Pune, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Over-the-top (OTT) Market Size Analysis:
“The SNS Insider report indicates that the Over-the-top (OTT) market size was valued at USD 235.8 billion in 2023 and is expected to grow to USD 1390.8 billion by 2032, growing at a CAGR of 21.8% over the forecast period of 2024-2032.”
Increasing demand for on-demand and flexible content delivery is significantly driving the growth of the Over-the-top (OTT) market. Now, viewers are inclined to watch all their star shows, flicks, and live sports events on the internet, with platforms like Netflix, Amazon Prime Video, and Disney+. For instance, For example, in 2023, the global SVOD market saw an accelerated rise in subscribers, with platforms like Netflix boasting 230 million subscribers worldwide. The OTT market is driven by the strong growth of mobile broadband and internet coverage, along with the growing use of smart devices such as smartphones, smart TVs, and tablets. The change is caused by the consumer's wish to escape from the shackles of traditional cable TV, which includes fixed schedules, and bundles of channels as geographically as geographically-based limitations.
While Video Streaming Broadcasting, Live Events & Sports, etc., the growing OTT content available right now, has paved the manner for strengthening the reach of OTT providers. Also, the content creators are developing the original content to keep more viewers hooked. Integrated marketing has long been the key driver of content success, but exclusive content —Netflix's Stranger Things, and Amazon's The Lord of the Rings series—has taken priority for OTT platforms. As consumers increasingly demand personalized and high-quality content with relevance to their interests, this trend will only grow stronger.
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Major Players Analysis Listed in this Report are:
- Netflix (Netflix Originals, DVD Rentals)
- Amazon Prime Video
- Disney+
- Hulu
- Apple TV+
- HBO Max
- YouTube
- Paramount+
- Peacock
- Sony Crackle
- Vudu
- Roku
- Tubi TV
- BBC iPlayer
- Discovery+
- Crunchyroll
- FuboTV
- BritBox
- Funimation
- Pluto TV and others.
Apart from entertainment, OTT services have moved into the sphere of education, fitness, and news expanding their market scope. Not only do these platforms serve entertainment purposes, but they have also become an essential part of consumers' daily lives for information, learning, and wellness. Coupled with the expansion of internet availability worldwide, especially in developing nations, this is another driver of the increasing penetration of OTT services. Increasing usage of mobile devices is one of the OTT market growth influencing factors. With an increasing number of consumers using their smartphones and tablets to access the internet and view content, OTT services are taking advantage of the mobile-first strategy by providing apps designed for portable devices. Moreover, the expansion of 5G technology will further improve the OTT experience with higher internet speeds and lower latency, providing ideal conditions for high-definition streaming and interactive content.
Over-the-top (OTT) Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 235.8 Billion |
| Market Size by 2032 | USD 1390.8 Billion |
| CAGR | CAGR of 21.8% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •The increasing adoption of 3G, 4G, and 5G technologies is enhancing consumer access to cloud streaming platforms, leading to a significant shift from traditional media consumption to online streaming •The trend towards targeted advertisement-based streaming apps allows for personalized content delivery, attracting a wider audience and enhancing user engagement |
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Segmentation Analysis
By Type
The services segment dominated the market and represented a significant revenue share in 2023. This category mainly consists of SVOD, TVOD, and AVOD services, The bulk of worldwide subscription holders continue to be zeroing in on why SVOD administrations, for example, Netflix, Amazon Prime, and Disney+, remain a significant wellspring of worldwide records due to their huge substance bookkeeping and unique programming. With the continued investments in original content and the increasing adoption of SVOD models across emerging markets, market leadership is likely secure. The future outlook indicates continued growth, fueled by increasing disposable incomes, urbanization, and rapid internet absorption in Asia-Pacific and Latin American regions.
The OTT devices segment is projected to hold the highest CAGR over the forecast period. This category of devices used to stream OTT content includes smart TVs, streaming sticks (like Roku, Amazon Fire Stick, etc.), gaming consoles, and set-top boxes. The fact that people want to watch big screens as never before, and the devices are getting affordable and easier to use brings more and more users to these platforms. This is one of the main drivers which is contributing to the increased demand for smart TVs and similarly can be said about popular streaming devices like Roku and Amazon Fire Stick. In addition, higher consumer interest in enhanced viewing experiences, such as the availability of 4K and 8K content, is anticipated to drive continued growth for this segment. There is a bright curve ahead as more customers are switching towards cord-cutting, making the demand for affordable and easy-to-use OTT devices higher, especially across the emerging internet infrastructure regions.
Over-the-top (OTT) Market Segmentation:
By Type
- OTT Services
- OTT Devices
By Streaming Devices
- Smartphones and Tablets
- Desktops and Laptops
- IPTV and Consoles
By OTT Business Model
- AVOD (Ad-based Video on Demand)
- SVOD (Subscription Video on Demand)
- TVOD (Transactional Video on Demand)
By service verticals
- Media and Entertainment
- Education and Learning
- Gaming
- Service Utilities
By Platform
- Smart Phones
- Smart TVs & Set-top Box
- Desktop & Laptop
- Others
Regional Landscape
North America dominated the OTT market accounting for more than 38% of the global OTT revenue share in 2023 due to a heavily developed streaming market and well-established technological infrastructure. The U.S. OTT market was set at approx. USD 50 billion, as market leaders Netflix, Hulu, and Amazon Prime Video continue to reinforce their position. That gradual consolidation by the market is aided by positive regulatory regimes and heavy investments in content production.
The Asia-Pacific region will exhibit maximum CAGR during the forecast period. The Asia-Pacific Telecommunity (APT) forecasts regional internet penetration to reach 70% by 2025, contributing significantly to digital content consumption. Government initiatives like the “Digital India Programme” are pushing these numbers even further. The Asia-Pacific OTT market is set to emerge as a major region in the global OTT landscape, with the rapid rise of the regional middle class and growing disposable income.
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Recent Developments
January 2024: Netflix introduced a new subscription tier with ad-supported streaming to make its platform more affordable and to tap into new customer segments that are price-sensitive.
March 2024: Amazon Prime Video expanded its sports streaming offerings by acquiring the exclusive rights to broadcast key NFL games, increasing its content appeal to sports enthusiasts.
February 2024: Disney+ announced the launch of an integrated platform that combines their live TV services and on-demand library, creating a one-stop hub for both traditional and modern streaming.
Table of Contents – Major Key Points
- Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Over-the-Top (OTT) Market Segmentation, By Type
8. Over-the-Top (OTT) Market Segmentation, By Streaming Devices
9. Over-the-Top (OTT) Market Segmentation, By OTT Business Model
10. Over-the-Top (OTT) Market Segmentation, By service verticals
11. Over-the-Top (OTT) Market Segmentation, By Platform
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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