Pune, India, May 10, 2022 (GLOBE NEWSWIRE) -- The global OTT 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 Mediate MT7921AU chipset. This information is given by Fortune Business Insights™ in a published report, titled, “OTT Market Forecast, 2021-2028.”
As per the report, the OTT 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.
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.
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Report Scope & 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 |
| OTT Market Size in 2020 | USD 38.77 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Segments covered | OTT Service, Type, Platform and Geography |
| Over the Top Services Market Growth Drivers | Rapidly Increasing Over the top Platforms is Likely to Drive Market Growth |
| High Subscription Rate Might Impact the Market Growth |
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.
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What does the Report Provide?
The Over the Top Services Market report offers in depth analysis of various factors, which are influencing the market growth. Additionally, the report provides insights into the regional analysis of different regions. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration that contribute in boosting the market.
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 Market share in 2020. It is estimated to grow significantly backed by the emergence of i-message and WhatsApp.
Drivers & Restraints-
Expansion of Online Media and Entertainment to Boost OTT Market Growth
Several international and local companies are entering the OTT services industry because of the expansion of the online media and entertainment market. They are majorly focusing on subscription-based content streaming services instead of conventional media services, such as connectivity providers, rights holders, electronic device providers, network providers, and broadcasters. They are also bypassing paid TV and cable solutions. NBCUniversal Media, for instance, launched its dedicated streaming platform for live streaming and original content. In April 2021, ScreenHits TV, a platform and content aggregator of Amazon Prime and Netflix unveiled its first OTT application for smart TV and tablets. However, due to the increasing number of service providers, people are shifting from one platform to another at a fast pace. Low-quality content and expensiveness may hamper the OTT Market growth in the upcoming years.
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Report Coverage-
The report delivers an elaborate assessment of numerous customers’ journeys related to the over the top services 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.
Regional Insights-
Asia Pacific Stood at USD 15.89 Billion in 2020: Fortune Business Insights™
Geographically, in 2020, OTT Market in 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.
A list of renowned OTT service 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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Major Table of Contents:
Global Over the Top Services Market Size Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- 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 OTT Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By 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 Services (USD)
- North America OTT Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By 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 Country (USD)
- United States
- Canada
- By Services (USD)
- Europe Over the Top Services Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By 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 Country (USD)
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- By Services (USD)
- Global OTT Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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