The recordable optical disc market, which was valued at approximately US$ 3 Bn in 2018, is estimated to see bearishness in the coming years, as per the new report published by Future Market Insights (FMI). As per the report, revenues are likely to taper off at a CAGR of -3.6% during 2019-2029, as a general sense of obsoleteness looms large. The sluggishness is despite the reliance on optical forms for storage, according to FMI’s research.
The report presents an in-depth analysis of key growth drivers and trends that are likely to impact the market in upcoming years. With the adoption of cloud computing and artificial intelligence, the technology industry is expected to witness a healthy growth over the forecast period. Increasing competitive pressure and advanced digital transformation in the area of data analytics and artificial intelligence are likely to improve the growth outlook for the Recordable Optical Disc market in the upcoming decade.
According to the FMI’s report, Changes in consumer behavior, robust product innovations, and expanding distribution networks continue to influence growth of the Recordable Optical Disc market. FMI’s analysts rely on unique research methods and comprehensive data study of the current and upcoming trends of the Recordable Optical Disc market report and gather data from a wide range of primary and secondary sources.
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Impact of COVID-19 on Recordable Optical Disc Market
With the onset of COVID-19, there has been a significant impact on the technology sector. Disruptions of electronic supply-value chain and raw material supply have adversely impacted the technology industry. However, there has been a positive impact on the industry with the adoption of remote working. Rapid focus on integrating digital techniques and big data analytics in IT services and technology industry are expected to result in a healthy outlook.
FMI’s recently published report has a chapter exclusively dedicated to COVID-19 impact analysis. This is intended to aid Recordable Optical Disc market stakeholders in deploying innovative strategies to overcome the challenges that are likely to affect the Recordable Optical Disc market.
According to the report, emergence of prominent media-services providers, such as Spotify, Apple Music and TIDAL, started tugging on the popularity of recordable optical disc formats. Media service providers rewrote the rules of media consumption and the adoption rate of these media streaming services grew by leaps and bounds. Skyrocketing subscriber base of these prominent media service providers resulted in some major revenue dips for the recordable optic disc market, creating significant tribulations for market players to make effective sales pitches.
The study opines that sales of recordable optical disc started plummeted in parallel with the growth of public and private cloud services- Amazon Web Services, IBM Bluemix and Microsoft Azure to name a few. These platforms offer excellent cloud services with extensive database storage, content delivery speed, and multiple other functionalities, helping online media streaming platforms to exponentially grow and expand. Such factors are foreshadowing a bleak future for recordable optical disc forms, unravels the research analysis.
‘Manufacture-On-Demand’ DVDs and Blu-Ray Discs- Marking a New Milestone for Growth
As per the report, the trend of ‘manufacture-on-demand’ DVDs and blu-rays of popular TV shows and movies is working in favor of the market players. For instance, Amazon exclusively sells a series of ‘manufacture-on-demand’ DVDs and blu-rays of popular Nickelodeon shows and movies. Moreover, popular media-services providers, such as Netflix, have also started bringing back popular TV series and movies in DVDs and blu-ray formats to treat their loyal subscribers, which in turn has resulted in a promising comeback for DVDs and blu-ray discs.
The report opines that blu-ray disc will continue being the top-seller, with revenues estimated to approach US$ 2 Bn in 2019. Optimum storage capacities with ‘best-in-class’ features remain two of the key selling points of blu-ray discs. Sales of recordable optical disc via online channels will continue to put offline channels in the shade. The convenience of choosing from multiple varieties and availing best deals and offers are two of the major growth pacesetters of online channels over offline, states the research study.
Professional Use of Recordable Optical Disc to Show Positive Leaps,
As per the report, media houses continue to rely on recordable optical disc formats for local storage, followed by software and IT ecosystems. Key players in the recordable optical disc market are focusing on incremental innovations that would further help them boost their sustenance in the market.
Apart from product features, brands are also focusing on nourishing the longevity of their recordable optical disc offerings via reflective layers. In addition, strategic partnerships seem to the best way forward for the brands to sustain with considerable revenue growth, states the research study. For instance, in 2018, Sony made the official announcement of optical disc archive system with support from the partner companies. Moreover, it also signed a definitive License agreement with Mitsubishi Chemical Media Co., Ltd. (MCM), which is aimed at rolling out new and advanced models of optical disc archive cartridges.
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Key Questions Addressed in the Recordable Optical Disc Market Report
- How will the Recordable Optical Disc market expand through 2031?
- Which are the major key growth drivers and opportunities driving the market growth?
- What are the recent technological developments in the Recordable Optical Disc market?
- What are key challenges and competition threats faced by Recordable Optical Disc market players?
- Which region is the most lucrative in the Recordable Optical Disc market?
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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