SAN FRANCISCO, July 15, 2021 /PRNewswire/ -- The global broadcast scheduling software market size is estimated to reach over USD 4.06 billion by 2028, registering a CAGR of 18.5% from 2021 to 2028, according to a new report by Grand View Research, Inc. The increase in implementation of cloud-based solutions and the growing complications in broadcast media scheduling are the factors expected to fuel the growth of the market over the forecast period.
The broadcasting industry has witnessed drastic changes in the past few years owing to technological disruptions in the media and entertainment industry. Additionally, the COVID-19 pandemic has also impacted the market in several ways, leading to broadcasters shifting from the on-premise approach to the cloud-based approach. Moreover, factors such as an increase in the adoption of smart devices and the rising popularity of multimedia streaming applications are enabling broadcasters to adopt broadcast management and scheduling solutions.
Key Insights & Findings:
The broadcasters and content creators are continuously investing in technological research and development for introducing innovations in the broadcast industry owing to the growing demand for a better and uninterrupted experience from most customers
The service segment is likely to register the highest CAGR over the forecast period owing to an increase in demand for broadcast management and automation solutions from radio and TV broadcasters. The growing demand for integration and hosting services is also expected to fuel the growth of this segment
Asia Pacific is expected to witness the highest growth over the forecast period, in terms of the adoption of broadcast scheduling software, primarily due to factors such as a large customer base for linear TV and radio across countries such as Japan, China, India, and other neighboring countries and the growing demand for OTT services
The growing media technology investment by the TV and radio broadcasters is also expected to fuel the market growth. These investments in broadcasting solutions are significantly resulting in increased R&D and applications of the software worldwide. Additionally, the rise in penetration of Over-The-Top (OTT) and Direct-To-Home (DTH) services is anticipated to create numerous growth opportunities for the market players. On the contrary, rapidly changing customer behavior is likely to hamper the growth of the market.
Broadcasting involves the accumulation, distribution, and storage of a wide range of video and audio media content through communication networks. Broadcast scheduling software helps broadcasters in automating their workflows, along with reducing complexities across entire management teams.
The digital platforms segment is expected to emerge as the second-largest segment in the market for broadcast scheduling software and is expected to register the highest growth rate over the forecast period. The growth of this segment can be attributed to the growing demand for national as well as global content from all age groups. The COVID-19 pandemic and the subsequent lockdowns imposed have resulted in higher adoption of on-demand content worldwide.
Grand View Research has segmented the global broadcast scheduling software market based on solution, deployment, application, and region:
Pay TV Market – The global pay TV market size was valued at USD 225.9 billion in 2019, registering a CAGR of more than 1.5% from 2020 to 2027.
Broadcasting & Cable TV Market – The global broadcasting & cable TV market size was valued at USD 305.30 billion in 2019 and is expected to register a CAGR of 3.4% from 2020 to 2027.
Software Defined Radio Market – The global software defined radio market size was estimated at USD 20.4 billion in 2019 and is anticipated to witness a CAGR of 8.7% over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.