The global broadcasting equipment market is anticipated to grow at a modest CAGR over the forecast period, i.e., 2021 – 2029 owing to the rise in number of smart device users, growing investment in high speed broadband infrastructure, escalating number of digital channels and the increasing demand for producing high definition (HD) content.
It was evaluated that more than 530 million people around the globe subscribed to OTT services in 2019. This number of subscribers increased up to approximately 590 million in the year 2020.
The market is segmented on the basis of product, application and technology. By product, the segment for encoder is projected to occupy a notable share in the market on the back of characteristics such as high reliability, low replacement cost, compact size and accuracy in converting analog signals to digital television signals.
Geographically, the broadcasting equipment market is segmented into five major regions, namely, North America, Europe, Latin America, Asia Pacific and the Middle East & Africa.
The markets in North America and Europe are estimated to grab significant share during the forecast period accounting to the increasing internet penetration and the presence of leading market players in the regions. Furthermore, Asia Pacific is evaluated to be the most futuristic market as a result of increase in total internet users in the recent years.
Surge in the Number of Smart Device Users
Our statistical analysis reveals that approximately 4.5 billion people in the world are expected to own a smartphone by the end of 2023, up from 3.5 billion of global population in the year 2020. The rapid growth in the number of smart devices users, in general, is expected to be the chief reason for the growth of the market.
However, stringent rules and protocols associated with the broadcasting of sensitive contents is expected to operate as key restraint to the growth of the broadcasting equipment market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global broadcasting equipment which includes company profiling of Cisco Systems, Inc. (NASDAQ: CSCO), Harmonic Inc. (NASDAQ: HLIT), Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC), Evertz Technologies Limited (OTCMKTS: EVTZF), Eletec Radio Broadcasting Equipment & Transmitters, Clyde Broadcast Technology Ltd, EVS Broadcast Equipment SA (OTCMKTS: EVSBY), AvL Technologies, Inc., Grass Valley Canada, Sencore, and others.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the broadcasting equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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