New York, US, May 19, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), OTT Market Type, By Streaming Devices, By Monetization Model, by Service verticals And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032, Global OTT market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 15.80%. The reports further predict the market will acquire nearly USD 171.49 billion by the end of 2032. As per the documents, the OTT market was valued at nearly USD 45.8 billion in 2022.
Market Scope:
The global OTT industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the growing number of consumers. Furthermore, the limited genre options are also projected to positively impact the performance of the OTT market over the coming years. Moreover, factors such as increased device availability, internet penetration, and overall cost reductions are also likely to enhance the development of the market over the coming years. In addition, the launch of innovative ideas such as ott channels, ott media, ott advertising, and ott distribution are also projected to enhance the market performance over the review timeframe.
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Competitive Analysis
The listing of the prominent OTT players across the global market for OTT includes players such as:
- NBC Universal (Hayu)
- Netflix, Inc.
- DAZN Group Limited
- Prime Video.com Inc.
- Google LLC (YouTube)
- The Walt Disney Company (Hulu)
- Roku Inc.
- Tencent Holdings Ltd
- PCCW Media Group (Viu)
OTT Market Report Scope:
| Report Metrics | Details |
| OTT Market Size by 2032 | USD 171.49 Billion |
| OTT Market CAGR during 2023-2032 | 15.80% |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Key Market Dynamics | Increase consumers using OTT platforms, Rising number of gamers |
Market USP Covered
Market Drivers
The global OTT industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the growing number of consumers. Furthermore, the limited genre options are also projected to positively impact the performance of the OTT market over the coming years. Moreover, factors such as increased device availability, internet penetration, and overall cost reductions are also likely to enhance the development of the market over the coming years. In addition, aspects like the rise of quicker internet speeds, the demand for a wider variety of media products, innovative and sophisticated transformations, and demand for ott communication applications such as Google Hangouts, WhatsApp, FaceTime by Apple, & other social media platforms are also projected to catalyze the growth of the market around the world.
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Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The OTT market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Segment Analysis
Among all the OTT types, the game streaming segment secured the leading position across the global market for OTT, with the largest share of around 40%-45%. Companies included in online gaming must reach out to several global customers while preventing the prevalence of restrictions throughout the gaming experience.
Among all the OTT streaming devices, the smartphones and tablets segment is projected to secure the leading position across the global OTT market over the coming years, given the factors such as the increasing use of smartphones & tablets, the introduction of new smartphones, and the expansion of 5G capabilities.
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Among all the OTT Monetization Models, the subscription-based segment secured the lead across the OTT market in 2022, given the accessibility of original premium content to users and innovative pricing.
Among all the OTT service verticals, the media and entertainment category will likely dominate the global market over the assessment era, given the growing number of consumers.
Regional Analysis
The global market for OTT is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the North American region held the top position across the global OTT industry in 2022. The main parameter supporting the development of the OTT market across the region is the ever-increasing substantial funds and investments in the content creation sector. Furthermore, the presence of leading OTT market players across the region is also projected to impact the regional market performance over the review timeframe positively.
The European regional OTT market secured the top spot across the globe in the year 2022. Over-the-top (OTT) sports content is gaining massive traction across the region. Several organizations are entering the OTT market, as proven by growing investments in content acquisition across this domain. The region has Germany as the leading growth contributor with the largest revenue share. Furthermore, the UK OTT market will likely showcase the maximum growth rate over the coming years.
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The Asia-Pacific OTT Market is projected to showcase maximum growth over the coming years. The mature utility and broadcaster industries are the main parameters supporting the development of the OTT market across the region. Furthermore, with the accelerated cannibalization of the pay-TV market, China is anticipated to secure the leading position across the region over the review timeframe. Asian nations such as India are ready to experience the meteoric rise of platforms, which is likely to offer massive market expansion potential for the region. The Chinese OTT Market is anticipated to secure the largest revenue share. On the other hand, the Indian OTT market is anticipated to showcase the maximum growth rate over the coming years.
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