Global Over-the-Top (OTT) Market Will Surpass USD 225.6 Billion by 2031
The global Over-the-Top (OTT) market is anticipated to increase to USD 225.6 billion by 2031 from USD 66.2 billion in 2020, with a CAGR forecast of 18.2%. Over-the-top content providers are an effective replacement for obsolete and inefficient telecommunications approaches. The phrase "over the top content" applies to content that can be accessed through the internet without the need for a dish TV or cable subscription. One does not need to subscribe to a cable connection to use the services in the over-the-top content segment. SMS, voice telephony, cable, and other networks are examples of these services. The top content industry dynamics are rapidly escalating and will hit peak peaks in the coming years. Through the evolution of over-the-top content providers, the promise of the over-the-top content industry is the.
Browse ThinkWise Intelligence's exclusive report, spread through 196 Pages on: GLOBAL OVER-THE-TOP (OTT) MARKET, BY CONTENT TYPE (TEXT & IMAGE, VOIP, VIDEO), PLATFORM (SMART DEVICES, SET TOP BOX, LAPTOP, GAMING CONSOLES, AND TABLET & DESKTOP) AND REVENUE MODEL (TVOD, AVOD, SVOD, Others) – COMPETITIVE LANDSCAPE & GROWTH POTENTIAL ANALYSIS, 2021-2031
THE OTT VIDEO IS THE LARGEST TYPE IN THE GLOBAL MARKET
The OTT video segment reported the most revenue and is expected to continue the dominate over the forecast period. The increasing number of OTT customers has greatly increased category revenues. Broadcast technological breakthroughs have culminated in the introduction of innovative video streaming devices. The addition of features like adaptive bitrate streaming has resulted in huge popularity for video streaming network providers like Netflix and Hulu. Regional OTT video distributors are entering local markets and partnering with Mobile Network Operators (MNOs) to establish quickly developing product portfolios and achieve full market share.
DURING THE FORECAST PERIOD, THE OVER-THE-TOP (OTT) MARKET FOR AVOD IS EXPECTED TO REPORT THE HIGHEST CAGR IN THE GLOBAL MARKET
AVOD OTT networks have gained a lot of attention in recent years, which has aided in revenue generation. Furthermore, big AVOD platform launches are expected in developed economies such as the United States in the coming years. In contrast, the spread of subscription-based Video on Demand (SVOD) services is expected to overshadow the segment's development, resulting in relatively slow growth over the forecast period. Over the projected timeframe, SVOD is predicted to be the fastest-growing market. It is expected to have overshadowed its AVOD corresponding item and conquered the overall industry by the end of 2027. The segment's development can be accredited largely to the existence of an optimum balance of demand for both the client and the company. A significant increase in the number of subscribers to video streaming services such as Amazon Prime Video, Netflix, and Disney+ Hotstar has been a crucial factor in SVOD growth. Furthermore, the main SVOD platforms' adoption of a fixed price model has attracted a large user base, especially during the ongoing COVID-19 pandemic, as people are consuming more streaming content now than in the pre-pandemic situation.
ASIA-PACIFIC OVER-THE-TOP (OTT) MARKET IS ANTICIPATED TO HOLD THE LARGEST SHARE IN THE GLOBAL MARKET DURING THE FORECAST PERIOD
In 2020, North America led the overall OTT market share due to the region's high internet coverage as well as a host of providers that have already transitioned to offering many videos in HD and 4K. Furthermore, new services such as AT&T, ESPN, Turner Sports, and Crown Family Media Networks have gained momentum in the United States, fueling business expansion. However, Asia-Pacific is projected to rise at the fastest CAGR, as telecommunication companies provide OTT services in their data plans, fueling the expansion of the over-the-top segment. Furthermore, the increased proliferation of mobile devices, as well as government regulations governing the content on video streaming sites, are facilitating an unprecedented growth in the adoption of OTT services.
Google, Inc.; Amazon.com; Facebook, Roku Inc.; Apple Inc.; Netflix; Hulu; Disney+Hotstar are just a few of the market's major players.