The global over the top (OTT) services market is estimated to garner US$ 7.0 Trillion while exhibiting a 12.6% CAGR during the forecast period. Mainly due to the availability of smart technologies amongst the masses the global over the top (OTT) services market has grown by leaps and bounds in recent years.
Increasing digital subscriber base, demand for digital content, an increase in demand for live streaming channels and digital advertising is driving the growth of over the top (OTT) services market. Most pay-TV providers are introducing stand-alone OTT-based subscription services. Dish’s Sling TV and AT&T’s DirecTV Now are successful examples of the US-based affordable and stand-alone services. OTT services are reaching to exponential levels of growth. With increasing e-services, the over the top (OTT) services industry is expected to secure US$ 2.1 Trillion in 2022.
Rising demand for high-speed connectivity with good service delivery this will have a positive impact on the overall market growth. Increasing use of cloud based technology such as artificial intelligence and big data and in many applications impelled the growth of the market. The e-services segment is likely to offer remunerative opportunities for the global over the top(OTT) services market.
- By application, e-services segment is expected to record an 14.2% CAGR by 2032
- By business model, the premium & subscription segment to expand at a 13.1% growth rate during the forecast period
- The U.S market to garner US$ 2.5 Trillion and record a 12.7% CAGR from 2022-2032
- Market in China to procure US$ 322.7 Billion, expanding at a 13.6% growth rate during the assessment period
- Global over the top services market to flourish over 3x from 2022 to 2032
“Increasing adoption of internet based communication applications amid rapid digitization and virtualization of the entertainment space is expected to drive the market for over the top services in the forecast period,” says an analyst at FMI.
Key players of the global over the top (OTT) services market include Twitter Inc., LinkedIn Corp., Netflix Inc, Amazon Inc., Apple, Inc. among others. Market players are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. Recent developments among players include:
- In April 2021 – Apple Inc. announced its partnership with SK telecom co. a top wireless carriers of South Korea for online video streaming through AppleTv+
- In February 2020 – The Walt Disney company collaborated with India’s Hotstar service to launch streaming services. The company with the Disney + Hotstar partnership aiming to increase its competition with Amazon prime and Netflix.
- In March 2021, Netflix Inc. began testing a new plan in India for INR 299 per month, which will be called mobile+. This plan will allow members to stream the content in 720p HD quality on smartphones and computers. The mobile+ plan will not be accessible on TVs or support multiple screens simultaneously.