The rapidly rising number of smartphone users and easy availability of high speed internet across the globe are the foremost factors to have made the promising expansion of mobile TV possible in the past few years. The number of internet users is expected to rise to 3.4 bn and the rate of penetration of high speed internet is expected to rise to 46% on a global front by 2016. Fast and uninterrupted mobile data, owing to the central role it plays in improving the overall usability of mobile TV, is expected to remain one of the key markers of the development of the global mobile TV market in the next few years.
Rising proliferation and the fast pace of development in the field of new generation mobile data services such as 3G, 4G, and the upcoming 5G are expected to help the market expand at a healthy pace over the period between 2016 and 2024, states a recent market research report. The market is expected to exhibit a 9.5% CAGR over the said period, owing to which, the market will rise to a valuation of US$17.02 bn by 2024 from US$7.69 bn in 2015.
Asia Pacific to Emerge Leading Market, Thanks to Vast Rise in Smartphone Users
The market for mobile TV in Asia Pacific currently accounts for the leading share in the global mobile TV market and is expected to remain the most lucrative regional market over the next few years as well. Growth of the market in the region will be chiefly driven by the vast rise in the population of smartphone users, rising investments towards the development of mobile network infrastructure, and the surge in mobile data subscriptions.
The market for mobile TV is also expected to gain significant traction across emerging countries in Latin America as well as Middle East and Africa owing to the strengthening economies and rising investments in LTE networks. The report states that Brazil led the Latin America mobile TV market in terms of the adoption in 2015. The rising expenditure on entertainment in other Latin America countries such as Mexico and Argentina is also projected to give a major boost to the overall development of the mobile TV market in Latin America in the next few years.
Pay TV Services Attract Immense Interest from Consumers
The key services offered by vendors in the mobile TV arena include pay TV and free to air services. Of these, the segment of pay TV services dominated, accounting for over half of the global mobile TV market in 2015. The vast rise in the demand for content such as live movies, sports, news, music, entertainment, and games through video on demand (VoD) through regional and global channels has provided a major boost to the overall profitability of the pay TV services in the global mobile TV market. The pay TV segment is expected to remain the dominant services’ segment over the next few years as well.
Browse the full Global Mobile TV market report at:http://www.mrrse.com/mobile-tv-market
In Asia Pacific, this segment accounted for more than half of the overall market and its share is expected to rise at a promising pace over the next few years as well. In other regional markets as well, the pay TV service segment is expected to outpace the growth of the free to air services’ segment. The rising consumption of TV-enable mobile handsets across the globe is expected to foster this trend.