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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. 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.
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.
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.
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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