Pune, India, Aug. 17, 2021 (GLOBE NEWSWIRE) -- The global over the top services market is set to gain traction from the increasing demand for smart TVs because of their possession of a wide range of advanced functions and features. In April 2021, for instance, Samsung Electronics joined hands with MediaTek to unveil Wi-Fi 6E enabled 8K TV. The 8K QLED Y21 smart TV by Samsung will include MediaTek MT7921AU chipset. This information is given by Fortune Business Insights™ in a published report, titled, “Over The Top (OTT) Services Market Size, Share & COVID-19 Impact Analysis, By OTT Service (Online Services, and Managed Services), By Type (OTT Communication services, OTT Media services, and OTT Applications services), By Platform (Smartphones, Smart TVs, Laptops Desktops & Tablets, and Others), and Regional Forecast, 2021-2028.” As per the report, the market size was USD 38.77 billion in 2020. It is projected to grow from USD 44.54 billion in 2021 to USD 139.00 billion in 2028 at a CAGR of 17.7% in the forecast period during 2021-2028.
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COVID-19 Pandemic: Lockdown Measures Have Surged the Number of Subscribers
The temporary shutdown of entertainment zones, box-offices, and multiplexes have accelerated the demand for over the top services worldwide because of the COVID-19 pandemic. Nationwide lockdown measures have also raised the number of subscribers. The India Brand Equity Foundation, for instance, declared that in 2020, in just four months, the paid subscription of OTT video platforms surged by 31%. We are providing in-depth research reports to help you find the best strategy to take your business to a whole new level amid the pandemic.
Segments-
Media Services Segment to Dominate Stocked by Surging Number of Live-streaming Platforms
By type, the market for OTT services is divided into applications services, media services, and communication. Out of these, the media services segment is likely to remain at the forefront because of the rising number of platforms providing live-streaming, such as music, online games, sports, and concerts. The communication services segment generated 45.2% in terms of the OTT services market share in 2020. It is estimated to grow significantly backed by the emergence of i-message and WhatsApp.
Report Coverage-
The report delivers an elaborate assessment of numerous customers’ journeys related to this industry, regions, and segments. It also provides various customer impressions about over the top services and their applications. The business intelligence and consultation solutions would aid interested stakeholders, such as chief experience officers to enhance customer experience maps catered to their requirements. They can transform customer experience and engagement with their own brands.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/over-the-top-services-market-100506
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 17.7 % |
| 2028 Value Projection | USD 139.00 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 13.9 Brillion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Segments covered | By Type, By Platform, and By Region |
| Growth Drivers | Swiftly Growing Demand for Smart TV to Fuel Market Opportunities |
| Rapidly Increasing Over the top Platforms is Likely to Drive Market Growth | |
| Lockdown Pushed High Consumption of OTT Media amid COVID-19 Pandemic | |
| Pitfalls & Challenges | Rapidly Increasing Over the top Platforms is Likely to Drive Market Growth |
Regional Insights-
Asia Pacific Stood at USD 15.93 Billion in 2020: Fortune Business Insights™
Geographically, in 2020, North America procured USD 15.93 billion in terms of revenue. It is expected to dominate in the near future because of the rising investments by companies in the content creation sector. In the U.S., the presence of prominent OTT service providers, namely, Apple TV, Peacock, HBO Max, Quibi, and Disney+ would accelerate growth. On the other hand, Asia Pacific would grow exponentially backed by the presence of a well-established broadcaster sector in the region.
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Competitive Landscape-
Key Players Focus on Launching Innovative Platforms to Compete with Their Rivals
The global market for over the top services contains a large number of companies that are majorly aiming to cater to the needs of people across the globe. That is why they are developing cutting-edge platforms to compete with their rivals. Below are the two latest industry developments:
- May 2021: Kakao Entertainment acquired a video streaming technology provider named I&Soft worth USD 25 billion. This would enable the former to expand its OTT service business.
- May 2021: Amazon India introduced an ad-supported, free video streaming service called miniTV available in Amazon shopping app. It has professionally curated and created content across fashion, comedy shows, beauty, web-series, and tech news.
A list of renowned over the top services providers operating in the global market:
- 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)
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Over the Top Services Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Over the Top (OTT) Services Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By OTT Services (USD)
- Online OTT Services
- Managed OTT Services
- By Type (USD)
- OTT Communication services
- OTT Media services
- OTT Applications services
- By Platform (USD)
- Smartphones
- Smart TVs
- Laptops Desktops and Tablets
- Others (gaming consoles)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By OTT Services (USD)
- Global Over the Top (OTT) Services Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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