Over the Top (OTT) Market Size Expanding to USD 1,241.6 BN by 2030

Ottawa, June 28, 2023 (GLOBE NEWSWIRE) -- The global over the top (OTT) market size will expand at USD 776.84 billion in 2028. The OTT is the media service which eases the remittance of video digital media content and audio over the web. This video content is delivered on several electronic gadgets, like smart televisions, smartphones, and other electronic devices. Aside from this, the OTT platforms are also used to deliver music, educational channels, live broadcasting, advertising and others.

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The proliferation of the media & entertainment sector, coupled with the growing sales of advanced electronic devices globally, are the prime factors fueling the market growth in terms of value sales. Additionally, the rising acceptance of over-the-top services and good quality video content on devices, like tablets, laptops, smartphones, computers smart televisions, and others, is contributing towards the growth of the market. As compared to the conventional cables & satellite television, electronic gadgets OTT services offer high portability, connectivity, convenience and accessibility. Additionally, the use of artificial intelligence by the OTT service suppliers is propelling the market growth.

The OTT service providers are progressively using modern technologies to study viewers’ preferences in order to offer their viewers customized content. Thus, this improvises the experience of the viewers, thus increasing the popularity of OTT platforms and their service. Additionally, improvements in the communication industry and rising penetration of good speed internet in emerging economies, are creating a positive impact on the growth of the market. Some of the factors such as rising disposable, rapid urbanization, incomes and rising consumer spending on entertainment content coupled with intense R&D activities, are anticipated to fuel the market growth during the forecast years.

Regional Snapshot

North America holds the maximum market share in OTT market in the year 2022, owing to the high internet penetration in this region. Additionally, services like ESPN, AT&T, Crown Family Media Networks, Turner Sports, have witnessed huge traction among the consumers in this region which in turn drives the expansion of the market. However, the Asia-Pacific region is predicted to be the fastest growing region during the forecast period. This is because the telecommunication suppliers’ offers OTT media services with their internet plans that further contributes to fueling growth of the OTT service market. Furthermore, rising smartphones penetration as well as government rules & regulations related to controlling the video content OTT platforms are allowing the increasing of acceptance of the OTT media services. Thus, the aforementioned factors are contributing to driving the growth of the overall market in terms of value sales.

Report Highlights

• On the basis of OTT services, the managed services segment holds the largest market share in the global market. However, the online services segment is expected to be the fastest growing segment during the forecast years.
• On the basis of type, OTT media services segment holds the largest market share in the global market and is anticipated to retain its dominance during the forecast period.
• On the basis of platform, smartphones segment holds the largest market share in the global market and is anticipated to retain its dominance during the forecast period.
• By region, North America holds the largest market share in the over-the-top market. However, Asia-Pacific is expected to be the fastest growing market for the over the top (OTT).

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Scope of this report

Market Dynamics

Drivers

Rising adoption of smart devices to augment market growth

The increasing popularity of watching videos in over-the-top platforms has improved viewers watching experience, and smart electronic devices have played an important role in enhancing the viewers' experience. Moreover, it supplies a good watching experience with a sort of convenience to the consumers. Furthermore, the power to incorporate several video contents in smartphones with a high-speed broadband connection which has allowed the viewers to enjoy the video content anytime and anywhere. Thus, the aforementioned facts have driven the market growth in terms of value sales. Factors including easy access to high-speed internet connection along with rising penetration of smartphones has enabled viewers to stay updated with the new digital era. Hence, satisfaction has turned into a strong factor among the viewers to use smartphone and other smart devices like laptops, tablets, smart TVs and PCs.

Restrain        

Rising hazard of pirated video content restrict market growth

The growth of the market is projected to be hampered by the increasing threat of piracy of video content and the threat of spyware to user datasets. In the midst of heated debates about the changing landscape and anticipated outcomes of a rapidly expanding market, pirated video content has been progressively demonstrating its potency when original video content are released. Consumers are increasingly dissatisfied by the expanding number of memberships need to access content which interests the viewers, according to research from top industry organizations. This has prompted some viewers to use unlawful methods such as downloading content from websites or watching illicit streams.

Opportunities

Regional amalgamation with film studios and national producers to augment market growth

During the COVID -19 outbreak, content producers and film studios are bearing the closure cinema complex and halls. To deal with things, the film studios and film producers are progressively looking out for OTT platforms to broadcast their video. The increased lockdowns period and the present condition of the economy have offered immense opportunities for the entertainment world through these OTT platforms. OTT platforms are increasingly gaining popularity among the viewers going to theatres for entertainment content. The makers of the entertainment video content are inclining towards OTT platforms to achieve viewers. Until now, films that were imagined being released within the theatre before COVID -19 outbreak, had to vary their plans and to premier the content on OTT platforms.

Challenges

Lack of regulation

The market growth is adversely affected by the lockdown and economic crisis caused by the Covid-19 pandemic in the year 2020. Slow internet speed and low coverage is anticipated to hinder the market growth within the forecasted period. The web has still not penetrated all parts of the world thus making it difficult for people to access the web and services supporting it. Moreover, data plans in most parts of the planet are still costly thus making it difficult for people to get it. Such factors could hinder market growth within the forecasted period.

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Market Segmentation

By OTT Services

• Online Services
• Managed Services

By Type

• OTT Communication services
• OTT Media services
• OTT Applications services
  
  

By Platform

• Smartphones
• Smart TVs
• Laptops Desktops and Tablets
• Others

By Component

• Solution
• Services

By Deployment Type

• Cloud
• On-Premise

By Content Type

• Voice Over IP
• Text and Images
• Video
• Others

By Revenue Model

• Subscription
• Procurement
• Rental
• Others

By Vertical

• Media & Entertainment
• Education & Training
• Health & Fitness
• IT & Telecom
• E-Commerce
• BFSI
• Government
• Others

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