Our industry has undergone momentous change in the last few years, before the recession bit we were talking about tape to file, IT commoditisation and multi platform delivery and now, the best part of three years on, this is all a given. Now we talk more of outsourcing, core competencies and of Software as a Service and Cloud Services.
The fact is there will always be new challenges for our industry and it is how we embrace them and deal with them which will define our future. We have come out of the recession like most industries, somewhat changed, broadcasters expect more from their suppliers now, there is far more focus on ROI, interoperability and value for money, and this will not change.
As we look around us, the macroeconomic environment is hardly encouraging! The UK is struggling to show any signs of growth, the Eurozone is struggling with the stronger nations struggling to keep the rest afloat and in the USA there is a stalemate on discussions regarding the nation’s debt ceiling.
But despite all this the broadcast and media technology sector is showing a renewed confidence and optimism in the future. Our new IABM Global Market Valuation & Strategy to 2015 clearly shows how the industry bounced back from recession in 2009 to record some growth in 2010, in fact growth on a global basis of 6%.
We fully expect that by the end of 2012 that the market will have completely recovered the dimunition brought about by the recession and will be back to 2008 market size at $25 billion. We also expect steady growth thereafter to just under $30 billion by then of 2015.
Some segments will grow faster over the next few years and not surprisingly Storage is likely to be the most dynamic as the end users continue to transform and update. We still have some key constraints to growth, notably supply chain issues with shortages in some components and this not helped of course by the disaster in Japan earlier this year. The biggest constraint to growth though remains a lack of knowledgeable and skilled personnel in the industry’s workforce. We must encourage new graduates into our industry, train and orientate them to the idiosyncrasies of broadcast and we must retrain those in the industry to appreciate the new technological demands and requirements that IT commoditisation brings with it.
There will always be new products, technologies and opportunities coming along in our industry. We must be flexible enough to embrace them and fleet of foot enough to change our business models to accommodate and exploit them.
Exciting times for the broadcast and media technology sector? Most certainly!