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Over the Top (OTT) Services Market is Likely to Propel to US$ 7.0 Trillion by 2032 | FMI
Over the Top (OTT) Services Market
Increasing digital subscriber base, demand for digital content, an increase in demand for live streaming channels and digital advertising are driving the growth of over the top (OTT) services market. Most pay-TV providers are introducing stand-alone OTT-based subscription services. Dish's Sling TV and AT&T's DirecTV Now are successful examples of US-based affordable and stand-alone services. OTT services are reaching exponential levels of growth. With increasing e-services, the over the top (OTT) services industry is expected to secure US$ 2.1 Trillion in 2022.
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Rising demand for high-speed connectivity with good service delivery will have a positive impact on the overall market growth. Increasing use of cloud based technology such as artificial intelligence and big data and in many applications impelled the growth of the market. The e-services segment is likely to offer remunerative opportunities for the global over the top(OTT) services market.
Key Takeaways:
By application, e-services segment is expected to record an 14.2% CAGR by 2032
By business model, the premium & subscription segment to expand at a 13.1% growth rate during the forecast period
The U.S market to garner US$ 2.5 Trillion and record a 12.7% CAGR from 2022-2032
Market in China to procure US$ 322.7 Billion, expanding at a 13.6% growth rate during the assessment period
Global over the top services market to flourish over 3x from 2022 to 2032
Competitive Landscape
Key players of the global over the top (OTT) services market include Twitter Inc., LinkedIn Corp., Netflix Inc, Amazon Inc., Apple, Inc. among others. Market players are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. Recent developments among players include:
In April 2021 - Apple Inc. announced its partnership with SK telecom co. a top wireless carriers of South Korea for online video streaming through AppleTv+
In February 2020 - The Walt Disney company collaborated with India's Hotstar service to launch streaming services. The company with the Disney + Hotstar partnership aiming to increase its competition with Amazon prime and Netflix.
In March 2021, Netflix Inc. began testing a new plan in India for INR 299 per month, which will be called mobile+. This plan will allow members to stream the content in 720p HD quality on smartphones and computers. The mobile+ plan will not be accessible on TVs or support multiple screens simultaneously.
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Key Segments Covered In The Global Over The Top (OTT) Services Market Survey
Over the Top (OTT) Services by Application:
Over the Top (OTT) Services in Communication
Over the Top (OTT) Services in E-services
Over the Top (OTT) Services in Media Content
Over the Top (OTT) Services in Cloud services
Over the Top (OTT) Services by Business Model:
Over the Top (OTT) Services Premium & Subscription
Over the Top (OTT) Services Adware
Over the Top (OTT) Services Ecommerce
Over the Top (OTT) Services by End-Use:
Over the Top (OTT) Services for Personal
Over the Top (OTT) Services for Commercial
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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