Over The Top (OTT) Market to Grow at 16.5% CAGR by 2030
Consistent growth in over the top services due to surge in live streaming, high internet penetration along with the development & launch of new OTT applications are expected to drive the growth of Over The Top industry during the forecast period.
Over The Top (OTT) Market is expected to grow at a CAGR of 16.5% from 2020-2030, according to a new research report by Next Move Strategy Consulting
Over the top (OTT) services are directly provided to the customer on their request.OTT services are offered through internet and thus do not require satellite television or cable subscription. These services allow users to view or download multimedia files such as movies, TV shows & others.These services are generally paid services which haveto be subscribed on monthly or yearly basis. Now-a-days, over the top services are gaining popularity all around the world & widely accepted by young population.
According to the report, there has been constant growth in over the top services owing to the changing consumer preferences alongwith the development & launch of various new OTT applications. Also, high internet penetration and amplified use of smart devices such as smartphone, tablet and others contribute the market growth. In addition, consistent development in digital infrastructure and high adoption rate among young population is expected to boost the market growth. Moreover, easy access, on demand request, enhanced consumer experience & subscription flexibility provided by the OTT service providers are expected to promote the market growth. Additionally, other factors such as surge in local & global market players with premium services and additional benefits can change the market trends.
However, growing market competition and lack of awareness with regards to the benefits of over the top services can create restrain for the market growth. Moreover, growth in strategic collaborations in market along with new OTT services & product launches is anticipated to provide numerous opportunities to the market players in the coming few years.
On the basis ofcomponents, the over the top market share is segmented into services and solution. Service segment dominates the global over the top market and will be dominant during the forecast period.
On the basis of device type, the over the top market is categorised into Smartphone, Smart TV's, Laptops Desktops and Tablets, Gaming Consoles, Set-Top Box, and others.The smartphone segment dominates the market growth in terms of market share and expected to maintain its dominance over the forecast period.
On the basis of content type, over the top market is categorized into Video, Audio/VoIP, Games, Communication, and Others. Video segment accounts for the major share and expected to maintain its dominance in near future.
On the basis of revenue model, over the top market is divided into Subscription, Advertisement, Hybrid, and Others. Subscription segment holds the major market share and likely to maintain its growth during forecast period.
On the basis of user type, over the top market is divided into personal and commercial. Personal segment is likely to develop with significant CAGR owing to the growing use of smartphone and other devices.
On the basis of end user, over the top market is classified into Media & Entertainment, Education & Training, Health & Fitness, IT & Telecom, E-commerce, BFSI, Government, and Others. Media & Entertainment holds the major market share and also expected to maintain dominance in near future.
North America holds the highest market size & share in the over the top market throughout the forecast period, owing to the high demand for over the top services and constant advancement in OTT services. In addition, presence of developed infrastructure andamplified use of portable devices such as smartphone, tablets & others proliferate the market growth. Europe holds the second leading position in the over the top market in terms of market size. Asia Pacific is expected to be the fastest developing region in over the topmarket, majorly driven by the increasing internet penetration along with the development of digital infrastructure. Additionally, changing consumer preference and improvement of network services in the developing economies are also expected to fuel the market growth.
According to the report, some the key players in the over the top market are Amazon Web Services (AWS), Apple Inc., Microsoft Corporation, Hulu, LLC, Telestra, Tencent Holdings Ltd., Netflix, Facebook, Google LLC, and Rakuten Inc.
Browse key industry insights from the report, “https://www.nextmsc.com/report/over-the-top-market” in detail along with the table of contents:
Key Insights from the Over The Top Market Report:
- Asia Pacific is the fastest growing region inOver the Topmarket owing to the rising internet penetration,changing consumer preferences and constant development of digital infrastructure in the region.
- Some of the major players in the market are Amazon Web Services (AWS), Apple Inc., Microsoft Corporation, Hulu, LLC, Telestra, Tencent Holdings Ltd., Netflix, Facebook, Google LLC, and Rakuten Inc.
The report Over The Top market – segmented by component, device type, content type, revenue model, user type, end user and geography
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