The Cloud TV Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cloud TV Global Market Report 2024, 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.
The increase in internet penetration is expected to propel the cloud TV market going forward. The use of digitalization with the help of the internet is expanding to create new business practices and meet shifting demand and market needs. The demand for cloud TV is increasing due to factors such as growing internet penetration, rising income levels, rising subscriptions to social media, improved communication needs, and others. During the COVID-19 pandemic, cloud TV usage and digitalization dramatically increased due to long quarantine periods and work-from-home scenarios. This increase in digitalization has increased productivity and efficiencies, with a focus on innovation and driving business growth. For instance, in July 2023, according to the Canadian Internet Use Survey 2022 by Statistics Canada, a Canada-based government agency for national statistics, internet usage among Canadians aged 15 and older increased from 92% in 2020 to 95% in 2022. Canadians 75 years of age and older experienced the biggest increase, going from 62% in 2020 to 72% in 2022. Therefore, the increase in internet penetration will drive the growth of the cloud TV market.
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The cloud tv market covered in this report is segmented –
1) By Product Type: Private Cloud, Public cloud, Hybrid Cloud
2) By Organization Size: Small and Medium-sized Enterprises, Large Enterprises
3) By Application: Televions sets, Mobile phones, Tablets, Media boxes
4) By Verticals: Telecom companies, Media Organizations And Broadcasters
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.
The cloud tv market report table of contents includes:
1. Executive Summary
2. Cloud TV Market Characteristics
3. Cloud TV Market Trends And Strategies
4. Cloud TV Market – Macro Economic Scenario
5. Global Cloud TV Market Size and Growth
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31. Global Cloud TV Market Competitive Benchmarking
32. Global Cloud TV Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Cloud TV Market
34. Cloud TV Market Future Outlook and Potential Analysis
35. Appendix
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