Over the Top (OTT) Services Market Size, Status and Forecast 2028
The size of the worldwide over-the-top
services market in 2020 was 38.77 billion USD. The COVID-19 pandemic's
effects have been unprecedented and catastrophic on a global scale, with OTT
services experiencing a surge in demand in every region. According to our data,
the market grew significantly in 2020, by 13.9%, compared to the average annual
increase between 2017 and 2019. The market is anticipated to increase at a CAGR
of 17.7% between 2021 and 2028, rising from USD 44.54 billion in 2021 to USD
139.00 billion in 2028. When the pandemic is gone, this market's demand and
growth rate will resume to pre-pandemic levels, explaining the change in CAGR.
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LIST OF KEY COMPANIES
PROFILED:
·
Amazon.com, Inc. (Washington, United States)
·
Netflix, Inc. (California, United States)
·
Hulu, LLC (California, United States)
·
Google LLC (California, United States)
·
Apple, Inc. (California, United States)
·
Facebook, Inc. (California, United States)
·
Telstra Corporation Ltd. (Melbourne, Australia)
·
Rakuten, Inc. (Tokyo, Japan)
·
Roku, Inc. (California, United States)
·
Kakao Corp. (Jeju-si, South Korea)
·
Vimeo Live (New York, United States)
·
The Walt Disney Company (California, United
States)
·
Sling TV (Colorado, United States)
·
AT&T TV (WarnerMedia HBO) (California,
United States)
The media and communication services that users receive over
an internet connection are known as over the top services. The market
opportunities are expected to increase as a result of factors such as
increasing internet usage, smart TV, smartphones, 5G infrastructure, original
media content, and more. The market is projected to develop because to the
rapid uptake of internet-based communication applications. The market is
anticipated to benefit from a large increase in demand for online streaming
content, including movies, live news, and sports, among others. For instance,
Firstlight Media and the over-the-top service provider Struum worked together
to launch a cloud-native streaming platform in January 2021. The goal of this
partnership was to provide content from many platforms with a single Struum
membership.
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Driving Factors Over
The Top (OTT) Services Market
·
Increasing internet penetration and
affordability
·
Growing demand for video content and streaming
services
·
Rising adoption of smart devices and connected
TV
·
Advancements in technology and multimedia
·
Changing consumer behavior towards on-demand
content
·
Favorable government regulations and initiatives
·
Increase in number of original content and
partnerships
·
Growing competition and expansion in emerging
markets.
Regional Analysis:
In the market for over-the-top services, North America is
anticipated to become the leading region. The market is constantly expanding
because to the large finances and investments that are being made in the
content development industry. For instance, the Telecom Advisory Services LLC
predicted that in 2019, investments in TV and film programming would be made by
Amazon.com, Inc. and Netflix, Inc. The U.S. is expected to control a large
portion of the North American market. The region's market growth is being
driven by recently launched platform providers in the U.S., including Peacock,
Disney+, Quibi, Apple TV, HBO Max, and others.
The projection period is expected to see exponential growth
in the Asia Pacific region. According to Capgemini's OTT Study Report, the
region has more subscribers than the United States. The market expansion is
probably being driven by the highly developed telecommunications and
broadcasting industries. Due to the steadily declining pay-TV market, China is
predicted to rule the region. India is about to see a remarkable platform
expansion. This will probably increase the region's growth prospects.
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