Global Cloud TV Market - Segmented by Deployment (Public Cloud, Private Cloud, and Hybrid Cloud), Service (Software as a Service (SaaS), Infrastructure as a Service (IaaS), Platform as a Service (PaaS)), Applications (Telecom, Entertainment and Media, Information Technology, Consumer Television), and Region - Growth, Trends, and Forecast (2018 - 2023)
Global Cloud TV market is expected to register a CAGR of 9.12%, during the forecast period (2018 - 2023). The scope of the report is limited to Deployment type offered by major players, which involves Public cloud, Private Cloud, and Hybrid cloud. While the applications considered in the scope of the report include Telecom, Entertainment and Media, Information Technology, Consumer Television.
Cloud TV platform can be installed on any device, such as television sets, mobile phones, tablets, media boxes, which make it a tool with ease of accessibility. This platform eliminates the need for multiple service providers for cable and the internet, which is one of the primary selling points offered by the OTT service providers. A single stream is cast through set-top boxes using IP connectivity and can be operated from remote servers with high definition and continuous relay of the video. The evolution of 3D content in broadcasting, demand for rich graphics and high definition content have resulted in cloud TV gaining attraction from a broad consumer base. The volume of smart devices has been on the rise in the last decade, growing rapidly to reach a matured state in the developed countries. The developing regions still possess an enormous market for smart devices, with regions, such as India and Africa having tremendous potential to grow in mobile technology penetration.
Increasing Adoption of Smart Devices Enables the Growth of Cloud TV services
Smart devices include a wide range of products from mobile phones, tablets, laptops, and television sets to name a few. Smartphones have evolved to become an essential part of daily life. There are extremely limited number of functions, which cannot be performed by using a smart device. Cloud TV services can be adopted on the smart devices having continuous internet connectivity with considerable bandwidth. The versatility of the cloud platform enables its adoption on multiple devices, allowing it to reach the user with ease. The integration of the cloud TV services will enable the consumers to access every single aspect of internet and television through a single device. The rate of growth of smart phones has been phenomenal in the last few years, and it will continue to grow so during the forecast period as the Internet continues to reach new regions with every single passing day.
Entertainment and Media Expected to be One of the Primary Areas for Applications of Cloud TV
The integration of high definition streaming and lack of delay in the broadcasting services have spiked the sales for cloud service over the conventional set top boxes. The advent of 3D content and virtual reality in the recently launched smart televisions has created a completely new opportunity for the cloud TV service providers to seize. An average human spends an average of 3 hours in a week on gaming, which is bound to increase by a significant amount shortly with VR and cloud gaming set to change the shape of the gaming scenario. These trends indicate that the integration of the cloud services in the televisions and other smart devices ensures the growth of the market by a huge margin during the forecast period.
Asia Pacific has the Highest Growth Potential Owing to the High Populations in These Countries
Developing regions have the highest potential to grow, with increasing penetration of internet and the number of smart devices set to shape the market significantly during the forecast period. Countries, such as India have a huge population and it has been estimated to accommodate 800 million smart devices by 2020, making it the largest smart devices user in the world. This indicates the potential for the cloud TV market to grow indicating a rapidly evolving market with huge scope for improvement. The telecom market is dominated by certain players, with each having the outreach and the potential to cater to millions of users. The recent introduction of Jio services by Reliance has led to a rise in the awareness of 4G services by a huge margin. Educating the audience by explaining the potential of the service provided goes a long way in establishing the trust of the consumer.
Key Developments in the Market