Pune, India, Nov. 10, 2022 (GLOBE NEWSWIRE) -- The global OTT Services Market was valued at USD 38.77 billion in 2020. The market is projected to grow from 44.54 billion in 2021 to USD 139.00 billion in 2028, exhibiting a CAGR of 17.7% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “OTT Market Forecast, 2022-2028.”
Key Industry Development:
- 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.
- 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.
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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 Services 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 |
| OTT Services Market Growth Drivers | Expansion of Online Media and Entertainment to Boost OTT Market Growth |
| Rapidly Increasing Over the top Platforms is Likely to Drive Market Growth |
Growing Investment in Research and Development in the OTT Market Assists Growth
The COVID-19 pandemic has adversely influenced various industries' markets due to obligatory shutdowns, government constraints, and shutdown of consumer electronics shops and malls. Nevertheless, various semiconductor component manufacturers intended to capitalize in research and development activities for emerging IP products during the pandemic. This produced a colossal demand for semiconductor IP products during the pandemic.
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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.
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 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.
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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.
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:
LIST OF KEY COMPANIES PROFILED:
- Amazon.com, Inc.
- Netflix, Inc.
- Hulu, LLC
- Google LLC
- Apple, Inc.
- Facebook, Inc.
- Telstra Corporation Ltd.
- Rakuten, Inc.
- Roku, Inc.
- Kakao Corp
- Vimeo Live
- The Walt Disney Company
- Sling TV
- AT&T TV
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Major Table of Contents:
Global Over the Top Services Key Players Market Share Insights and Analysis, 2020
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- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- 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 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 OTT Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
North America Over the Top (OTT) Services Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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- 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 Country (USD)
- United States
- Canada
- By OTT Services (USD)
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Europe Over the Top (OTT) Services Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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- 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 Country (USD)
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- By OTT Services (USD)
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Asia Pacific Over the Top (OTT) Services Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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- 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 Country (USD)
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
- By OTT Services (USD)
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