The global broadcast equipment market will be worth $6.3 billion by 2027, according to a report by MarketsandMarkets.
The research found the market valued at $4.6 billion in 2021 with a compound annual growth rate (CAGR) of 4.9 per cent over the next five years.
The analysis noted a dip caused by the pandemic followed by a surge in demand thanks to sporting events, rising OTT subscriptions and high adoption of digital broadcasting in the second half of 2021.
Further findings included:
- By product type, the encoders segment held the largest share of the market in 2021
- By application, the television segment held the largest share and is expected to grow at a higher rate and dominate the market during the forecast period
- By region, APAC is projected to witness the growth at higher CAGR during the forecast period
The report also highlighted the hindrance of cyberattacks, the growth of AI and the limited availability of 4K in the sector. “Cyberattacks are disrupting office and operational networks and are key hurdles for the growth of the broadcasting equipment market,” MarketsandMarkets revealed.
It added: “4K streaming has become a conventional technology. However, the limited availability of 4K content in the broadcasting and streaming network makes it difficult to utilise the full potential of 4K streaming.”
“The major challenge is the increase in bandwidth, which leads to increased storage requirements while streaming 4K content,” stated the report. “Broadcasting and streaming of 4K content is a major challenge for the broadcast equipment market.”