Global Internet Radio Market Overview
The key driver impacting the internet radio market is the emergence of the 4G/5G network. For instance, according to the world economic forum report, intelligent connectivity, facilitated by 5G, can be considered a catalyst for socio-economic growth in the Fourth Industrial Revolution. It is expected to reach $13.2 trillion of global economic value by 2035. Also, the investments in 5G networks will be estimated to reach around $1 trillion globally by 2025. Moreover, massive data storage capacity, the feasibility of Wi-Fi at home and offices, and decreasing cost of streaming contributes to internet radio market demand in the coming years.
According to Value Market Research, the global internet radio market size was valued at about USD 1883.5 million in 2020 and is estimated to grow at a CAGR of around 18% during the forecast period 2021 to 2027.
The rising penetration of smartphones with 4G/5G connections is likely to augment the demand in the forecast period. It is due to the various advantages associated with 4G and 5G smartphones, such as more bandwidth and lower latency. It can also support more data transfer with fewer delays that leads to easy and fast upload or download of videos and photos. Also, the rising adoption of internet radio in the growing automotive sector is expected to create market demand in the coming years. However, poor connectivity in rural areas may hamper the market in the long run. Also, digital platforms are constantly replacing internet radio are negatively impacting the market. Nevertheless, the current industry trends, such as the rise in adoption of internet radio sectors such as travel, retail stores, travel, media & entertainment, hotels & restaurants, airlines, and insurance, are expected to offer several beneficial market opportunities to the key players.
The internet radio market is vast, with many local and global players. The internet radio market is extensive, with many regional and international players. The prominent market leaders follow several strategies to improve their market status, such as extending product portfolio, acquisitions, contracts, acquisitions, amalgamation, acquisitions, product upgrades to mount their market share across the globe. The prominent players studied in the report include Aluratek, Divoom, Deezer, iHeart Radio (iHeartMedia, Inc.), Grace Digital, Internet Radio Ltd, Pandora, Ocean Digital, Phonographic Performance Limited, Sangean, Sirius XM, Spacial Audio Solutions LLC, Sungale, Radioplayer, Spotify, Shoutcast SPRL, Source fabric Ventures s.r.o., and TuneIn Radio (TuneIn Inc.)
In this research report, the internet radio market is segmented by software media player, audio format, device support, and region.
Analysis by Software Media Player:
By software media player, the report is categorized into iTunes, windows media player, Winamp, spider player, and others. The windows media player segment dominates the Software Media Player segment with over 25% share in 2020. In addition, there is rising usage of windows media player for playing audio, viewing images, and playing video on personal computers which are running the Microsoft Windows operating system, Windows Mobile-based devices, and Pocket PC a contributes to the growth of the windows media player segment in the forecast period.
Analysis by Audio Formats:
By Audio Formats, the report is categorized into MP3, OGG, WMA, RA, and AAC. The MP3 segment dominates the audio formats segment with over 27% share in 2020. MP3 player is considered a multi-purpose music player for Smartphones. Moreover, MP3 players are incredibly popular with users as the audio files are condensed to about one-tenth of the original size, thus increasing demand among the MP3 player segment in the forecast period.
Analysis by Device Support:
By device support, the report is categorized into Android, IOS Windows. The Android segment dominates the device support segment with over 40% share in 2020. It is due to the growing preference for android smartphones.
Analysis by Region:
In the regional outlook of the global internet radio market, the North America region dominates globally with a 25% market share in the forecast period. It is due to the massive digitalization and increased internet usage across commercial and residential sectors in the region. Moreover, key internet radio service providers are present in the region, contributing to tremendous market growth across North America.
Market Segmentation covered in the Report:
By Software Media Player
By Audio Formats
By Device Support
- Windows Media Player
- Spider Player
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.