Media & Entertainment Industry Globally Stands at USD 1.53 Trillion Currently and Expected to Reach USD 2.13 Trillion by 2021: Says Zinnov
BANGALORE, March 27, 2017 /PRNewswire/ --
- The Media & Entertainment (M&E) space is divided into eight major segments - broadcasting, entertainment, publishing, information services, gaming, marketing & advertising, new media and education
- US-based companies accounting for more than 55% of the overall industry dominate the global M&E market
- Broadcasting, with a market size of 401 Billion is the largest M&E segment, whereas New Media has the highest cumulative annual growth rate of about 17%
- Media & Entertainment companies spent a total of about USD 129 Billion on PES & IT services
- ~USD 69 Billion is the total addressable market for PES and IT globalization and services in M&E space for 2016. North America continues to be the hot spot for M&E outsourced services market accounting for more than 60% of outsourcing
- The market addressed by the Global Service Providers accounting for about USD 7.6 Billion market in 2015-16
Zinnov, a leading Management Consulting firm, today released an industry-first study on the Global M&E Service Providers landscape titled 'Zinnov Zones Media and Technology 2016', to enable business leaders in the space of Media & Entertainment (M&E) make right decisions in partner selection across technologies and delivery expertise for their digital journey.
The Media industry is currently among the top three most disrupted verticals due to the advent of digital technologies, highlighted Zinnov. Rapid Internet and smartphone penetration, changing customer consumption patterns have forced traditional media houses to address this change through rapid digital transformation and engage with end customers directly.
North America and Europe-based companies contribute more than 75% of the overall revenues for this space said the study. From last year, the Advertising and New Media segments in the Media space have witnessed further consolidation, where the Top 10 players' contribution to the overall market is ~60 and 80 respectively in each segment.
According to the study, the Overall Media & Entertainment industry reached USD 1.53 trillion in 2016, of which Broadcasting and Gaming companies account for ~41% of the overall industry size, while New Media companies have the highest annual growth rate ~17%, it read.
Talking about the Service Providers Landscape, the released Zinnov study read that the total addressable market (2016) stands at USD 69 billion. "Technology disruption is driving robust spend on PES and IT in the Media and Entertainment space," said Sidhant Rastogi, Partner & Practice Head, Zinnov.
The total spend on PES and IT services stands at about USD 129 billion, of which 26% was constituted by broadcasting companies. "The addressable PES & IT Globalization and Services opportunity stands at USD 69 billion and will reach USD 105 billion by 2021," added Sidhant. This addressable market is expected to grow at a CAGR of ~8.9% till 2020.
Current addressed PES and IT service market is USD 7.6 billion, of which around 60% of the outsourcing market is driven by North America-based companies. Broadcasting continues to be the most mature segment in terms of outsourcing, accounting for 34% of the total outsourcing market for Global Service Providers, it read.
The Zinnov study brought to light some key focus areas of Media and Entertainment players in the industry today and added that multiple content consumption avenues are driving focus onto a unified experience and delivery platform, addressing key features of personalization and seamless delivery. Video is becoming the preferred choice for consumers leading to many media companies investing significantly in acquiring video content and developing relevant technology. Also, the ability to better engage with end customers is forcing media companies to develop decision making, machine learning and cognitive capabilities.
Founded in 2002, Zinnov is headquartered in Silicon Valley and Bangalore. In over a decade they have built in-depth expertise in engineering and digital practice areas. They assist their customers in effectively leveraging global innovation and technology ecosystems to accelerate innovation and digital transformation. Zinnov helps their customers:
- Benefit by benchmarking their technology strategy and business models with best practices from peers and technology start-ups
- With large scale engineering and digital transformation through globalization and innovative engagement models
- Build their M&A strategy
- Grow revenue by helping them identify relevant products and services for emerging markets
With Zinnov's team of experienced professionals, they serve clients in software, automotive, telecom & networking, semiconductor, consumer electronics, storage, healthcare, banking, financial services & retail verticals in US, Europe, Japan & India.
For more details, please visit: http://zinnov.com/
For any further media queries, please contact:
Kinjal Chhetri Panwar
Media & PR
Zinnov Managment Consulting
SOURCE Zinnov Management Consulting
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