The worldwide broadcast and media technology industry is expected to reach $62 billion by 2027

The “Global Broadcast and Media Technology” report has been added to ResearchAndMarkets.com’s offering.

According to this report the global broadcast and media technology market attained a value of USD 41.40 billion in 2021.

Aided by the increasing inclination of youth towards OTT platforms, the market is projected to further grow at a CAGR of 6.9% between 2022 and 2027 to reach a value of USD 62.12 billion by 2027.

Broadcast and media technology is defined as the technology which is used to compose, create, produce, deliver, and manage media content including audio, video, images, information, augmented reality environment, and others. Through broadcasting and media technology, people watch television, listen radio programmes, and procure information through various mediums. Broadcasting and media technology helps broadcasters, studios and creators, and distributors to gather audience. Furthermore, the technology helps deliver information to masses through various modern electronic devices such as mobiles, laptops, and computers, among others.

The broadcast and media technology market is being driven by the growing adoption of smartphones, tablets, laptops, and computers, especially in emerging economies owing to the rising disposable income and increasing tech-friendly population. The thriving media and entertainment industry across the continents is likely to provide impetus to the market. Additionally, the availability of high-speed internet, emergence of next-gen connected devices, and penetration of artificial intelligence in the broadcast and media technology industry are some of the key factors driving the market growth.

Moreover, the increasing demand for broadcast and media technology by companies for advertising and online marketing is anticipated to provide lucrative opportunities to the market in the forecast period. In terms of region, the Asia Pacific accounts for a significant share in the market owing to the escalated digitalisation, growing expansion of media and broadcasting companies, and the availability of high-speed internet services in the region. The rising number of media houses in countries like India are anticipated to boost the market growth in the region. Globe Newswire