Over-the-top (OTT) services are expected to generate US$ 7.0 trillion worldwide, growing at a 12.6% CAGR over the course of the projected period. The global over-the-top (OTT) services business has expanded rapidly in recent years, mostly as a result of the widespread availability of smart technology.
The market for over-the-top (OTT) services is expanding as a result of an expanding digital subscriber base, rising demand for digital content, rising interest in live streaming services, and digital advertising. The majority of pay-TV companies are launching independent OTT-based subscription services.
Successful examples of inexpensive, standalone offerings with US-based providers include Dish’s Sling TV and AT&T’s DirecTV Now. OTT services are expanding at an exponential rate. The over-the-top (OTT) services sector is predicted to generate US$ 2.1 trillion in revenue by 2022 as a result of growing e-services.
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Increased demand for high-speed connectivity combined with excellent service delivery will boost market expansion overall. The market’s expansion was driven by the rising adoption of cloud-based technology, including big data and artificial intelligence, across numerous applications. The worldwide over-the-top (OTT) services market is projected to find lucrative prospects in the e-services area.
Key Takeaways:
- 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
Competitive Landscape
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.
Key Segments Covered In The Global Over The Top (OTT) Services Market Survey
Over the Top (OTT) Services by Application:
- Over the Top (OTT) Services in Communication
- Over the Top (OTT) Services in E-services
- Over the Top (OTT) Services in Media Content
- Audio/Video
- Gaming
- Web content
- Over the Top (OTT) Services in Cloud services
Over the Top (OTT) Services by Business Model:
- Over the Top (OTT) Services Premium & Subscription
- Over the Top (OTT) Services Adware
- Over the Top (OTT) Services Ecommerce
Over the Top (OTT) Services by End-Use:
- Over the Top (OTT) Services for Personal
- Over the Top (OTT) Services for Commercial
- Healthcare
- Media and entertainment
- E-commerce
- IT
- Education
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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