The broadcast equipment market is expected to achieve 4.87 percent CAGR growth between 2017 and 2023 to reach $5.82 billion by 2023 from $4.38 billion in 2017.
Some of the major broadcast equipment companies are Cisco Systems, Ericsson, Harmonic, Evertz Microsystems, and Grass Valley, according to a broadcast equipment market report released by MarketsandMarkets.
The main reasons for the rapid growth in the broadcast equipment market are demand for ultra high definition (UHD) content production and transmission, shift of products from hardware oriented to software and open architecture based, and increasing D2C offerings through OTT services.
In addition, broadcasters’ decision to offer direct-to-consumer (D2C) offerings through OTT services, along with traditional distribution routes is also fueling the growth of the market for video servers.
North America is expected to hold the largest share in the broadcast equipment market, while the broadcast equipment market in Asia Pacific likely to witness the highest growth rate between 2017 and 2023.
