A new report states the global broadcast scheduling software market is experiencing “rapid growth”, with a CAGR of 18.5 per cent between 2021 and 2028 when the sector will produce $4.06 billion in revenue.
According to the report by Grand View Research, key drivers of the growth are an increase in implementation of cloud-based solutions and the growing complications in broadcast media scheduling.
Like many other segments of the broadcast tech business, widespread disruption of traditional business models and the pandemic, prompted broadcasters to shift from the on-premise approach to the cloud-based approach.
In addition, an increase in the adoption of smart devices and the rising popularity of multimedia streaming applications encouraged broadcasters to adopt broadcast management and scheduling solutions, Grand View Research found.
The report noted that the service segment is likely to register the highest CAGR over the forecast period, thanks to increased 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, the report noted.
In 2020, Europe accounted for the second-largest revenue share of 28.6 per cent in the global market. The region is expected to continue to dominate over the forecast period owing to the growing OTT and online video industry in the region.
The full report is available here.