organizations to look for innovative solutions, and cloud TV is a perfect fit to address the ever-growing demand from viewers. The US is expected to hold a higher market share due to the presence of major market players, such as Kaltura, BrightCove, Amino Technologies, MUVI, Intellimedia, and MatrixStream. These players are focusing on introducing next-generation cloud TV solutions to attract customers.
The Cloud TV Market comprises major solution providers, such as Kaltura (US), Brightcove (US), Amino Technologies (UK), Muvi (US), IntelliMedia Networks (US), Pontis Technologies (Argentina), Mware Solutions (Netherlands), MatrixStream Technologies (US), CSG Systems International Inc (US), Viaccess-Orca (France), Simplestream (UK), MediaKind (US), Comcast Technology Solutions (US), ActiveVideo (US), Synamedia (UK), Entertainment And Interactivity For Digital Tv (Brazil), Egla Communications (US), Minerva Networks (US), SeaChange International (US), Icareus (Finland), video.space (US), AVITENG (Turkey), Amagi Corporation (US), Metrological (Netherlands), and Streemfire (Austria). These players adopt new product developments as their key growth strategy.
The study includes an in-depth competitive analysis of these key players in the Cloud TV Market with their company profiles, recent developments, and key market strategies.
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