- 13 December 2019 17:31
Over the Top (OTT) Services Market: Technology Advances to Drive Future
Over-the-top services refer to movies and TV shows that are delivered directly to digital users and it does not require cable or satellite television subscription. OTT content can be directly downloaded and viewed on user’s demand. This type of content includes movies and TV services and is delivered directly over the Internet to connected devices such as PC, tablet, smartphone, and console. Presently, over-the-top services are at a relatively nascent stage and are widely accepted as a trending technology across the globe. The over-the-top market is projected to witness innovative and advance transformation, which enable the customers to access everything they want at a single space.
The global OTT services market is expected to reach the market value of around US$ 98.5 Bn by 2026 and is anticipated to grow at a CAGR of around 16.8% in terms of revenue during the forecast period 2019 to 2026.
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Drivers and Challenges
Increasing disruptive digital technologies, high-speed internet, mobile numbers and numerous applications will attract customers to OTT and cost efficiency would fuel over - the-top services demand during the forecast period while also hampering the industry through public regulations. Besides, rising broadband penetration, as well as the presence of large segments of the population on high per capita income, has increase OTT demand in emerged economies. The frequency and reliability of broadband networks is significantly improved which also boost the OTT services market growth.
The main challenge facing OTT services market is content-entertaining content is a prerequisite for driving subscription and increasing consumer affinity. There are also challenges in the form of discovery and delivery of content. Even if a website hosts content, if they are unable to discover such deals, keeping users will be nearly impossible. Providers should also ensure the content is correctly directed at end-users. The provision of a high quality service without delay in the delivery of content is equally important.
Another important factor that promotes market growth is the improvement of internet infrastructure. Thanks to the progress made in smart mobile devices, over time, the OTT content has become very popular. Thus, the OTT market is estimated to record worldwide strong growth in near future. Increased regulations on the operating license could, however, impede market growth in the coming years.
North America held the top share of the global market and expected to continue to expand over the forecast period. Factors such as technological advancement, the involvement of key service providers and high per capita income to take these services fuel the growth of the industry. In addition, high internet penetration also projected growth in the near future in the U.S. and Canada. On the other hand, Europe holds the second largest share and predicted steady growth in the forecast timetable, while Asia Pacific is expected to grow at a substantial CAGR over the conjecture period. In many Asia Pacific economies, major OTT service providers such as Amazon and Netflix have started to increase their footprints. In addition, many local players have also begun to provide the OTT services (e.g. Zee5, ALT Balaji in India) due to that they attract people to these services also contribute to the market growth. On the other hand, increased mobile internet penetration in China, Japan, and India also contributes significantly to market growth due to high-speed data at minimal cost. Latin America held a significant market share and is expected to grow over the forecast period at a steady rate of growth.
Key Players & Strategies
There is a constant increase in the number of players on the OTT market around the world. There are important international players including Amazon and Netflix and independent platforms like TVF Play and Spuul. This is leading to an increase of competition and congestion in the Over the Top (OTT) global market. And that trend will continue well into 2018 and beyond.
Major players include in this report are Netflix, Amazon, Hulu, Facebook, Twitter, Apple, Skype, Evernote Corporation, and Others.
Amazon Prime provides a range of Amazon Instant Video content to stream and download. In 2013, the company launched its first original series, which only Prime members could access. Networks like HBO, Showtime and CBS deliver subscription-based services that can be streamed online.
Frequently Asked Questions (FAQ):
1. What will be the market value of Over the Top Services in the forecast period 2019 to 2026?
The Over the Top Services market value is anticipated to be around US$ 98.5 Bn in 2026.
2. What will be the growth rate of Over the Top Services market during the forecast period 2019 to 2026?
The Over the Top Services market is anticipated to grow over 16.8% CAGR during the forecast period 2019 to 2026.
3. Which region held the maximum share of the Over the Top Services market?
North America held maximum share in 2018 for Over the Top Services market.
4. Which region is projected to grow at a fastest rate during the forecast period?
Asia Pacific is projected to grow at a fast pace during forecast period in the Over the Top Services market.
5. Which are the top key players operating in the Over the Top Services market?
Netflix, Amazon, Hulu, Facebook, Twitter, Apple, Skype, Evernote Corporation, and Others are the top players operating in the Over the Top Services market.
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