The COVID-19 pandemic-induced lockdowns caused people to spend more time at home, which acted as a catalyst to increased consumption of online content, positively influencing the broadcast and media technology market. Furthermore, the increasing penetration of on-demand content, the rising popularity of video streaming and OTT platforms, growing adoption of next-gen linked devices, and digital advertising are expected to propel the industry’s growth for the foreseeable future.
The global broadcast and media technology market stood at $41.40 billion in 2021 and is expected to grow at a 6.9% CAGR to $62.12 billion by 2027. Furthermore, broadcasting companies are investing in technological advancements to provide enhanced broadcasting services to their customers, which should aid the market’s growth.
