A new report has predicted that worldwide IPTV subscriptions to surpass the 70 million mark by 2014.
According to research conducted by SNL Kogan, the prospects for IPTV services are looking quite lucrative.
The estimates released indicate that the market adoption for the technology has been increased by a compound annual growth rate (CAGR) of 92.4 percent in the last six years.
It is expected that worldwide IPTV subscriptions will increase from 40 million at the end of 2010 to 70 million by 2014.
Western Europe will lead the world in IPTV adoption, reaching 26.7 million subscriptions by the end of 2014. China will have 12.4 million subscriptions by the end of 2014, becoming the second largest market for IPTV.
Meanwhile, the revenue from IPTV services is expected to rise from $12.9 billion in 2010 to $27 billion by 2014.
“Although IPTV presently accounts for just 6% of the world’s pay-TV subscribers, the platform is fuelling hyper-competition and video service innovation in major markets globally," said Julija Jurkevic, Media and Communications Analyst at SNL Kagan, said in a statement.
"Telcos often provide the spark igniting consumer interest in multi-screen services, HD and VOD, generating in parallel support for investment in next generation broadband networks.” he added.