Over the Top Market worth $434.5 billion by 2027 According to a research report "Over the Top Market by Type (Game Streaming, Audio Streaming, Video Streaming and Communication), Monetization Model (Subscriptionbased, Advertising-based, and Transaction-based), Streaming Device, Vertical and Region Global Forecast to 2027" published by MarketsandMarkets, the global Over-The-Top (OTT) services market size is expected to grow from USD 202.5 billion in 2022 to USD 434.5 billion by 2027, at a CAGR of 16.5% during 2022–2027. Rise in demand of OTT services during lockdown, global and local players offering freemium models in price-sensitive markets, internet proliferation with penetration of smart devices, and flexibility and ease-of-use to offer seamless customer experience are major factors for the OTT market growth. Smartphones and Tablets segment to hold the highest market share during the forecast period The penetration of smart devices has enabled OTT players to leverage internet connectivity with fast services, such as broadband and mobile data connection, 4G, and 5G technologies. Due to the rise of smartphone and tablet usage, viewers are more easily consuming digital content. The demand for OTT new OTT content is rising in proportion to the rise in the penetration of smartphones and tablets globally. Most smartphones and tablets have dedicated OTT entertainment apps depending on their operating systems i.e. Android or iOS. These devices have the largest market share as the average time spent over these by an average user is increasing daily. Subscription-based segment to hold the highest market share during the forecast period The subscription model is beneficial to both the company and the customer. Subscription based pricing attracts more customers because the subscription payments are lower for the customer and proves to be more economical. For the company, subscription based model offers a recurring and predictable revenue for the company. Hence for both company and customer this model proves to be beneficial. Also, subscription provides businesses a direct line of revenue from the consumers. As the consumer opts for a higher duration of subscription from monthly to quarterly or yearly etc. there are discounts offered to the customer that again motivates them to opt for longer duration services. North America to hold the largest market size during the forecast period North America is estimated to account for the major share of the OTT services market in 2022. This region has major production houses and content creators surging the OTT VoD platform. SVoD platforms are the major drivers in the film and entertainment sector. The region is further expected to have the highest R&D, along with the highest adoption of OTT technology during the forecast period. These are the major reasons for the increasing adoption of OTT services in the region. The early adoption of technology, high penetration of smartphones and smart devices etc. are few major reasons of the growth of OTT in this region in future as well. North America consists of developed countries namely US and Canada; the reason for the dominance of these countries is their well-established economies that enable investments in new technologies.
Key market players profiled in the OTT services market report are Meta (US), Netflix (US), Amazon (US), Google (US), Apple (US), Home Box Office (US), Roku (US), IndieFlix (US), Rakuten(Japan), Tencent (China), and Kakao (South Korea). About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets Inc. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA: +1-888-600-6441 Email:
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