TV Analytics Market Projected To Reach Approximately $4.2 Billion By 2023 | MarketsandMarkets
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 key factors driving the TV analytics market include the rising business competition and the growth of social media and social advertising.
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.
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.
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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.
The intensifying business competition and the growth of social media and social advertising are driving the market. The TV industry has rapidly and significantly evolved since the last decade. With the overall development of the society, choices and preferences of the TV audiences have also become dynamic.