New York, USA, Sept. 06, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global over-the-top (OTT) market is envisioned to generate a revenue of $438.5 billion by 2026, growing at a noteworthy CAGR of 19.1% during the forecast period from 2019 to 2026. The comprehensive report provides a brief overview of the current scenario of the over-the-top (OTT) market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and Post the COVID-19 Pandemic
According to the report, the market is expected to rise at a CAGR of 19.1% during the forecast period, while it was anticipated to grow at a CAGR of 16.7% in the pre-pandemic scenario from 2019-2026. The constantly rising demand for over-the-top (OTT) services during the COVID-19 pandemic, as people are relying on OTT platforms for entertainment is expected to bolster the growth of the market during the analysis period. Moreover, the increasing trend of online streaming channels is the major factor predicted to boost the growth of the over-the-top (OTT) market over the forecast period. In addition, the OTT platforms deliver product services straightaway to consumers through online streaming by avoiding broadcasting cables which are expected to attract more customers to avail of OTT services.
Factors Impacting the Market Size Pre and Post the COVID-19 Pandemic
The real-time market size reached a revenue of $155.6 billion in 2020, while its estimations were $151.5 billion in the pre-pandemic scenario. The rapidly growing online communication platforms together with progressive technologies to improve personalized & customized involvement is expected to increase the demand for OTT services. Furthermore, the rising demand for OTT services and gaming during the COVID-19 pandemic is predicted to amplify the growth of the over-the-top (OTT) market throughout the estimated period. In addition, the increasing government initiatives to support businesses during the crisis by implementing and introducing various programs are expected to propel the growth of the over-the-top (OTT) market over the forecast period.
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Post-Pandemic Insight
The increasing implementation of augmented reality (AR) and virtual reality (VR) on smart devices for gaming applications to deliver a real-time experience for players while playing games is expected to upsurge the demand for OTT services post-pandemic period. Moreover, the rapid growth in the next generation of cellular network services such as 5G technology is predicted to foster the growth of the over-the-top (OTT) market in the approaching years. In addition, the growing adoption of various business growth strategies by leading market players to expand their position in the global market is expected to create major growth opportunities for the market.
Key Players of the Over-The-Top (OTT) Market
The major players of the over-the-top (OTT) market include
- Amazon Web Services
- Telestra
- VUDU, Inc.
- Indieflix, Inc.
- Tencent Holdings Ltd.
- Hulu, LLC
- Apple Inc.
- Kakapo Corp.
- Netflix
- Google LLC
- LINE Corporation
- Microsoft Corporation
- Rakuten, Inc., and many more.
These market players are concentrating on developing strategies such as new product launches, research, and development, following trending market ideas, building product portfolios, mergers & acquisitions, collaborations, and business expansions. – Purchase Inquiry to buy the Full Report
For instance, in July 2022, Netflix, an American subscription streaming service and production company, announced its collaboration with Microsoft, an American multinational technology corporation. With this partnership, the companies aimed to work together for building a new ad-supported offering to bring a cheaper subscription plan to attract new customers all across the globe.
Further, the report also presents various other aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Over-The-Top (OTT) Market:
- Here’s why OTT Services like Netflix are in the Glare of Publicity amidst the COVID-19 Crisis
- Rapid Growth In Demand For Live Streaming Channels, During The COVID-19 Chaos, To Promote The Development Of Global Over-The-Top (OTT) Market
