TV analytics market to hit $4.2 billion by 2023
According to MarketsandMarkets, the TV analytics market is expected to grow from $1.9 billion in 2018 to $4.2 billion by 2023, at a ...
According to MarketsandMarkets, the TV analytics market is expected to grow from $1.9 billion in 2018 to $4.2 billion by 2023, at a compound annual growth rate (CAGR) of 17.4% during the forecast period.
The over-the-top (OTT) segment constituted the largest market share in 2018. With increasing Internet penetration and smartphone proliferation, OTT subscription accounts have witnessed high growth. OTT platform developers use advanced analytics to gauge consumers' viewing behaviors and curate their programs specifically. Hence, the OTT segment is expected to continue to garner the largest revenue during the forecast period.
The services segment is expected to grow at a higher CAGR during the forecast period.
The TV Analytics Market by component has been segmented into software and services. Professional services and managed services help enterprises in maintaining audience relationships by continuously evaluating their preferences and recommending the content of their choice. Additionally, the services also assist enterprises in maximizing their resource usage, executing projects, and streamlining business operations. The need for services, such as support and maintenance, is also expected to grow as the adoption of TV analytics software increases.
The content development segment is expected to maintain the leading position in terms of revenue generation during the forecast period.
The TV analytics solutions and services guide media and entertainment companies in segmenting their customer base and plan, strategize, implement, and supervise campaigns in a more efficient way. The more the TV becomes digital and smarter, it is expected to generate an increasing amount of data, which is expected to shape the future of the media and entertainment industry vertical. Furthermore, with time, viewing preferences have transformed immensely; however, personalized key genres, such as entertainment, kids, and sports, are expected to remain a constant in driving the market for content development during the forecast period.
North America is expected to account for the largest market size during the forecast period. A tech-savvy population, deep Internet penetration, and enhanced connectivity have boosted the usage of OTT and IPTV platforms. The presence of a majority of TV analytics vendors, as well as widespread awareness of these solutions are expected to contribute to the region's market share during the forecast period.