According to the latest report by IMARC Group, titled “Over the Top (OTT) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global over the top (OTT) market exhibited strong growth during 2015-2020. OTT refers to a platform that delivers film and television content directly to digital users without the use of cable or satellite television subscriptions. It supports video, music, podcast, and audio streaming categories, which can be directly downloaded and viewed at the demand of the user. OTT is delivered instantly over the internet via PCs, smartphones, tablets, smart TV, and consoles. In recent years, the demand for OTT has escalated as it offers extensive choices of genres, wider device availability, and low overall costs.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Over the Top (OTT) Market Trends:
The global OTT market is primarily driven by the growing penetration of smart devices, such as smartphones, laptops, smart TVs, and tablets, and the increasing viewership of high-quality streaming content over these devices. The advent of affordable Android-based smartphones has democratized OTT platforms and made them accessible to users. The rising media and entertainment industry is also coming up with an increasing number of digital videos, which has led to a significant rise in the demand for OTT services. Besides this, the telecommunication industry utilizes OTT services for video calling, voice calling, and messaging services. With the onset of coronavirus disease (COVID-19), there has been a rising adoption of work from home policies worldwide. This has encouraged users to consume more content at home via OTT devices. Moreover, technological advancements and innovations, such as the deployment of artificial intelligence (AI) by OTT service providers, have improved user experience and expanded their customer base. On account of these factors, the market is expected to grow at a CAGR of 19% during the forecast period (2021-2026).
- Based on the component, the market has been bifurcated into solutions and services.
- On the basis of the platform type, the market has been classified into smartphones; smart TVs; laptops, desktops and tablets; gaming consoles; set-top boxes; and others.
- The market has been categorized based on the deployment type 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 segmented into subscription, procurement, rental, and others.
- The market has been classified based on the service type into consulting, installation and maintenance, training and support, and managed services.
- Based on the vertical, the market has been segregated into media and entertainment, education and training, health and fitness, IT and telecom, e-commerce, BFSI, government, and others.
- Region-wise, the market has been divided 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 been examined, 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 Limited, The Walt Disney Company, and Yahoo!.
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