Mobile TV Market: Growing Usage of Smartphones and Tablets Driving Market
The global market for mobile TV is exceedingly fragmented and the top 10 players accounted for a mere 23.3% in 2015. These companies, namely Comcast Corporation, AT&T, Inc., MobiTV, Inc., Sky plc, Bell Canada, Verizon Communications, Inc., Bharti Airtel, Consolidated Communications, Orange S.A., and Charter Communications, do, however, enjoy a strong foothold in several regional markets and have set entry-level barriers rather high.
“Large players have been expanding their regional reach and a strong brand name enables them to push their products in the mobile TV market and achieve a greater market share,” an analyst at Transparency Market Research states. A case in point would be Sky plc. The pan-European provider of on-demand internet streaming media, telephone, and broadband services acquired Sky Italia and Sky Deutschland services in 2014 to emerge as a leading player in the mobile TV market in Europe
TMR Predicts Massive Surge in Mobile TV Subscription by 2024
The opportunity in the global mobile TV market stood at US$7.69 bn in 2015 and is expected to be worth US$17.02 bn by 2024. The market is projected to exhibit a healthy CAGR of 9.5% during the forecast period. “This can be attributed to the rise in mobile TV subscriptions, which will increase at an astounding 40.3% CAGR from 2016 to 2024,” the author of the study states.
Based on type of service, pay TV services led the overall market in 2015, accounting for a share of 52% that year. Also registering a strong CAGR of 9.7% from 2016 to 2024, the segment is forecast to continue leading the mobile TV market through 2024. By region, Asia Pacific has been the leading revenue generator in the global mobile TV market and is anticipated to hold a share of over 42% by the end of 2024. APAC is also projected to expand at a swift pace during the forecast period.
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The growing usage of smartphones and tablets globally has helped boost the mobile TV market. Most smartphones and tablets today are TV-enabled and this has resulted in the significant increase in the use of mobile TV applications. “Global Internet usership presently accounts for more than 3.4 billion and the penetration rate will hit 46% by the end of 2016,” the TMR analyst finds. This has considerably improved the state of the mobile TV market.
The deployment of ultra-fast data services such as 3G, 4G, and 5G has also encouraged the adoption of mobile TV. “Users now prefer watching online TV on their smartphones and tablets and the availability of high-speed internet has driven the number of subscriptions of mobile TV,” the author states. Verizon Communications is planning to launch next-gen ultra-fast data services such as 5G wireless networks in the U.S. by 2017. Developments such as these are likely to give the global mobile TV market a substantial boost.