Owing to the exponential growth in the smartphone and tablet industry, the demand for mobile television has also increased. The rising penetration of smartphones among consumers has increased the demand for better services. Furthermore, the use of internet has mounted to 3.4 billion in 2016. The disposition of services like 5G, 4G, and 3G is further expected to enhance the acceptance of mobile television. Development of more ultra-fast internet services are likely to boost the demand for mobile TV in the coming years.
Surging Demand for Video on Demand (VOD) Services to Augment Growth of Global Mobile TV Market
Players operating in the mobile television market offer various services to customers. These services include pay TV subscription and free to air services. As a result of this, there has been a, significant surge in the demand for premium services such as movies, entertainment, and live sports. These premium contents are in demand due to the increase adoption of VoD on local and regional channels. This has in turn resulted in an increased demand for pay TV services. Due to this, the adoption of mobile television is likely to increase over the forecast period of 2016-2024.
According to TMR, pay TV services dominated the market with an overall share of 52% in 2015. The surge in pay television services are likely to lift the adoption of mobile TV. In terms of consumption of mobile TV services, Asia Pacific held a prominent share in 2015 and is expected to maintain a lead until 2024.
Manufacturers to Gain Lucrative Growth Opportunities in Middle East and Africa and Latin America
The rise in LTE networks investments in emerging economies has resulted in a surge in the adoption of mobile television in Latin America. Moreover, the significant growth in the region is also likely to boost the demand for smartphones in the region leading to a rise in use of mobile TV. The entry of new players along with leading global players in countries of Middle East and Africa are expected to uplift the implementation of mobile TV services in the region. The rise in disposable income is another factor driving the growth of the mobile television market in the region.
The global mobile television market is expected to expand at a 9.5% CAGR from 2016 to 2024. The market was worth US$7.69 bn in the year 2015 and is projected to rise to a valuation of US$17.02 bn by the end of 2024.
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