Valuation of the recordable optical disc market of US$2 billion by the
DUBAI, United Arab Emirates, Jan. 31, 2022 (GLOBE NEWSWIRE) — The recordable optical disc marketwhich was valued at around US$2.5 billion in 2022, is expected to see a decline in the coming years, according to the new report published by Future Market Insights (IMF).
|Recordable Optical Disc Market Size (2022)||US$2.5 billion|
|Projected market value (2029)||US$2 billion|
|Estimated Market Growth Rate (2022-2029)||-3% CAGR|
|Dominant product type (2022)||Blu-ray discs – 68.4%|
According to the report, revenue is expected to decline at a CAGR of -3.0% over the period 2022-2029 as a general sense of obsolescence looms. The slowness persists despite reliance on optical forms for storage, according to IMF research.
According to the report, the emergence of prominent media service providers, such as Spotify, Apple Music and TIDAL, has started to drive the popularity of recordable optical disc formats. Media service providers have rewritten the rules of media consumption and the adoption rate of these media streaming services has increased by leaps and bounds. The soaring subscriber base of these leading media service providers has resulted in significant revenue declines for the recordable optical disc market, creating significant tribulations for market players to make effective sales pitches.
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“The evolution of non-physical media with larger storage capacities has resulted in a marked decrease in consumer preference. The shift to cloud-based suites is also driving down sales of recordable optical discs, as cloud storage provides an agile and reliable platform for data storage and accessibility,” the IMF report states.
The study estimates that sales of recordable optical discs have begun to fall alongside 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 expansive database storage, content delivery speed and many other features, helping online media streaming platforms to grow and expand exponentially. . These factors point to a bleak future for recordable optical disc forms, the research analysis reveals.
“Made on Demand” DVDs and Blu-Ray Discs – Another Milestone for Growth
According to the report, the trend of “made-on-demand” DVDs and blu-rays of popular TV shows and movies is working in favor of market players. For example, Amazon exclusively sells a series of “made-on-demand” DVDs and Blu-rays of popular Nickelodeon shows and movies. Additionally, popular media service providers, such as Netflix, have also started bringing popular TV series and movies back to DVD and Blu-ray formats to cater to their loyal subscribers, leading to a promising comeback for DVDs and Blu ray. discs.
The report estimates that Blu-ray Disc will continue to be the top seller, with estimated revenues of nearly US$2 billion in 2022. Optimum storage capacities with “best-in-class” features remain two of the main selling points of spoke discs. Sales of recordable optical discs through online channels will continue to overshadow offline channels. The convenience of choosing from multiple varieties and availing the best deals and offers are two of the major growth drivers of online channels over offline channels, the research study states.
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Professional use of recordable optical disc to show positive jumps,
According to the report, media houses continue to rely on recordable optical disc formats for local storage, followed by software and computing ecosystems. The major players in the recordable optical discs market are focusing on progressive innovations that would further help them in strengthening their sustenance in the market.
Along with product features, brands are also focusing on the longevity of their recordable optical disc offerings via reflective layers. Additionally, strategic partnerships appear to be the best path for brands to sustain considerable revenue growth, the research study states. For example, in 2018, Sony officially announced an optical disc archive system with the support of partner companies. Additionally, it has also signed a definitive license agreement with Mitsubishi Chemical Media Co., Ltd. (MCM), which aims to deploy advanced new models of optical disc archival cartridges.
Scope of the Recordable Optical Discs Industry Report
|Historical data available for||2014-2021|
|Market analysis||Units for sales, US$ Mn for value|
|Key regions covered||• North America
• Latin America
• East Asia
• South Asia and the Pacific
• Middle East and Africa (MEA)
|Main countries covered||• United States
• South Korea
• New Zealand
• South Africa
• and GCC countries
|Key Market Segments Covered||• Type of product
• Sales channel
• End use
|Profiled Key Companies||• RITEK Corporation
• CMC Magnetics Corporation
• Singulus Technologies
• Company LITE ON
• Falcon Technologies International LLC
• Princo Corp.
• R Image Corp.
• Digital Vinpower
• Record manufacturers
• Primera Technology
|Customization [email protected]||Available on demand|
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About Future Market Insights (IMF)
Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, USA and India. FMI’s latest market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity amidst fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.
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Source of press release: https://www.futuremarketinsights.com/press-release/recordable-optical-disc-market