The new report by Expert Market Research titled, ‘Global OTT Market Size, Share, Price, Trends, Report, Forecast 2024-2032’, gives an in-depth analysis of the Global Over The Top (OTT) Market, assessing the market based on its segments like by component, device, content type, revenue model, application, end use and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2032)
- Historical Market Size (2023): USD 108.45 Billion
- Forecast CAGR (2024-2032): 15%
- Forecast Market Size (2032): USD 251.28 Billion
One of the core drivers driving the market’s growth is the growing media and entertainment industry, as well as the increasing sales of smart computing devices around the world. However, during the COVID-19 pandemic, ad-supported VoD platforms are seeing solid growth in ad revenues, making the advertisement-based business model common. For example, ad sales on five major ad-supported streaming channels such as Hulu, Peacock, Roku, Pluto TV, and Tubi increased by 31% year over year.
Over the Top Industry Definition and Major Segments
Movies and TV shows transmitted directly to digital subscribers without the need for a cable or satellite television connection are referred to as over-the-top coverage. OTT content can be downloaded and accessed directly by the user. Movies and TV shows are examples of this form of material, which is distributed directly to connected devices such as PCs, laptops, smartphones, and consoles through the internet. Over-the-top platforms are still in their infancy, but they are already becoming a popular technology around the world. The OTT industry is expected to undergo revolutionary and advanced transformations, allowing consumers to consume everything they want in a single location.
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The market on the basis of components can be divided into:
- Solution
- Service
The market on the basis of content type can be divided into:
- Videos
- Audio/VoIP
- Games
- Communication
Based on the revenue model, the market is segmented into:
- Subscription
- Advertisement
- Hybrid
- Others
Based on application, the market can be bifurcated into:
- Personal
- Commercial
The major end uses of OTT are:
- Media and Entertainment
- Education and Training
- Health and fitness
- IT and Telecom
- E-Commerce
- BFSI
- Government
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Over the Top Market Trends
Thanks to an increase in the number of streaming content subscribers, the television and film sector dominated the over-the-top market share and is predicted to continue to do so during the projected timeframe. The demand for OTT services in the media and entertainment sector is expected to rise as a result of this. However, due to an increase in demand for over-the-top applications in the telecommunication industry for video calls, voice, and messaging services, the IT & telecom industry is expected to grow at the fastest rate during the forecast period.
North America led the overall OTT market share, owing to the region’s high internet coverage and a large range of providers that have already moved on to offering multiple HD and 4K images. However, Asia-Pacific is expected to rise at the fastest rate, as telecommunication companies bundle OTT services into their data plans, fueling the expansion of the over-the-top industry. Furthermore, the use of mobile devices, as well as government regulations governing content on video streaming sites, are facilitating the rapid adoption of OTT services.
Key Market Players
The major players in the market are Amazon Web Services, Inc., Netflix, Inc., Hulu, LLC, Google LLC, Apple Inc., Facebook, Inc., Telstra Corporation Limited, and Rakuten, Inc., among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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