The global TV analytics market size is expected to reach USD 655.4 million by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 21.2% over the forecast period. The growing need for deploying analytical tools across multiple streaming platforms has played a vital role in data management. These analytical tools help in determining the advertisement budget and ensure optimal use of TV campaigns. With companies now investing in the development of technological platforms to understand viewership preferences, the television market is expected to witness significant growth over the forecast period.
The media and television industry has undergone major changes in terms of viewership and technology, and so companies such as Netflix, Comcast Corporation, and Sky Telstra have adopted TV analytics to enhance operational metrics. Despite the adoption of television analytics among streaming players, traditional TV networks are lagging in its adoption. Due to a lack of awareness among conventional TV networks, demand for TV analytics is expected to surge in the coming years. The transition toward Over the Top (OTT) and IP-based content delivery has led to generation of a significant amount of data, which in turn, has created an upsurge in the adoption of these solutions.
Asia Pacific is expected to be the fastest-growing regional market and is expected to witness significant traction on a global scale in the near future. Growth can be attributed to high presence of technological platforms, increasing demand for quality content, awareness through advertisements, and demand for analytics software in the television industry. High penetration of smartphone users and demand for high-speed internet has resulted in a niche market for OTT platforms. Changes in patterns of consumption and consumer behavior analysis are some of the trends witnessed across the market.
Further key findings from the report suggest:
- The digital transformation of the broadcasting industry, along with the need to automate the media and programming segments, is expected to propel market growth over the forecast period
- Consumer behavior analysis and ad relevancy are some of the major factors responsible for the adoption of television analytics
- TV analytics in advertising is presumed to capture the largest market share by 2025, owing to increase in audience reach and high competitive advantage. Additionally, the growing adoption of third-party vendors with optimal ad budgets is expected to fuel segment growth
- Cloud deployment models are growing at a rapid pace owing to agility and scalability in solutions for television analytics. Rising competition between content providers is expected to result in better deployment of cloud solutions
- Some of the key players maneuvering industry dynamics are Conviva AB; iSpot.tv Inc.; Alphonso Inc.; Orca Interactive; and Blix, Adobe Systems Inc.