The Indian OTT Video Services Market is forecast to reach USD5.12 billion by 2026 growing at a CAGR of 29.52% from FY2021 to FY2026.
Growth in the market can be attributed to rapid advancements in online platforms and increasing need for quality experience across many devices. The consumers are progressively using multi-screen video platforms which allow cable operators and telecommunication network providers to reach a larger subscriber base with cost-effective video services at varied locations that will directly push the demand for the market in India over the upcoming years.
OTT video services market in India can be segmented based on the streaming type and region. Based on the region, the market can be segmented into North, West, South and East. North region leads the overall market owing to its rising usage of smartphones, tablet and laptop users coupled with rapid urbanization in the region.
Moreover, the increasing demand for smart televisions, along with the continuous need for better pictures and excellent viewing experience is predicted to drive the demand for OTT video services in India during the forecast period. Increasing focus towards high-resolution broadcasting and localization of the international contents with less usage of the data is another major factor driving the growth of the OTT video services market.
Some of the key players in the OTT Video Services Market of India include Novi Digital Entertainment Pvt Ltd (Disney+Hotstar), Amazon Development Center India Pvt Ltd (Amazon Prime), Netflix Entertainment Services India LLP (Netflix), Zee Entertainment Enterprises (Zee 5), Sony Pictures Networks India Pvt Ltd (Sony Liv), Reliance Jio Infocomm Limited (Jio Cinema & JioTV), Times Group (MX Player), Eros International plc (Eros Now), ALT Digital Media Entertainment Limited (ALT Balaji), Viacom18 Media Pvt. Ltd. (Voot) and others.
The companies operating in the market are focusing on higher quality content, in-house entertainment and expansion of sources to increase their shares in the market. Research And Markets