LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global media and entertainment storage market to grow at a CAGR of almost 12% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global media and entertainment storage market for 2017-2021. The market is segmented based on end-user (broadcast, media agencies, production and post-production, and advertising), and by geography (APAC, EMEA, and the Americas).
With the growing digitalization, the media and entertainment industry is likely to benefit in terms of media storage. The performances of celebrities, such as Liz Taylor and Michael Jackson, are stored in digital form for future references. As per the demand, TV stations broadcast the footage to gain profit by charging more money for air time. In addition, the digital media also plays an important role in the sports segment. Most of the major sports team of baseball, football, and cricket, record the events to study systematized outcomes and to calculate the winning probabilities or just study videos for the better understanding of self-performance.
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Technavio media and entertainment research analysts highlight the following three factors that are contributing to the growth of the global media and entertainment storage market:
- Growing shift from traditional to digital advertising channels
- Rise in the popularity of 4K UHD content
- Increase in the demand for live video streaming solutions
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Growing shift from traditional to digital advertising channels
There has been a shift in preference from the traditional medium of advertising to digital medium because of the effectiveness of the digital medium that allows the posts and advertisements to be viewed without any constraints on locations. This is possible as the storage solutions used by the advertisers allow individuals to watch ads at any time.
Ujjwal Doshi, a lead consumer electronics research analyst at Technavio, says, “Traditional ads through print media have a lower brand recall, as they turn less effective with the passage of time. However, as of 2016, with the use of digital platforms, it has become easy to refresh the memories of the viewers by posting ads on social media platforms, which spread the awareness at the highest rate.”
Rise in the popularity of 4K UHD content
The introduction of higher resolution TVs in the market has created opportunities for broadcasters and media organizations to enhance the video quality. For instance, Netflix has started offering 4K ultra-high-definition (UHD) movie services to its consumers. Amazon, too, started its 4K UHD streaming services. Currently, Amazon series, such as Alpha House and Transparent, are shown in UHD format.
“The increasing demand for high-quality videos in terms of clarity has accelerated the demand for media and entertainment storage solutions by the end-users such as production houses and broadcasters. The growth in the global media and entertainment storage market is also driven by the growing availability of 3D movies by the OTT service providers such as Netflix and Amazon,” adds Ujjwal.
Increase in the demand for live video streaming solutions
The online video streaming is convenient for consumers as it allows access to digital video content to individuals as per their convenience. Individuals often find it difficult to catch-up with their interests, especially news and sports, because of their busy lifestyle. Sports is one of the most popular verticals of live video streaming, which has the largest audience base.
Online video streaming platforms, such as Ustream and Livestream, have become immensely popular among the consumers. Apart from these platforms, the news and sports-based TV channels, too, offer live streaming services to their consumers through online platforms. BBC and CNN news channels provide live video streaming via their online platforms BBC iPlayer and CNNgo, respectively.
Top vendors:
- Amazon Web Services
- Dell EMC
- IBM
- Microsoft
- Toshiba
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