Over-the-top Market to Generate USD 1,039 Billion by 2027 | Innovation and Product Optimization to Boost Growth
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Impact of Covid-19 on OTT Market:
➢ The demand for OTT technology experienced a steep increase during the lockdown, with more than two-fifths of the global viewers opting for online content.
➢ Also, there's been a substantial increase in subscription for several OTT platforms.
➢ At the same time, several government agencies have been conducting programs to help enterprises deal with this unprecedented period.
Rise in demand for OTT services in developing regions, increase in SVoD services in emerging markets, availability of endless varieties of content, upsurge in demand for live streaming channels drive the growth of the global Over-The-Top market. On the other hand, lack of data network infrastructure and latency issues restrain the growth to some extent. However emergence of new OTT markets and new developments in OTT technology are expected to pave the way for lucrative opportunities in the coming years.
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The global over-the-top market is analyzed across component, device type, content type, revenue model, user type, end-user, and region. Based on component, the solution segment contributed to nearly three-fifths of the total market share in 2019, and is projected to lead the trail by 2027. The service segment, on the other hand, is anticipated to manifest the fastest CAGR of 32.0% throughout the forecast period.
Based on end user, the media & entertainment segment accounted for more than one-fourth of the total market revenue in 2019, and is expected to rule the roost by the end of 2027. Simultaneously, the IT & telecom segment would manifest the fastest CAGR of 38.9% from 2020 to 2027.
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Based on region, North America held the highest share in 2019, generating nearly half of the global market. At the same time, the market across Asia-Pacific would showcase the fastest CAGR of 37.9% throughout the forecast period. The other two provinces studied in the report include Europe and LAMEA.
The report presents in-depth insights into each of the leading Over-the-top end user verticals along with annual forecasts for 2032. The report provides revenue forecast with sales, and sales growth rate of the global Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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Leading Market Players:
➢ Google LLC
➢ Apple Inc.
➢ Tencent Holdings Ltd.
➢ Amazon Web Services (AWS)
➢ Rakuten Inc.
➢ Microsoft Corporation
These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. Current and future Over-the-top market trends are outlined to determine the overall attractiveness of the market.
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