Pay TV Market to Reach $203.13 Bn, Globally, by 2028 at 1.5% CAGR: Allied Market Research
Rise in number of subscribers, reduction in subscription cost, and surge in demand for IPTV drive the growth of the global pay TV market.
PORTLAND, Ore., June 28, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Pay TV Market By Type (Cable TV, Satellite TV and IPTV) and Application (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2021–2028." According to the report, the global pay TV industry generated $182.32 billion in 2020, and is projected to garner $203.13 billion by 2028, witnessing a CAGR of 1.5% from 2021 to 2028.
Prime Determinants of Growth
Rise in number of subscribers, reduction in subscription cost, and surge in demand for IPTV drive the growth of the global pay TV market. However, security concerns related to content hinder the market growth. On the other hand, emergence of OTT platforms and rise in number of new channels present new opportunities in the coming years.
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Covid-19 Scenario
- Owing to partial or complete lockdown imposed by governments in many countries, people needed to stay home. So, they availed of different mediums of entertainment, which led to increase in demand for subscriptions for pay TV.
- With surge in number of OTT platforms and demand for premium content, the subscriber base increased in different parts of the world. This led to the growth of the pay TV market in 2020 and is estimated to continue to grow by the end of 2021.
The Cable TV Segment To Maintain Its Lead Position in Terms of Revenue During the Forecast Period
Based on type, the cable TV segment contributed to the highest share in 2020, accounting for more than half of the global pay TV market, and is expected to maintain its lead position in terms of revenue during the forecast period. This is due to the old and traditional form of television services. However, the IPTV segment is estimated to manifest the highest CAGR of 5.9% from 2021 to 2028, owing to its flexibility to use smartphone and other mobile devices.
The Residential Segment to Maintain its Leadership Status During the Forecast Period
Based on application, the residential segment accounted for the highest share in 2020, contributing to more than four-fifths of the global pay TV market, and is estimated to maintain its leadership status during the forecast period. Moreover, this segment is projected to register the fastest CAGR of 1.7% from 2021 to 2028. This is due to large consumer base and surge number of subscriptions. The report also analyzes the commercial segment.
North America to maintain its dominant share in terms of revenue by 2028
Based on region, North America held the highest share in 2020, accounting for nearly half of the global pay TV market, and is expected to maintain its dominant share in terms of revenue by 2028. This is due to rise in internet penetration in the region. However, LAMEA is expected to manifest the largest CAGR of 5.9% during the forecast period, owing to increase in interest of people in the television services and rise in number of new subscribers in the region.
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Leading market players
- Airtel Digital TV
- DirecTV
- DISH Network Corporation
- Dish TV India Limited
- Foxtel
- Rostelecom
- Charter Communications (Spectrum)
- Tata Sky
- Xfinity (Comcast Corporation)
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