The latest report by IMARC, titled “Over the Top (OTT) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global over the top (OTT) market size reached US$ 350.6 Billion in 2022. Over-the-top (OTT) refers to a streaming service that offers content to digital users directly without the need for cables or satellite television subscriptions. Unlike traditional broadcasting mediums, OTT can be downloaded and viewed on user demand on various internet-connected devices, including smartphones, consoles, tablets, and personal computers (PCs). This service offers unlimited data streaming and allows viewers to access the content at their convenience. In recent years, OTT platforms have gained momentum as they are used for streaming music, watching educational channels, live broadcasting, advertising, and communication.
Global Over-the-Top (OTT) Market Trends:
One of the primary factors driving the market is the increasing penetration of high-speed internet and the growing demand for content within the media and entertainment domain, especially after the implementation of mandatory lockdowns followed by the sudden outbreak of the coronavirus disease (COVID-19) pandemic. Additionally, numerous industry verticals, such as government, telecom, information technology (IT), banking, servicing, financing, and insurance (BSFI), use OTT platforms for advertising purposes, thereby creating a positive market outlook. Other than this, the pricing, bundling, innovation, and availability of premium content have increased the utilization of subscription-video-on-demand (SVOD) services offered by over-the-top platforms. Besides this, the deployment of artificial intelligence (AI) by OTT service providers is propelling the market growth. In line with this, key players are using advanced technologies to analyze the consumers’ preferences and provide them with customized content. Furthermore, the prominence of various online OTT platforms with subscription-based narrowed podcasts, series, genres, music films, and television programs represents another major growth-inducing factor. Some other factors, including expanding income levels, rapid urbanization, increasing consumer expenditure, and extensive research and development (R&D) activities, are catalyzing the market growth. Looking forward, IMARC Group expects the market value to reach US$ 1,555.6 Billion by 2028, expanding at a CAGR of 27.55% during the forecast period (2023-2028).
- Based on the component, the market has been bifurcated into solutions and services.
- On the basis of the platform type, the market has been divided into smartphones, smart TVs, laptops desktops and tablets, gaming consoles, set-top boxes, and others.
- Based on the deployment type, the market has been segmented into cloud and on-premises.
- On the basis of the content type, the market has been segregated into voice over IP, text and images, video, and others.
- Based on the revenue model, the market has been categorized into subscription, procurement, rental, and others.
- On the basis of the service type, the market has been divided into consulting, installation and maintenance, training and support, and managed services.
- Based on the vertical, the market has been segmented into media & entertainment, education & training, health & fitness, IT & telecom, e-commerce, BSFI, government, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Amazon.com Inc., Eros International Plc., Google Inc., Hulu LLC, International Business Machines (IBM) Corporation, Limelight Networks, Microsoft Corporation, Netflix Inc., Nimbuzz, Star India, Tencent Holdings Ltd., Telstra Corporation, The Walt Disney Company, and Yahoo!
|Base Year of the Analysis
||Component, Platform Type, Deployment Type, Content Type, Revenue Model, Service Type, Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Amazon.com, Inc., Eros International Plc., Google Inc., Hulu, LLC, International Business Machines (IBM) Corporation, Limelight Networks, Microsoft Corporation, Netflix, Inc., Nimbuzz, Star India, Tencent Holdings Ltd., Telstra Corporation Limited, The Walt Disney Company, and Yahoo!
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