Mobile TV Market To Grasp US$17.02 Bn By 2024 With Rising Availability Of High-Speed Data Services
Mobile TV Market: Snapshot
The increasing usage of smartphones and tablets around the globe has led to a significant growth in the mobile TV market. Internet usership has risen to an estimated 3.4 billion with a penetration rate of more than 46% in 2016. This has remarkably improved the state of the mobile TV market.
The global mobile TV market is projected to witness steady growth during the forecast period owing to the rising availability of high-speed data services such as 3G, 4G, and 5G. The global revenue stood at US$7.69 bn in 2015 and is expected to reach US$17.02 bn by 2024 at a strong CAGR of 9.5% therein, according to the findings of Transparency Market Research’s report.
Growing Demand for VoD Services Drives Pay TV Segment
The services offered by players in the mobile TV market include free to air services and pay TV services. Pay TV services held the leading share in the mobile TV market in 2015, accounting for more than half the global market that year. The growing demand for premium content such as live sports, movies, and entertainment through video on demand (VoD) on local and regional channels has resulted in the growth of the pay TV service segment. The share of the pay TV service segment is likely to increase during the course of the forecast period.
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The free to air service segment of the mobile TV market is expected witness a decline in market share by 2024 due to growing consumer preference for premium video content or TV channels.
Surge in Mobile Penetration Offers Asia Pacific Mobile TV Market Significant Boost
The mobile TV market is segmented into five geographical regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). Asia Pacific held the leading share in the mobile TV market in 2015 and the market in this region is projected to further expand during the forecast period based on revenue and market share. This can be attributed to the significant rise in smartphone penetration, an increase in investments in mobile networks, and surging mobile data subscriptions in the region. In Asia Pacific, the pay TV service segment accounted for more than half the market in 2015 and its share is expected to increase during the forecast period. The adoption of free to air service is growing among users in Asia Pacific due to the rising number of TV-enabled mobile handsets.
The increase in investments in LTE networks and the growing economic strength of emerging countries are expected to be the key factors driving the uptake of mobile TV in Latin America as well as MEA. Transparency Market Research finds that the adoption of mobile TV in Latin America was led by Brazil in 2015. With growing expenditure on entertainment, other countries in the region such as Argentina and Mexico are projected to see significant growth in the adoption of mobile TV services in the coming years.
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In the MEA region, South Africa and countries within the GCC were the leading adopters of mobile TV services in 2015. The growth of the mobile TV market in MEA is driven by the entry of new players as well as global companies offering regional content to attract new customers.
Some of the key players in the mobile TV market are AT&T, Inc., Comcast Corporation, MobiTV, Inc, Sky plc, Charter Communications, Verizon Communications, Inc, Bell Canada, Orange S.A, Bharti Airtel, and Consolidated Communications.