Over The Top (OTT) services Market Size Projected to Surge $ 1618.22 Billion Growth by 2032, Exhibit a CAGR of 15%
The Brainy Insights
7 min read
The Brainy Insights
The global over-the-top (OTT) services market size is anticipated to grow from USD 400 billion to USD 1618.22 billion in 10 years. The market will experience rapid growth due to the increasing number of OTT platform providers during the forecast period.
Newark, Dec. 21, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 400 billion in 2022 global over-the-top (OTT) services market will reach USD 1618.22 billion in 2032. via-the-top (OTT) services offer viewers direct access to media content online. The term "over-the-top," or "OTT," describes a way to stream films and TV shows over the Internet based on user requests and personal tastes. OTT platforms offer user-generated and professionally produced content, making interactions easier and more relevant for end users. Over-the-top (OTT) platforms do away with the requirement for customers to pay subscription fees to traditional cable broadcast and satellite TV service providers by offering content over the Internet. With OTT platforms, users may access and consume content on any device with a functional Internet connection at any time, anywhere. They enable viewers to stream media to any device with an internet connection. Almost any device with an internet signal receiver and display can access and play OTT material. These devices include smart TVs, smartphones, gaming consoles, computers, OTT set-top boxes, and more. Moreover, OTT is used to advertise goods and services. Because there is now no censorship, OTT services provide users with a wider variety of entertainment possibilities.
The COVID-19 pandemic offered unprecedented growth for OTT platforms
Opportunities
The increasing number of OTT platforms
Restraints
Subscription-based OTT services
Key Insight of the Global Over the top (OTT) Services Market
North America will dominate the market during the forecast period.
Major companies in the global over-the-top (OTT) services market in the United States provide a substantial impetus for the industry's expansion and advancement. Additionally, several operators of over-the-top services and platforms are focused on or serve this region exclusively.
In 2022, smartphones dominated the market with the largest market share of 57% and revenue of 228 billion.
The platform type segment is divided into smartphones, smart TVs, laptops, tablets and others. In 2022, smartphones dominated the market with the largest market share of 57% and revenue of 228 billion.
In 2022, the subscription-based segment dominated the market with the largest share of 51% and market revenue of 204 billion.
The monetization model segment is divided into subscription-based, transaction-based, and advertising-based. In 2022, the subscription-based segment dominated the market with the largest share of 51% and market revenue of 204 billion.
In 2022, the media content segment dominated the market with the largest market share of 56% and revenue of 224 billion.
The application segment is divided into communication, media content, cloud services, e-services and others. In 2022, the media content segment dominated the market with the largest market share of 56% and revenue of 224 billion.
Advancement in market
The prominent independent free-to-air streaming TV (FAST) platform DistroTV recently announced a deal with the media and entertainment company IN10 Media Network. Through this partnership, DistroTV's vast offering will now include EPIC, the flagship channel of IN10 Media Network, and Nazara, the Hindi general entertainment channel. With this addition, DistroTV's varied content lineup is greatly enhanced and offers viewers a greater selection of high-caliber entertainment choices. With a smooth app-in-app integration, DistroTV's streaming service will now be integrated into IN10 Media Network's OTT platform, EPIC ON, in a revolutionary move. With this integration, customers may now enjoy a seamless and integrated viewing experience on EPIC ON, which marks a significant improvement in streaming technology. With its inventive yet straightforward app-in-app strategy, DistroTV guarantees that users may effortlessly access a wide range of material, including well-known Indian and foreign channels.
Driver: The COVID-19 epidemic allowed OTT platforms to proliferate at a rate never seen before.
Cinemas and shopping centres were forced to close due to lockdowns brought on by the COVID-19 epidemic. As a result, people started using their laptops, tablets, and smartphones to access material and entertainment via over-the-top (OTT) platforms like Netflix, Amazon Prime, and Disney+hotstar. Given the increased free time, there was a corresponding rise in content development, which drove the market's expansion. Even after the lockdowns caused by the epidemic were lifted and the economy began to recover, the OTT services sector continued to grow rapidly. As a result, the growing impetus provided to the OTT services industry by COVID-19-induced lockdowns has persisted and will propel the market's expansion on a global scale.
Restraints: OTT services are based on subscription.
As part of the subscription that enables users to access the material on these platforms, they are expected to pay a specific fee. For most people, these subscription plans are not always within their budget. Customers are more incentivised to avoid subscribing to over-the-top (OTT) services because similar material may be found for free on other websites and platforms. Customers are further alienated from some platforms since they do not provide flexibility regarding payment methods or membership plans with varying timeframes. The OTT services that are subscription-based will thus restrict the market's expansion.
Opportunities: The proliferation of over-the-top platforms.
Several production companies and other significant market participants launched their streaming platforms, or over-the-top (OTT) platforms, in response to the consumer demand for content, which has never increased. Actors, artists, directors, production companies, and OTT platforms have been more frequently involved in partnerships, collaborations, and agreements to produce material that will be streamed on certain platforms. As a result, there are now more OTT platforms. For example, Apple and Tata launched their streaming platforms after realizing the OTT services industry's potential and exponential growth. Thus, the growing number of OTT platforms would present profitable prospects for expanding the worldwide OTT services market throughout the projected period.
Challenges: The introduction of regulations.
OTT platforms or services and content streamed on these platforms have been left unmonitored for a long time, leading to the spread of unsolicited, false, misinformed, and propaganda-driven content streamed by OTT platforms without taking responsibility for the effects can cause on children or society in general. Therefore, governments worldwide are drafting laws and regulations to monitor the content on OTT platforms. The introduction of regulations will challenge the market's growth.
Some of the major players operating in the global over-the-top (OTT) services market are:
• Amazon.com, Inc. • Apple, Inc. • Brightcove Inc. • Disney + Hotstar • Google LLC • Hulu, LLC • Microsoft Corporation • Netflix, Inc. • Tencent Holdings Ltd. • WarnerMedia Direct, LLC (HBO Max)
• Communication • Media Content • Cloud Services • E-Services • Others
By Region
• North America (U.S., Canada, Mexico) • Europe (Germany, France, the UK, Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and the Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channel.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
