The entertainment and media market is anticipated to set sail on a speedy growth trajectory during the forecast period, as per the latest analysis launched by Market Research Future (MRFR). As per this report, the global entertainment and media market is estimated to snowball at a robust CAGR of 10.40% through the forecast period.
A rapid growth in the market is attributable to the advancements noted in the digital technologies and the emergence of 5G network connectivity services. The emergence and rapid integration of artificial intelligence is estimated to have a remarkable impact on the gaming sector. This is also causative of consumers demanding enhanced gaming experiences, which in turn, has opened up many expansion avenues for existing and new market players.
However, the global entertainment and media market is expected to witness some friction in growth during the assessment period. Challenges in controlling piracy and proper enforcement of copyright infringement laws is one of the heaviest market restraints for most vendors. The market for entertainment and media is known to witness losses worth billions owing to piracy and illegal file-sharing. Another significant challenge for market vendors is the growing cyberattacks on online platforms which calls for stringent security infrastructure.
Increasing demand for more efficient and faster mobile networks from end-users is estimated to contribute to the overall demand for 5G network connectivity and the development of the same. Moreover, governments in several countries such as India have introduced initiatives like the 5G India Forum (5GIF) to speed up the deployment of 5G network connectivity. Deployment of such technology is expected to speed up the rate of growth for the entertainment and media industry.
The global entertainment and media market is studied for several segments to solidify the accuracy of the analysis conducted by the experts at Market Research Future (MRFR). This market segmentation has been conducted on the basis of type, application, and region. Based on type, the global entertainment and media market is segmented into music, social media, films & theatrical, video games, animation, art, sports, amusement park/ facilities, radio & broadcasting, toys, outdoor advertising, and books & magazine.
On the basis of application, the global entertainment and media market is segmented into wired and wireless. Both these applications use channels used for data transmission between receivers and transmitters. Wired media provides a connection between devices through cable wires, whereas wireless technology uses radio waves, infrared waves, and microwaves. The wireless segment is anticipated to grow at the fastest rate owing to a proliferation in the adoption of cloud platforms, IoT technology, video streaming, social media platforms, and online content platforms by several enterprises in different industries.
Detailed Regional Analysis
The entertainment and media market is studied for the geographical segments of North America, South America, Asia Pacific, Europe, and the Middle East & Africa. Among these regional segments, the global entertainment and media market was led by North America in the base year, which was valued at USD 878.3 billion in 2018. The regional market is also estimated to retain its dominance and register a robust CAGR of 8.84% during the review period.
Europe is anticipated to tread behind North America, garnering the second-largest share of the global entertainment and media market. The regional market was valued at USD 576.5 billion at the beginning of the forecast period and is likely to exhibit a steady CAGR of 9.07% through such forecast period.
Asia Pacific is estimated to witness the highest CAGR of 13.30% during the forecast period. China is likely to lead the country-specific market.
Some players profiled in the report include Baidu Inc. (China), News Corporation (US), Advance Publications, Inc. (US), iHeartMedia, Inc. (US), Discovery, Communication Inc. (US), Grupo Globo (Brazil), Warner Media, LLC (US), Verizon Communications Inc. (US), Alphabet Inc. (US), Comcast Corporation (US), Facebook, Inc. (US), Bertelsmann SE & Co. KGaA (Bertelsmann) (Germany), Viacom, Inc. (US), CBS Corporation (US), and The Walt Disney Company (US).