Global Over-the-top (OTT) Market Segments by Device Type (Smartphones; Smart TVs; Laptops, Desktops, and Tablets; Gaming Consoles; Set-top Box; and Others); by End user (Health & Fitness, Government, Media & Entertainment, Education & Training, IT & Telecom, E-commerce, BFSI, and Other) and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
Over-the-top (OTT) market is a content platform for movies and TVs offered mostly through high-speed internet, rather than a cable or satellite provider. The OTT deployment currently has significantly contributed to the category of video, music, podcasting, and audio streaming. OTT material can be downloaded directly and viewed on request by the user. These contents are made up of movies and TV services, and directly connected devices (PCs, tablets, smartphones, and consoles) are delivered via the internet. Over-the-top services are currently relatively in the making and are largely acknowledged throughout the world as a trending technology.
Global Over-the-top (OTT) market to surpass USD XXXX million by 2030 from USD XXXX million in 2020 at a CAGR of 15.36 % in the coming years, i.e., 2021-30. Some of the major factors determining the industry's growth are the significant growth of the media and entertainment industry and the growing demand for high-quality content streaming over smart devices. Compared to conventional cable and satellite services, OTT media services offer greater ease of access, interoperability, comfort, and functionality. Furthermore, the use of advanced services technology and the delivery of custom content have created a huge appeal for the industry, and profits are expected to accelerate over the next few years.
Global Over-the-top (OTT) market is segmented by Device Type Smartphones; Smart TVs, Laptops, Desktops, and Tablets, Gaming Consoles, Set-top Box; and Others. The smartphone category is anticipated to dominate global market share in 2020. Due to an increased smartphone use to stream facilities over-the-top and expansion in target market for large display smartphones in developed economies, it is anticipated to stay dominant during the projected timeframe. Furthermore, the segment is predicted to see strong growth in the coming years as cost-effective android smartphones have arrived, democratizing online gaming and bringing gameplay to millions of smartphone users.
Global Over-the-top (OTT) market is divided by End-user into Health & Fitness, Government, Media & Entertainment, Education & Training, IT & Telecom, E-commerce, BFSI, and Other. Due to the increase in the number of digital video customers, the media & entertainment industry dominated the highest level portion of the market in 2020 and is expected to continue to dominate during the projected timeframe. The demand for OTT services in the media and entertainment industry is anticipated to increase. However, during the projected timeline the IT & telecommunication industry is expected to see a rise in demand for over-the-top video, voice, and messaging services in telecommunication industry.
It is expected in the future that OTT operators will offer more live streaming. With brief news reaching Periscope, Facebook Live and even YouTube, OTT content will see an important transformation. Broadcasters in the US work with MVPDs to provide ready versions of live and linear videos that can be packed into OTT offerings to boost the market growth. In the United States, they are providing live and linear feeds that can serve the OTT market. As the COVID-19 pandemic began, streaming of live content, which is opportunistic for the market, increased dramatically.
Some of the major factors determining the industry's growth are the significant growth of the media and entertainment industry and the growing demand for high-quality content streaming over smart devices. Compared to conventional cable and satellite services, OTT media services offer greater ease of access, interoperability, comfort, and functionality. Furthermore, the use of advanced services technology and the delivery of custom content have created a huge appeal for the industry, and profits are expected to accelerate over the next few years.
Slow internet speed and low coverage is anticipated to hinder the market growth in the forecasted period. The internet has still not penetrated all parts of the globe thus making it difficult for people to access the internet and services based on it. Moreover, data plans in most parts of the world are still costly thus making it difficult for people to purchase it. Such factors could hinder the market growth in the forecasted period.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Over-the-top (OTT) Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. During the projected timeline, North America ought to have the highest share in the total market for Over-the-top (OTT). The overall OTT market share was dominant in North America in 2020, with the area delivering superior broadband access as well as a range of functions that have already moved on to deliver several HD and 4K videos. In addition, the United States has witnessed a strong traction in new services like AT&T, ESPN, Turner Sports, and Crown Family Media Networks that fuel market growth.
Asia-Pacific is projected to expand to the highest level of CAGR, as the OTT services offered by telecommunications providers have plans that drive overall growth in the market. Increase in the spread of mobile devices and public policies on video streaming platform content enables an incremental growth in the use of OTT services.
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