DUBLIN--(BUSINESS WIRE)--The "Broadcast Infrastructure Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component, Technology, Application, and Geography" report has been added to ResearchAndMarkets.com's offering.
According to this report the market was valued at US$ 4,363.4 million in 2019 and is projected to reach US$ 7,345.1 million by 2027; it is expected to grow at a CAGR of 7.3% from 2020 to 2027.
In 2019, North America led the global broadcast infrastructure market with 33.4% revenue share, followed by Europe, and APAC. North America constitutes developed economies such as the US, Canada, and Mexico. The technological advancements across North America have led to a highly competitive market. The companies in the region are continuously enhancing their overall business processes to meet customers' demand for high-quality products and services in the best possible way.
The US has shifted aggressively with the adoption of digital television (DTV), utilizing the ATSC Digital Television Standard, a powerful technology which is revolutionizing the nature of broadcast television service. This newer broadcast transmission standard offers broadcasters with several new competences to serve the public, such as HDTV and standard resolution pictures, data delivery, multicasting, robust reception modes, and interactive communication. These competences deliver broadcasters the technical flexibility and multiple options to contend with other digital media, such as direct broadcast satellite and cable services. In parallel with the development of the transmission technology, the US Government, with legislation by the U.S. Congress and actions by its Federal Communications Commission (FCC), has further developed public policies under which the digital television is being executed.
In 2019, Europe stood second in the global broadcast infrastructure market with a share of 27.0%, and it is anticipated to witness a steady CAGR from 2020 to 2027. Another innovative technology trend in Europe as well as globally is the advent of 5G and telecom operators in the video distribution space. In Europe, the 5G infrastructure development dates back to 2013, when the European Commission formed a Public Private Partnership on 5G, the country majorly aimed to accelerate innovation and conduct R&D in 5G technology. 5G standards are also the key priority areas under the Digitizing European Industry initiative. Thus, all the initiatives mentioned above are contributing to the development of advanced solutions in broadcast infrastructure market in Europe.
Impact of COVID-19 on Broadcast Infrastructure market
According to the latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the COVID-19 pandemic. The outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the globe. The COVID-19 crisis is affecting industries worldwide, and the global economy is anticipated to take the worst hit in 2020, which is likely to have some impact in 2021 as well. With the enormous number of people working from home and spending more time online, day and night, COVID-19 is accelerating the shift to digital.
This demand for digital resources is stressing the systems of many software and platform providers and inhibiting their ability to deliver services with quality and reliability. To put this into perspective, since the start of the outbreak, there has been greater than 60% increase in remote working in the US alone, 85% growth in TV streaming services usage, and surge in demand for video conferencing as consumers adopt it as their main source of communication with the outside world. However, the broadcaster infrastructure market players are facing challenges in meeting the rising demand owing to halt in business operations in the past few months and decline in production of various components as well as restrictions on supply chain.
Reasons to Buy:
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the broadcast infrastructure market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect technology and solution type.
- Increasing Adoption of New Broadcast Technologies
- Migration from Hardware to Software-Based Infrastructure
- High Degree of Complexity in Integration of Hardware & Software and Failure of Broadcast Solution
- Increasing Demand for Digital Terrestrial TVs
- Increasing Trend of Live Broadcast Services
- Clyde Broadcast Technology Ltd
- CS Computer Systems
- EVS Broadcast Equipment
- Grass Valley Canada
- ROSS VIDEO LTD.
- Cisco Systems, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/a98e1o