Press release
Over The Top (OTT) Market - Industry Analysis, Size, Share, Growth, and Forecast 2024
Over-the-top (OTT) refers to delivery of audio, video, and other media over the Internet without the involvement of service provider in the distribution or control of the content. OTT can provide communication services such as Skype, Gmail and WhatsAap, content such as Netflix Net movies, Hulu, Ultraviolet, Cuevana, YouTube Online video games, Online music and applications such as Facebook, LinkedIn and Twitter over internet. OTT service requires subscription for its usage. OTT services provide a broad range of applications for users and is attracting more consumers to shift from telecommunication providers to OTT service subscription. Personalization and customization, content distribution, messaging preferences and advancements in technology led to rise in OTT usage and offer users more tailored experience and access to services of their choice.The major driving factors for the growth of global OTT market are seamless web connectivity and high speed data connectivity. Increase in the use of smart devices, e-commerce, automation in businesses, digitalization, rise in availability of broadband infrastructure is also contributing to growth of OTT market through subscription and advertisement. However, lack of awareness of OTT technology and diverse government policies and regulations at domestic and international markets are the challenging factors in the growth of global OTT market. The opportunity for future growth of OTT market is expected to be partnership strategies. This would allow for further increase in users experience, easy integration and support services such as billing, consumer support and marketing.
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The global OTT market is segmented on the basis of industry vertical, platform, services, revenue model, content, deployment type, enterprise type and the geography. On the basis of industrial vertical, the global OTT market is segmented into hotel and travel, healthcare and life science, manufacturing and automotive, gaming, media and entertainment, global digital marketing, government sector, retail and consumer goods, software and technology and bussiness, financial services and insurance (BFSI). Different platforms of global OTT market are desktop and laptop computers, gaming consoles, set-top boxes, smartphones, smart TVs and tablets. On the basis of services, the global OTT market is segmented as consulting services, installation services and maintenance services. In terms of revenue model the global OTT market is segmented into subscription-based services, transactional services and free and ad-supported services. Moreover, on the basis of content type, the global OTT market is segmented as voice over Internet protocol (VoIP), text and messages and online TV. In terms of deployment type the global OTT market is segmented as on-premise deployment and cloud deployment. The enterprise type in OTT market segment consist of home office, small and medium enterprises and large enterprises. Moreover, on the basis of geography the global OTT market is segmented as North America, Europe, Latin America, Asia Pacific and Middle East and Africa. The OTT services are expected to expand due to developing infrastructure in regions including Brazil, Indonesia, Malaysia, Nigeria, South Africa and Turkey. The launches by international and local providers during the forecasted period is further expected to rise the usage of OTT services in Australia, Argentina, Germany, New Zealand, Russia and UAE regions.
The key players operating in global OTT market are Apple, Inc., Akamai Technologies, Facebook, Inc., Google, Inc., Microsoft Corporation, Limelight Networks, Inc., Netflix, Tencent Holdings Ltd., Yahoo Inc. and Nimbuzz.
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