As per the report published by Fior Markets, the cloud TV market size is expected to grow from USD 2.2 billion in 2020 to USD 4.68 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period.
The cloud TV market is witnessing significant growth in the past years. Cloud TV’s ability to give HD capabilities for internet surfing, email, and online gaming and compatibility with major social networking sites like Skype and Facebook is one of the primary drivers of the worldwide cloud TV industry. Due to numerous security issues, government rules on assigning bandwidth to deliver internet services are a restraint to the cloud TV market. Businesses may be harmed by the emergence of negative industry-specific laws, rules, interpretative views, or standards.
Cloud TV is a cloud-based program that allows you to watch TV networks, movies, and any other live entertainment. Cloud apps may be loaded on a variety of devices, including tablets, phones, media boxes, and televisions. The removal of cable operators and other video service providers is one of the key elements driving the cloud TV industry. The cloud TV platform combines video, graphics, and interactive feeds into a single MPEG or HTML stream that is delivered through unicast bandwidth to set-top boxes. Cloud TV is essentially a merging of web material and television into a single stream that is delivered to set-top boxes through an IP connection. High-definition resolution, Internet surfing, email, online gaming, and support for social networking sites such as Facebook, Skype, Twitter, and others are some of the capabilities given by cloud TV. As a result, consumers may watch a variety of channels in high definition. The high-definitions program also allows you to modify your membership plan, video, and content recording.
The global cloud TV market is expected to witness significant growth. Market growth is projected to be fueled by the rising demand for HD resolution in content consumption. Pre-installation of cloud TV applications on smart television sets to encourage adoption is another important element driving the global cloud TV market forward. Customers’ usage and adoption of solutions and services may be limited by the costs of compliance and other restrictions imposed by industry-specific laws, regulations, and interpretative views, reducing overall demand are the factors restraining the market. With multi-source cloud services, more cloud adoption in the SME segment would ensure a brighter future for the market.
Key players operating in the global cloud TV market include Phoenix Satellite Television Holdings Ltd., Ziggo B.V., PCCW Limited, Charter Communications, Liberty Global plc, TalkTalk TV Entertainment Limited, Altice USA, xfinity, Liberty Globa, Brightcove, Inc., Ooyala, Inc. XfinityTo gain a significant market share in the global cloud TV market, these suppliers have a huge client base and a broad geographic presence, as well as well-organized distribution networks, which aids in revenue growth. Phoenix Satellite Television Holdings Ltd. And Ziggo B.V. is some of the key manufacturers operating in the cloud TV market.
- For instance, in 2018, Massive, an OTT UX specialist, and Kaltura, a video technology supplier with over 27 million monthly cloud TV customers, teamed up to improve customer loyalty and conversion, lower churn rates, and promote cloud TV adoption.
- In April 2019, Brightcove Inc, the largest supplier of video cloud services, completed the purchase of Ooyala’s online video platform company. Brightcove’s position in the online video business will be strengthened by this strategic purchase.
The public cloud segment dominated the market and held the largest market share of 84% in the year 2020
Based on type, the global cloud TV market is segmented into cloud and public cloud. The dog segment dominated the market and held the largest market share of 84% in the year 2020. It’s a standard paradigm for allowing service providers to give the public access to resources like apps and storage over the internet. Customers can watch content from anywhere in the globe, which is why OTT providers like it.
The mobile phones segment dominated the market and held the largest market share of 48.15% in the year 2020
Based on product, the global cloud TV market is segmented into mobile phones, STBs, and connected TVs. mobile phones segment dominated the market and held the largest market share of 48.15% in the year 2020. This growth is attributed to the increasing introduction of video streaming platforms such as Hotstar, Amazon Prime, and Netflix, as well as the expanding internet penetration, and increasing digital video consumption.
