At a CAGR of 16.5%: Over the Top (OTT) Market Estimated to Reach $434.5 billion by 2027 - Report by MarketsandMarkets™
Rise in demand of Over-the-Top services during lockdown, global and local players offering freemium models in price-sensitive markets, internet proliferation with penetration of smart devices, and flexibility and ease-of-use to offer seamless customer experience are major factors for the Over the Top Market growth.
Chicago, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The global Over the Top Market size is projected to grow from USD 202.5 billion in 2022 to USD 434.5 billion by 2027, at a CAGR of 16.5% during the forecast period, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on "Over the Top Market”
218 - Tables
34 - Figures
188 - Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=41276741
Scope of the Report:
Market Size Value in 2022
US$ 202.5 billion
Revenue Forecast Size Value in 2027
US$ 434.5 billion
Market Growth Drivers
Flexibility and ease-of-use to offer seamless customer experience
Key Market Opportunities
Partnership with national producers and film studios across regions on SVoD model
Market size available for years
Base year considered
Forecast Market Size
Type, Streaming Devices, Monetization Model, Services, Region
Asia Pacific, Europe, North America and RoW
Panasonic (Japan), NXP Semiconductors (Netherlands), Renesas Electronics (Japan), Blackberry (Canada), and Visteon Corporation (US) are top players in the market
Over-the-Top (OTT) services are used to deliver audio, video, rich media, and other media content over the internet without the involvement of any traditionally laid cable or broadcasting players. Various digital devices like smartphones, tablets, desktops, laptops, iptv and consoles through a wireless connection over the internet. OTT services include video streaming, audio streaming, game streaming and communication. Today, various verticals such as media and entertainment, education and learning, gaming and service utilities etc. have successfully adopted OTT services.
Request Sample Copy @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=41276741
Due to the adoption of upcoming technologies such as Content Delivery Network (CDN), cloud storage, Artificial Intelligence (AI) bot service, and video analytics etc. Over the Top Market is able to attract new customer base year on year. Times have witnessed a drastic change in which the power of viewing the content is in the hands of the viewer rather than the earlier days when the viewers were confined to watch broadcasted content on TV. This change in content consumption is a major driver in the growth of the Over the Top Market. Personalization of content, comfort, freedom, and flexibility are the main focus of viewers and the content providers are paying keen attention to these to be relevant in the market.
By Type, the Video Streaming segment is leading the Over the Top Market in 2022. Due to the pandemic, people demanded new videos to be uploaded on the OTT platforms which were not related only to entertainment but to healthcare, news, information, education, tutorials etc. The pandemic gave rise to new small players in the OTT market which were focused on regional content and were adopted by the viewers at a high rate. Existing players such as Roku, Netflix, Amazon Prime, and Apple TV saw an exponential rise in subscribers. The subscription-based VoD is expected to grow at a substantial rate, with users expressing their willingness to pay for premium services for streaming content.
The advertised-based segment by monetization model is leading the Over the Top Market in 2022. Advertisement is a multi-million dollar industry and it has been embraced by the OTT market heavily. The reason lies mainly due to the ability of OTT platforms to directly reach the customers or end users during their personal and leisure time. The revenue generated through advertisements is used to offset production and hosting costs. Advertising models, such as pay-per-views, Cost Per Thousand (CPM), Cost Per Click (CPC), and Cost Per Acquisition (CPA) are being employed on various OTT platforms. Presence of a particular brand’s advertisement on a major OTT platform can impact the revenue of the advertiser greatly. Thus, OTT providers bank heavily on the same for their revenue.
Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=41276741
In 2022, North America has the highest market share in the Over the Top Market. The adoption of OTT services in this region is high due to early technology adoption. North America also has production houses and content creators that provide OTT content globally. This creates an environment of high competition among the OTT vendors to deliver new and original content globally. This causes the OTT service market to flourish in this region. The high penetration of smartphones and smart devices in 2022 also is a major factor for high OTT service consumption. The end users subscribe to smartphone streaming services content for a hassle free experience. Acceleration in 5G technologies in this region acts as a catalyst and facilitates the OTT providers to provide better streaming services to end users. US and Canada are both developed nations in this region with high average income per person because of which people in these countries can easily afford OTT services. Also, the government initiatives and investments in technology in these areas are high due to stable economy. This again plays a major role for a boost in the Over the Top Market in this region.
Key market players profiled in the Over the Top Market report are Meta (US), Netflix (US), Amazon (US), Google (US), Apple (US), Home Box Office (US), Roku (US), IndieFlix (US), Rakuten (Japan), Tencent (China), and Kakao (South Korea).
Browse Adjacent Market: Mobility and Telecom Market Research Reports & Consulting
Browse Other Reports:
Simulation Software Market - Global Forecast to 2026
Telecom Cloud Market - Global Forecast to 2027
Metaverse Market - Global Forecast to 2027
EdTech and Smart Classroom Market - Global Forecast to 2027
Multiexperience Development Platforms Market - Global Forecast to 2027
CONTACT: About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: email@example.com