OTT content market is anticipated to breach US$ 434.98 bn at a healthy CAGR during the forecast period of 2022-32
The global OTT content market is anticipated to reach a valuation of US$ 434.98 Bn by 2032, with the market expanding at a prolific CAGR of 17.4% from 2022 to 2032. Predicted to reach an estimated US$ 87.46 Bn in 2022, the target market is likely fueled by a notable surge in market penetration as well as escalating demand for subscription-based services in emerging economies. The heightened popularity of live streaming channels will further aid the growth of the OTT content market during the forecast period.
The deep market penetration of 4G and rising 5G infrastructure development across the globe aids the market growth of OTT content. An upsurge in high-speed bandwidth- which is an important criterion for proper functioning OTT services- propels the target market growth. The widespread usage pf high speed internet and smartphones, at competitive prices, amplifies the demand for the OTT content market. The gradual preference for SVOD over conventional TV services will supplement this growth of the target market.
Again, a rising demand for original and variety media content and increasing availability of the same further amplifies the growth of OTT content market in the global space. In addition to this, the advancing popularity of video games and animated content on different gaming platforms is expected to create profitable market possibilities for OTT content. Other factors like the availability of Freemium models, live streaming channels, high quality offerings by social media and other applications will aid the expansion of the OTT content market during the forecast period.
“Dominant presence of different social media platforms coupled with mass acceptance by the consumers will augment the global growth of the OTT content market over the forecast period,” says an FMI analyst.
- Growing commoditization of sporting services will generate lucrative opportunities for the target market.
- Strict government regulations and low bandwidth are some factors that may stunt the market growth.
- By access type, the smartphones and tablet segment will register an astounding CAGR of 40% in 2022.
- On the basis of revenue model, Subscription-based Video on Demand (SVOD) will record high demand during the assessment period.
- High Spending on animated content will drive the target market in the United States.
- China will dominate the OTT content market in the Asia Pacific region.
- OTT services are registering a high growth rate in India.
Disney+ Hotstar, Apple Inc., Amazon Prime Video, Netflix Inc., Hulu LLC., Twitch, Akamai Technologies Inc., Brightcove Inc., Google Inc., Limelight Networks Inc., Roku Inc., Tencent Holdings Ltd., Alphabet Inc., Comcast Corp., Sirius XM Holdings Inc., Spotify Technology SA, and The Walt Disney Co., among others are some of the major players in the OTT content market profiled in the full version of the report.
Leading market players are focusing on strategic collaborations and partnerships to increase their market share. These organizations also engage in product innovation and introducing new streaming platforms and services to expand their consumer base.
More insights into OTT Content Market Report
In its latest report, FMI offers an unbiased analysis of the global OTT contentmarket, providing historical data and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of content type (video, audio, games, mobile applications, communications), access type (OTT streaming devices, desktops & laptops, smartphones & tablets, smart TVs), revenue model (SVOD services, AVOD services, TVOD services, live streaming services), and region.
According to the latest FMI reports, based on segmentation, the SVOD revenue type will likely be a prime contributor to the overall market growth. This segment will register high demand during 2022-2032. The smartphone & tablet access type will expand at a startling 40% CAGR during the forecast period owing to the advancements in telecommunication technologies as well as the optimal pricing of 4G and 5G-enabled phones.
Based on region, the United States will register tremendous growth in the OTT content market in North America. This growth can be attributed to the strong presence of the animated content creators as well as rising demand for the same. Again, an estimated 64 Mn homes are accustomed to OTT in the U.S. Both of these considerations fuel the target market growth in North America. In Asia Pacific, India and China, too, will present impressive growth over the forecast period. Accesswire