Over the Top Services (OTT) Market Value Hit at a 16.8% CAGR in 2019-2026
admin | December 12, 2019 | 0 | PharmaThe 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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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.
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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 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.
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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.
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