Global OTT market to record an impressive growth rate of USD 456.45 billion by 2027
As per the report published by Fior Markets, The global over the top (OTT) market is expected to grow from USD 132.68 billion in 2019 to USD 456.45 billion by 2027, at a CAGR of 16.7% during the forecast period 2020-2027. North America has the largest share in the over the top market. It is due to an increased number of services, high broadband access which provides videos in 4K and HD. Also, services such as Crown Family Media Networks, Turner Sports, ESPN and AT&T have driven the market in the region.
Key players in the over the top (OTT) market are Netflix, Microsoft, YouTube, Home Box Office, IndieFlix, Hulu, Rakuten, Line, Facebook, Amazon, Google, Apple, Roku, Vudu, Tencent and Kakao. Content providers such as DIRECTV, AT&T, Comcast and DISH Network are focusing on the SVOD domain in order to capture a larger market share and expand their presence by providing a wide range of offerings.
The device type segment includes set-top box, gaming consoles, laptops desktops and tablets, smart TV’s and smartphones. Smartphone segment has the highest growth in the over the top market. It is due to increased demand for larger screen smartphones. Also, to stream over-the-top services, consumers are highly adopting smartphones in developing economies. Moreover, cost-effective android-based smartphones, along with online gaming platform, is contributing to the growth of the market. The end-user segment includes government, BFSI, e-commerce, IT & telecom, health & fitness, education & training, media & entertainment.
Technological developments, as well as improved market, are expected to boost the growth of the market. Increased per capita income and improvement in broadband penetration are driving the OTT market. Improvement in the performance and speed of broadband networks are expected to contribute to the growth. Increased penetration of SVoD services along with massive investment in broadband infrastructure are the key factors to generate the growth. The over-the-top market is driven by advance and innovative transformation, which results in an increased customer base due to its ability to access everything at a single space. Also, increased demand for live streaming channels, expansion in the variety of contents and rise of SVoD services are contributing to the growth of the market. It is highly advertising-funded across the globe, whereas it offers free content in order to expand the customer base. It also position premium transactional video on demand and subscription video on demand in order to gain additional revenue. Globe Newswire
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