TV Analytics Market to Be Worth $4.2 Billion by 2023
Research firm MarketsandMarkets valued the global TV analytics market at $1.9 billion in 2018 and expects it to reach $4.2 billion by 2023, rising at a compound annual growth rate (CAGR) of 17.4 percent.
Key factors driving the TV analytics market include the rising business competition and the growth of social media and social advertising.
MarketsandMarkets also found that the content development segment will likely maintain the lead position in terms of revenue generation during the forecast period. TV analytics solutions and services guide media and entertainment companies in segmenting their customer bases and help them plan, strategize, implement, and supervise campaigns, it said.
The more the TV becomes digital and smarter, it is expected to generate more data, which is expected to shape the future of the media and entertainment industry.
The research firm also expects TV analytics services to grow at a higher CAGR than TV analytics software during the forecast period. Professional services and managed services help companies maintain audience relationships by continuously understanding their preferences and recommending the content of their choice. Additionally, 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 research firm also found that the over-the-top (OTT) segment held the largest share of the market in 2018. OTT platforms, coupled with technology, have made digital video content available on-demand anywhere, at any time, through paid subscriptions, which have only grown as a result of increasing internet penetration and smartphone proliferation. OTT platform developers use advanced analytics to gauge consumers' viewing behaviors and curate their programs specifically.
The report identified IBM, Google, Nielsen, Zapr Media Labs, Alphonso, TVSQUARED, and Amobee as some of the more prominent players in the industry.