Cloud TV Market to be Buoyant despite COVID-19 Scare
The Cloud TV market is expected to grow from $1.65 billion in 2017 to $6.5 billion by 2030, with a compound annual growth rate of 18.70% over the forecast period. The cloud computing technology has led the way forward by transforming server and storage solutions. The ability to scale with low capital investments and the flexibility of cloud for handling various formats can make way for cloud TV. The consumption of content in huge volumes and the variety of content on over-the-top (OTT) providers is likely to drive the demand for cloud TV.
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Advantages of Cloud TV
- Low capital cost
Cloud TV service providers can provide recording services to users as well as ample storage service for storing their favorite content. Smart devices compliant with the set-top box can be used for watching the same content.
- Low operational expenses
Cloud storage reduces the reliance on external hardware for storing content as well as low number of complaints making cloud TV highly reliable.
- High profit margins
Cloud TV providers are able to make use of broadband connections to deliver premium content to many screens or devices. This is evident with the plethora of over-the-top (OTT) providers and broadcast services which have managed to enter the commercial space. The rights of sports events to be screened on such services can provide opportunities for cloud TV.
- Integration of legacy systems
Legacy systems can choose from external plug-ins to connect to various channels of their choosing. A centralized system for content management and personalization of data can be lucrative for cloud TV
Impact of COVID-19
The COVID-19 virus has put a stop all major processes from functioning to its full capacity. But the telecom network base stations and towers operating on 4G and 3G frequencies have been fully functional. The tight lockdown rules and social distancing are likely to push online subscriptions to the roof. Online learning courses, company meetings, and shopping for essential have all moved online. The data used in these interactions can be used by cloud providers for making targeted Ads and provide services accordingly.
The subscriptions to online streaming services and procurement of smart devices will catapult on the back of continuous shutdowns. The data traffic has climbed high owing to online surfing habits and deployment of 5G connections. New digital behaviors amid the pandemic and boost of peak consumption hours have brought the onus on cloud TV providers for providing quality of experience (QoE) viewing in different resolutions. Rise of commercial 5G, changes in service packages, and different subscription models can provide a stimulus to the cloud TV market. As per the Ericsson mobility report, the number of 5G subscribers can climb to 2.8 billion.
Artificial intelligence and big data are assisting service providers in leveraging on the search history, viewing patterns, and other metrics to understand the taste of consumers and provide a personalized view. The scalability of cloud allows it to adjust to fluctuations in data streams. The shift to decentralize computing can provide a big jump to cloud TV adoption in the back of rising cable fees and cord-cutting.
Launch of Mobile Apps
The scale and agility of cloud has been capitalized by content providers by launching mobile applications for customers. For instance, TVU Networks, an Indian cloud company, has launched separate applications for reporting, production, and live video feeds to reach consumers rapidly. The application can stream multiple channels simultaneously as well as be used in taking interviews with the help of picture-in-picture (PiP) feature.
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4K and 8K TV Sets
The penchant for high-resolution streaming by viewers has driven the innovation wheels of consumer electronics manufacturers. This has sparked the launch of new screens – large or small for high resolution content. Recently, Daiwa launched its 4K TV set which can stream cloud TV applications of Hotstar and Netflix. The updates provided to the user interface focus on content quality and storage system for recording content.
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