The Global Internet Radio Market will touch USD 4 billion and at an 18% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Increasing Adoption of Internet Radio in Automotive Sector to Boost Market Growth
The increasing adoption of Internet Radio in the automotive sector owing to the rapid evolution of autonomous vehicles and connected cars will boost Internet Radio Market growth over the forecast period.
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Declining Cost of Internet Bandwidth to offer Robust Opportunities
The declining cost of internet bandwidth coupled with reduced cost of streaming will offer robust opportunities to the market over the forecast period.
The Global Internet Radio Market is segmented based on advertiser type, software media player, audio format, and device support.
By device support, the Android devices will lead the market over the forecast period.
By audio format, the Global Internet Radio Market has been segmented into RA audio formats, AAC plus, WMA, MP3, and OCG.
By software media player, the windows media player will dominate the market over the forecast period. Windows media player offer users the option of selecting their radio stations and adding their favorite list for any time easy access.
By advertiser type, the automotive segment will spearhead the market over the forecast period.
North America to Steer Internet Radio Market
North America will steer the market over the forecast period. The presence of a huge number of industry market players, technological advances, burgeoning demand for internet radio in the region, and the presence of major internet radio service providers in the US, are adding to the global internet radio market growth in the region.
Key players profiled in the Global Internet Radio Market report include CBS Corporation (U.S.), Spotify (Sweden), Citadel Broadcasting (U.S.), Aspiro AB (Norway), Pandora Media, Inc (U.S.) Chrysalis Group (U.K.), and Napster (U.S.), among others.
The internet radio market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
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