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- 6 January 2020 18:12
Over the Top (OTT) Services Market Revenue 16.8% by 2026
The Global Over the Top Services Market size is expected to reach around US$ 98.5 Bn by 2026.
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.
The market is driven by the increasing penetration of mobile computing devices. Also, the implementation of AI by OTT service providers is anticipated to further boost the growth of the over the top (OTT) market.
Mobile computing devices such as smartphones, laptops, and tablets have become a prominent choice for accessing OTT content. Along with accessing services such as VoIP and text and images, mobile computing devices are becoming the preferred choice for accessing audio and video content over OTT Platforms. Furthermore, these apps also record the personal information of users, which helps vendors to retain the customer through targetted advertising. The increasing penetration of mobile computing devices is expected to drive the growth of the global OTT market as the use of apps through these devices offers portability, easier accessibility, and better connectivity than websites.
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Smart devices delivered a substantial proportion of OTT services. Countries such as the United States and Canada, with better connectivity, are therefore able to have a large number of OTT applications. In fact, broadband connectivity has increased worldwide. It allows for the availability of OTT services on the other Internet enabled devices such as Smart TVs, STBs as well as gaming consoles. In comparison to other traditional modes, the advantage of OTT services is that they are cheaper.
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.
Major Five Over the Top (OTT) Companies:
Alphabet Inc. offers products such as Ads, Android, Chrome, Commerce, Google Play, Google Maps, Google Cloud, Google Search, hardware, and YouTube. YouTube is the most popular digital platform that is primarily used for video sharing. It offers both SVOD and AVOD access to digital content.
Amazon.com Inc. provides compute, storage, database, and other service offerings for start-ups, enterprises, government agencies, and academic institutions. The company offers Prime Video, which is an SVOD platform where users can access digital content through the internet on their smartphones, tablets, laptops, and other devices.
Microsoft Corp. has its business operations under three segments, namely productivity and business processes, intelligent cloud, and more personal computing. Microsoft’s Skype is a VoIP application used for providing video chat and voice calls between various devices such as computers, tablets, and, mobile phones.
Netflix Inc. derives revenues from monthly membership fees for services related to streaming content to members across the world. Netflix is a digital platform where users can access digital content through the internet using various devices like smartphones, tablets, laptops, and TVs.
The Walt Disney Co.
Walt Disney Co. operates its businesses under four segments, namely media networks, parks and resorts, studio entertainment, and consumer products & interactive media. The company offers Hulu, a platform that provides subscription-based video-on-demand service where consumers get access to digital content such as TV shows and movies.
North America grabs the principle market share whereas held principle market share in 2018 whereas Asia Pacific is projected to grow at a peak CAGR amid forecast period
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.
By Device Type
Laptops Desktops and Tablets
By End Use
Media & Entertainment
Health & Fitness
Education & Training
IT & Telecom
Key Questions Answered
This study also offers Porter's Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the Over the Top (OTT) Services market, in order to highlight the crucial growth tactics and opportunities for market players.
- What will be the market size for Over the Top (OTT) Services by 2026?
- How much revenue will the Over the Top (OTT) Services market generate by the end of the forecast period?
- How are key market players successfully earning revenue out of the advantages of Over the Top (OTT) Services?
- Which product would be the most preferred for Over the Top (OTT) Services? What is its market size in 2019?
- Which material is the most preferred for Over the Top (OTT) Services?
- Which region will remain the most lucrative for the growth of the Over the Top (OTT) Services market?
- Who are the major customers for Over the Top (OTT) Services?
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