IPTV market to grow by USD 74,860.43 million from 2022-2027

The global internet protocol television market size is estimated to grow by USD 74,860.43 mn from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 17.77% during the forecast period. North America is estimated to account for 32% of the global internet protocol television market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth of the market in the region is fueled by the growth of over-the-top (OTT) services. Considerably, the growth is due to the US and Canada, which have large subscriber bases for OTT services. However, these services allow customers to access their Internet protocol television (IPTV) content over the Internet without the need for a traditional pay TV subscription. OTT IPTV services are increasing in popularity in North America, led by services such as Netflix, Hulu, and Amazon Prime Video. The United States is the largest contributor to the market in North America, with numerous IPTV service providers operating in the country.

Key factor driving market growth
The rise in mobile and smart device adoption is a major driver for the growth of the Internet protocol television (IPTV) market during the forecast period. The advancement of mobile and smart devices is a significant driver of the global IPTV market. Smartphones, tablets, and smart TVs are becoming more and more popular, and users demand access to their favourite TV shows, movies, and other entertainment content on these devices. The advancement of mobile and smart devices has enabled Internet protocol television(IPTV) service providers to offer new services and features that were not previously available. Cloud-based IPTV services also allow subscribers to store and access their favourite content from any internet-connected device. Recognizing the potential of mobile and smart devices, some IPTV service providers have started offering apps and other features to meet this growing demand. For instance, Sling TV offers apps for smart TVs, game consoles, and mobile devices, giving users easy access to their favourite shows and movies on their preferred devices. Hence, the advancement of mobile and smart devices is anticipated to be the major driver of the market during the forecast period.

Leading trends influencing the market
Growth in demand for video-on-demand (VOD) is a key trend influencing the internet protocol television market growth. VOD refers to the ability to watch movies, TV shows, and other content on demand without being tied to a broadcast schedule. This attribute is highly desirable for consumers who want the flexibility to watch content on their own schedule. However, the popularity of VOD services is fueled by the drastic growth of the internet and the spread of smartphones, tablets, and other mobile devices. According to Statista’s report, the VOD market worldwide is expected to exceed USD 125 billion by 2025. This growth is anticipated to be driven by increased demand for original content, increased mobile video consumption, and increased availability of high-speed Internet. VOD services also provide a personalized viewing experience, permitting users to watch content on demand, on any device, from anywhere. Therefore, increasing demand for VOD services will drive the growth of the market during the forecast period.

Major challenges hindering the market growth
Piracy and illegal streaming are impeding the IPTV market growth. Piracy and illegal streaming are significant challenges for the market. Piracy refers to the unauthorized use or distribution of copyrighted content, and illegal streaming refers to the unauthorized streaming of copyrighted content over the Internet. However, these activities not only violate copyright laws but also influence the revenue of Internet protocol television(IPTV) service providers, content creators, and distributors. Many people who engage in piracy and illegal streaming do so to access content without paying. As a result, legitimate IPTV service providers are missing out on potential revenue, which can affect their investment in new content and service improvements. This can eventually lead to poor service quality and adversely impact customer satisfaction and retention. Furthermore, piracy and illegal streaming can also adversely impact consumers. Pirated content often lacks the same level of quality and reliability as legitimate content and can also pose security risks to users’ devices. Hence, piracy and illegal streaming are expected to pose significant challenges to the IPTV market during the forecast period. PR Newswire