Press release
Over-the-Top Services (OTT) Market to reach $156.9 Billion by 2024 | Key players include Netflix, Amazon, Google, Apple and Facebook
Browse 121 market data Tables and 35 Figures spread through 139 Pages and in-depth TOC on "Over-the-Top Services (OTT) Market”
https://www.marketsandmarkets.com/Market-Reports/over-the-top-ott-market-41276741.html?utm_source=Openpr
Smartphones and Tablets segment to hold the highest market share during the forecast period
The inception of OTT video streaming platforms, such as Netflix, Hotstar, and Amazon Prime, coupled with the growing internet penetration, is responsible for the rise of smartphone and tablet usage, leading to the growth of digital content consumption and has triggered the growth of digital video consumption. OTT entertainment apps have become the most penetrated app category among smartphone users after social networking, chatting, and eCommerce apps.
Subscription-based segment to hold the highest market share during the forecast period
The subscription model owes its success to the optimal balance of value it provides to both the company and the customer. A subscription provides businesses a direct line of revenue from the consumers without having to consult or sell to advertisers. Subscription pricing strategies can be made according to functionality, discounted to motivate bulk purchases, metered according to usage levels, or optimized to reward loyalty.
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North America to hold the largest market size during the forecast period
Countries that contribute the most to the OTT services market in North America include the US and Canada; the reason for the dominance of these countries is their well-established economies, which enable investments in new technologies. North America being the most developed region, is home to large verticals that are capable of investing in reliable and advanced IT infrastructure for growing data traffic, thereby opening new opportunities for the adoption of OTT solutions.
Key market players profiled in the OTT services market report are Facebook (US), Netflix (US), Amazon (US), Microsoft (US), Google (US), YouTube (US), Apple (US), Home Box Office (US), Roku (US), IndieFlix (US), Vudu (US), Hulu (US), Tencent (China), Rakuten (Japan), Kakao (South Korea), and Line (Japan).
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