Cloud TV is essentially a cloud-based application which streams content such as TV channels, movies, shows, music, and several others. Market Research Future has uncovered the growth prospects of the global cloud TV market which is expected to grow at an above average CAGR of 12.2% during the forecast period from 2017 to 2023. Cloud TV applications are easily installed on personal electronic devices and do not require much memory. Easily installed on tablets, phones, TVs and other electronic devices, cloud TV is merging of web content and TV in a single stream. Aspects of cloud TV are even being adopted across many popular social media websites. The global cloud TV market is expected to reach USD 3 Bn by the end of 2023.
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A key driver of the global cloud TV market is the ability of cloud TV to provide HD capability for internet browsing, email, online gaming, and support for popular social networking platforms such as Skype, Twitter, and Facebook. Based on requirements cloud TV can be customized to suit preferred subscription plans, video, and content recording and others. The high adoption of smart devices such as smartphones and smart TVs is highly conducive to the growth of the global cloud TV market. Additionally, the high demand for HD resolution in content consumption is expected to drive market growth. Another vital factor driving the growth of the global cloud TV market is the pre-installation of cloud TV apps of smart television sets to promote adoption.
The market, however, is hindered by the lack of infrastructure for high-speed capabilities in developing economies. Moreover, government regulations on the allocation of bandwidth due to various security concerns is also increasingly becoming an issue which challenges the growth of the global cloud TV market.
MRFR has performed segmentation of the global cloud TV market on the basis of various vital factors which include services, cloud deployment, streaming, end-user, and region. Services available in the cloud TV market include SaaS, IaaS, and PaaS. Cloud deployment has been segmented to include public, private, and hybrid. Streaming has been segmented to feature video-on-demand and live streaming. End-users of cloud TV have been segmented into consumers, media & entertainment, IT & telecommunication, and others. The key regions covered in MRFR’s report on the global market include Europe, North America, Asia Pacific, and the Rest of the World.
North America has been observed to have captured the largest share of the global cloud TV market. The region has countries such as the U.S and Canada which were early adopters of cloud TV, thus cementing the regions position the market during the forecast period. The presence of several leading market players in the North American market combined with the growing number of start-ups in the market is expected to drive the growth of the cloud TV market. Moreover, there are several globally renowned service providers and companies in the region that provide video streaming and on-demand services.
The Asia Pacific, however, is the regional cloud TV market which is slated to grow at the highest CAGR during the assessment period. The region is witnessing a growing adoption of video streaming among consumers are increasingly adopting smart technology. The market is rife with opportunities for products and services in the local APAC market. Due to the potential the region displays, the APAC market is expected to grow to reach a substantial valuation during the forecasted period.
Liberty Global plc, Ooyala, Inc., Phoenix Satellite Television Holdings Ltd., Liberty Global, Charter Communications, Xfinity, Altice USA, TalkTalk TV Entertainment Limited, PCCW Limited, Brightcove, Inc., and Ziggo B.V. are the leading market players that have been included in MRFR’s analysis of the competition present in the global cloud TV market
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