Global IPTV market, estimated at around USD 34.67 billion in 2015, is expected to reach USD 93.59 billion in 2021, growing at a CAGR of around 18.01 percent between 2016 and 2021.
IPTV market is mainly driven by increasing demand for high-definition (HD) channels and video-on-demand (VOD). In addition, initiatives taken by the government to increase broadband penetration help to grow the market size during the forecast period. Another important factor that propels the market growth is decreasing cost of IPTV service according to the Zion research. Entry of new startups in this market is projected to intensify the competition, due to which the number of services provided by competitors increases and cost of product decreases. An initiative taken by government to increase broadband penetration is expected to grow the market in the years to come.
The IPTV market is segmented on the basis of different applications such as advertising and marketing, media and entertainment, gaming, e-commerce, healthcare and medical, telecommunication and IT, and others. Media and entertainment and gaming application segment together has acquired major share of the total market due to decreasing prices of IPTV subscription globally.
The IPTV market was dominated by Europe with over 38 percent share of the total market. Europe is followed by Asia-Pacific and North America respectively owing to the increasing broadband penetration and decreasing prices of IPTV subscription in the region. However, Latin America and Middle-East and Africa are also expected to exhibit significant growth over the forecast period.