Albany, NY -- (SBWIRE) -- 03/25/2019 -- The increasing usage of smartphones and tablets around the globe has led to a significant growth in the mobile TV market. Internet usership has risen to an estimated 3.4 billion with a penetration rate of more than 46% in 2016. This has remarkably improved the state of the mobile TV market.

The global mobile TV market is projected to witness steady growth during the forecast period owing to the rising availability of high-speed data services such as 3G, 4G, and 5G. The global revenue stood at US$7.69 bn in 2015 and is expected to reach US$17.02 bn by 2024 at a strong CAGR of 9.5% therein, according to the findings of Transparency Market Research's report.

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The services offered by players in the mobile TV market include free to air services and pay TV services. Pay TV services held the leading share in the mobile TV market in 2015, accounting for more than half the global market that year. The growing demand for premium content such as live sports, movies, and entertainment through video on demand (VoD) on local and regional channels has resulted in the growth of the pay TV service segment. The share of the pay TV service segment is likely to increase during the course of the forecast period.

The free to air service segment of the mobile TV market is expected witness a decline in market share by 2024 due to growing consumer preference for premium video content or TV channels.

The mobile TV market is segmented into five geographical regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). Asia Pacific held the leading share in the mobile TV market in 2015 and the market in this region is projected to further expand during the forecast period based on revenue and market share. This can be attributed to the significant rise in smartphone penetration, an increase in investments in mobile networks, and surging mobile data subscriptions in the region.

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In Asia Pacific, the pay TV service segment accounted for more than half the market in 2015 and its share is expected to increase during the forecast period. The adoption of free to air service is growing among users in Asia Pacific due to the rising number of TV-enabled mobile handsets.