Press release
By 2032, Market Research Future (MRFR) Anticipates the OTT Market to Reach a Robust CAGR of 15.80%, Reaching USD 171.49 Billion
OTT Market
Rising internet penetration: More people have access to high-speed internet, enabling them to stream content seamlessly.
Shifting consumer behavior: A growing demand for on-demand content and cord-cutting (canceling cable subscriptions) is propelling OTT adoption.
Increasing popularity of original content: OTT platforms are investing heavily in creating high-quality original programming, attracting and retaining subscribers.
The 2022 OTT Market Size was estimated to be worth USD 45.8 billion. According to projections, the over-the-top (OTT) industry would expand at a compound annual growth rate (CAGR) of 15.80% from USD 53.03 billion in 2023 to USD 171.49 billion by 2032. The primary factors supporting the market's expansion include an increasing number of consumers, a dearth of genre options, internet penetration, the availability of more devices, and general cost reductions.
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Over the past few years, there has been a growth in demand for applications like Google Hangouts, FaceTime by Apple, WhatsApp, and other social media platforms that provide viewers unique and enticing voice and video chat services together with user-friendly interfaces.
OTT Market Key Players - Major players in the OTT market, including:
• Netflix, Inc.
• Amazon.com Inc. (Prime Video)
• The Walt Disney Company (Hulu)
• Tencent Holdings Ltd
• Roku Inc.
• Google LLC (YouTube)
• DAZN Group Limited
• NBC Universal (Hayu)
• PCCW Media Group
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These items' superior offerings and widespread consumer acceptance have helped them to create a strong market presence. The market's expansion in terms of sales value is being impeded by the inability to supply high-speed Internet. OTT systems require high-speed Internet in order to watch content. This is usually not feasible on the periphery of developing countries due to the poor Internet penetration in emerging economies like those in Africa and the Middle East. Furthermore, there should be a lot of potential for the market's growth in terms of revenue due to the growing demand for smart televisions.
In the upcoming years, it is projected that the market would offer profitable growth prospects due to reasons such as the rising internet penetration, smart TV, smartphones, 5G infrastructure, original media content, and others.
Furthermore, the growing ubiquity of web-based apps is probably going to fuel market growth. Moreover, it is projected that throughout the forecast period, growing consumer demand for internet streaming content-including live sports, movies, news, and other content-will propel market expansion. Thus, the OTT market's revenue is being driven by these causes.
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Sectoral Insights
The OTT Market is divided into segments based on type, which includes communication, gaming, audio, and video streaming. With 40% to 45% of market sales, the game streaming segment dominated the industry.
The OTT Market is divided into three segments based on streaming devices: IPTV and Consoles, desktops and laptops, and smartphones and tablets. It is projected that the market will be dominated by the smartphone and tablet segment.
The OTT Market is segmented into three categories depending on monetization models: transactional, advertising-driven, and subscription-based. In 2022, the market was dominated by the subscription-based sector.
The media and entertainment, education and learning, gaming, and service utilities segments of the OTT Market are based on service verticals. The segment with the highest revenue generation was media and entertainment.
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The report offers market information for North America, Europe, Asia-Pacific, and the rest of the world, broken down by region. In 2022, the OTT market will be dominated by North America. The market is constantly expanding because to the significant finances and investments that are being made in the content creation industry.
The fastest compound annual growth rate (CAGR) is anticipated in the Asia-Pacific OTT Market between 2023 and 2032. The established utility and broadcasting sectors will probably be the main forces behind market expansion.
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