OTT Services Market: Rising Demand for Online and Cloud Services to Make OTT Services Indispensable
Some of the leading companies operating in the global OTT services market are Google, Inc., LinkedIn Corporation, Facebook, Inc., Twitter, Inc., Netflix, Inc., and Apple, Inc., among others. Besides strategic collaborations, product innovation and launches are other key strategies leveraged by the market players to gain competitive edge over rivals
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According to TMR, the global OTT services market will exhibit an impressive CAGR of 16.4% between 2017 and 2025. At this pace the market’s valuation is expected to reach US$3.5 bn by 2025. Business models such as subscription and premium, adware, and ecommerce constitute the various types of models through which the global OTT services market generate revenue. Of these the premium and subscription model segment accounted for the dominant 48% of the overall market in 2016.
Regionally, North America held the largest share in the global OTT services market in 2016. In this region, the U.S. particularly leads the OTT services market, contributing nearly 87.30% of the overall market share. However, during the forecast period Asia Pacific is forecast to exhibit a CAGR of 16.1%, which higher than other regional segments.
Market to Gain from Proliferation of Internet and Smartphones
OTT services are available via the channel of internet service provider, however, they are not directly involved in the planning of services. Because these services are delivered to consumers ‘over the top’ of service provider’s network, they derived the name over the top services. The global market for OTT services is prophesized to witness rise in the demand on account of the increasing proliferation of smartphones and affordable high speed internet packages. With the phenomenon forecast to become more widespread, the deployment of OTT services is likely to surge immensely in the near future.
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As smartphones are compatible with a majority of OTT applications, they are used increasingly for video calling, multimedia messaging, business file sharing, and video streaming. In addition, the market has greatly benefited by the rising demand for audio-video on demand, web-content surfing, cloud services, online games across small and large enterprises and the increasing trend of shopping products from e-commerce sites have positively impacted the global OTT services market.
Stringent and Diverse Regulations across Regions to Pose Threat
On the downside, the biggest challenge for OTT service providers is the diversified regulations and government policies across domestic and international markets. The fact that these regulations are subjected to variations continually, make operations more difficult for the OTT service providers. Nevertheless, with vendors upgrading their technologies and continually innovating products and advanced platforms, in the forthcoming years the global OTT services market is expected to witness immense opportunities.
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