(Entertainment-NewsWire.com, December 14, 2018 ) According to the new market research report "TV Analytics Market by TV Transmission Type (Cable TV, Satellite TV/ DTH, IPTV, and Over the Top (OTT)), Application (Customer Lifetime Management, Content Development, Competitive Intelligence, and Campaign Management) - Global Forecast to 2023", published by MarketsandMarkets™, the TV Analytics Market size is expected to grow from USD 1.9 billion in 2018 to USD 4.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.4% during the forecast period.
The next step was to validate these findings, assumptions, and sizing with the industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
The key factors driving the TV Analytics Market include the rising business competition and the growth of social media and social advertising.
The Over the Top (OTT) segment constituted the largest market share in 2018
OTT platforms, coupled with technology, have made the digital video content available on-demand anywhere, at any time through paid subscription. With the increasing internet penetration and smartphone proliferation, OTT subscription accounts have witnessed a 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 successful audience relationships by continuously understanding their preferences and recommending the content of their choice. Additionally, the services also assist enterprises in maximizing their resource usage, effectively executing projects, and streamlining business operations. The need for services, such as support and maintenance, would also 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, the viewing preferences have transformed immensely; however, personalized key genres, such as entertainment, kids, and sports, have remained 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
North America is expected to account for the largest market size in the overall TV Analytics Market during the forecast period. The significant presence of tech-savvy population, deeper internet penetration, and enhanced connectivity have boosted the usage of OTT and Internet Protocol TV (IPTV) platforms. The presence of a majority of TV analytics vendors, as well as, the widespread awareness about these solutions would continue to constitute to the region’s largest market share during the forecast period.
