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The media and entertainment storage market size is estimated to grow at a CAGR of 12.9% between 2022 and 2027. The market size is forecast to increase by USD 13,663.58 million. The growth of the market depends on several factors, including a growing shift from traditional to digital advertising channels, a rise in the popularity of 4K ultra-high-definition (UHD) content, and an increase in demand for live videos.
This media and entertainment storage market report extensively covers market segmentation by end-user (broadcast, production and post-production, media agencies, advertising, and others), solution (network-attached, storage area network, and direct-attached storage), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rise in popularity of 4K ultra-high-definition (UHD) content is notably driving the market growth, although a threat to data security may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in popularity of 4K ultra-high-definition (UHD) content is notably driving the Media and Entertainment (M&E) Storage Market growth. The introduction of high-definition televisions into the market has created opportunities for broadcasters and media companies to improve video quality. Netflix, for example, has launched its 4K Ultra High Definition (UHD) movie service to consumers. Amazon also launched its 4K UHD streaming service. Amazon series such as Alpha House and Transparent are now shown in UHD format. The growing popularity of 4K UHD content and its benefits have caused several market players to invest more in the technology.
End users, such as production companies and broadcasters, are demanding better media and entertainment storage solutions as the demand for higher-quality video in terms of clarity increases. The growth of the market is also driven by the increasing availability of 3D movies by over-the-top (OTT) service providers such as Netflix and Amazon. Therefore, increasing demand for high-quality videos in terms of clarity will help accelerate the demand for the XR Market during the forecast period.
High broadcasting cost is a key trend influencing the Media and Entertainment Storage Market growth. The arrival of 4K and 2K TVs caused quite a stir in the market due to the sharpness and resolution of the images. Despite the excellent characteristics of these TVs, producing 4K UHD channels requires a large investment. For example, a 4K UHD channel for broadcasters costs USD 9 million to USD 16 million to develop, which is about five times the cost of developing an HD channel. In addition, upgrading existing equipment and infrastructure requires a large capital investment. Due to high broadcasting costs, only a limited number of channels, such as Netflix and Amazon, offer streaming of 4K content.
However, broadcast and media organizations are partnering with several consumer electronics companies to promote 4K content, which will help market penetration of 4 K and 2K TVs. With the rise of 4K UHD content and 4 K2K TVs requiring more storage capacity for this type of content, we expect to see increased adoption of storage systems.
Threat to data security is challenging the M&E Storage Market growth. Broadcasters are the most important end users and one of the largest revenue generators in the media and entertainment storage market. The music streaming industry relies heavily on digital networks and the Internet, making it vulnerable to data security and licensing issues. Streaming service providers are concerned about violations of digital rights while streaming, as vulnerabilities such as human error and data breaches can lead to the exposure of sensitive information. Streaming platforms are hosted on different platforms, increasing the potential for data to be leaked or misused as it moves from one platform to another, increasing security threats.
Because data contains sensitive information about users and publishers, it is imperative for online music streaming providers to follow complex licensing procedures, adhere to strict policies, and efficiently monitor data security. These providers are also at risk of damaging their reputations and consumer confidence in the event of disclosure or misuse of confidential information. Therefore, rising data security threats are expected to hamper revenue inflows for streaming service and storage solution providers during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Media and Entertainment Storage Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alphabet Inc: The company offers different types of media and entertainment solutions with attractive features such as video production, data transfer, and more.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the broadcast segment will be significant during the forecast period. The storage segment of the XR Market is expected to witness high growth during the forecast period. This growth is primarily due to an increase in the number of global and local channels around the world. With the help of media storage solutions, broadcasters are successfully providing media streaming services to a wide population. Streaming media devices allow users to stream online content to their televisions. Many viewers use their streaming media devices several times a week. Service providers can use this to analyze the viewing behavior of their users. Based on such analysis, service providers provide content based on the viewer's choices. Content personalization helps engage consumers.
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The broadcast segment was valued at USD 2,844.87 million in 2017 and continued to grow until 2021. Content played using streaming media devices is typically based on a subscription or pay-to-view model. This allows users to watch movies and TV series without being interrupted by commercials. Additionally, viewers can access and control which shows are paused and played. This feature is not available on regular digital cable TV connections. Service operators develop user-friendly interfaces to gain a competitive advantage over their competitors. Faster internet speeds make it easier for users to stream videos. Streaming media devices are also very popular. This is because users prefer watching movies and other entertainment features such as sports and TV series on their televisions. Hence, the smooth streaming of videos in this segment contributes to the growth of the market during the forecast period.
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North America is estimated to contribute 33% to the growth of the global media and entertainment storage market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in the North American region is expected to witness high growth during the forecast period. The growth of this market in the region is mainly due to the rapid migration from physical to digital platforms. Additionally, the majority of advertising in the region is primarily done on digital platforms such as online display advertising, pay-per-click (PPC) search advertising, and social media advertising. With a large audience base available, brands are more likely to monetize their ads. The monetization aspect of the market is expected to increase during the forecast period as consumers tend towards online retail. This improves the prospects for digital advertising and storage in the media and entertainment storage market.
The COVID-19 pandemic affected market growth globally. TV channel viewership increased in 2020 as most people were stuck at home. Leading media and entertainment storage companies saw an increased demand for primetime, daytime, late-night, and classic TV episodes, video, and information. Several new developments took place in the media and entertainment industry to increase program airing and promotion amid the pandemic. The launch of new entertainment services during the pandemic also supported the growth of the market.
The media and entertainment storage market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global media and entertainment storage market as a part of the global technology hardware, storage and peripherals market within the overall global information technology market. The parent global technology hardware, storage and peripherals market includes manufacturers of mobile phones, personal computers, servers, electronic computer components, and peripherals. This also includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals.
Media and Entertainment Storage Market Scope |
|
Report Coverage |
Details |
Page number |
185 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.9% |
Market growth 2023-2027 |
USD 13,663.58 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
12.49 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 33% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
Key companies profiled |
Adobe Inc., Alphabet Inc., Cisco Systems Inc., CK Birla Group, D Link Corp., Dell Technologies Inc., Hewlett Packard Enterprise Co., Hitachi Ltd., International Business Machines Corp., Lenovo Group Ltd., Microsoft Corp., NetApp Inc., NVIDIA Corp., Oracle Corp., Pure Storage Inc., Seagate Technology Holdings Public Ltd. Co., Toshiba Corp., Wasabi Holding Co. Inc., Western Digital Corp., and Amazon.com Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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