Upsurge in demand for live streaming channels drives the growth of the global Over-The-Top market.

PORTLAND, PORTLAND, OR, UNITED STATES, January 23, 2024 /EINPresswire.com/ — As per the report published by Allied Market Research, the global over-the-top market accounted for $121.61 billion in 2019 and is predicted to generate a revenue of $1,039.03 billion by 2027, growing at a striking CAGR of 29.4% from 2020 to 2027. The report offers a comprehensive analysis of the top investment pockets, drivers & opportunities, top winning strategies, market size & estimations, changing market trends, and competitive insights.

Over-the-top (OTT) services pertain to the direct delivery of movies and TV shows to digital users, eliminating the need for cable or satellite television subscriptions. OTT content can be downloaded and viewed on demand, spanning movies and TV services, and is transmitted directly over the internet to connected devices like PCs, tablets, smartphones, and gaming consoles. Currently in its early stages, over-the-top services are gaining widespread acceptance as a burgeoning technology worldwide. The OTT market is expected to undergo progressive and sophisticated transformations, providing users with a consolidated platform to access a wide range of content.

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The global over-the-top market was dominated by North America in 2019, and is projected to maintain its dominance during the forecast period, due to access to high-speed internet and rise in number of services providing videos in HD and 4K. In addition, new services such as AT&T, ESPN, Turner Sports, and Crown Family Media Networks have experienced strong traction in the U.S., which fuels the over-the-top market growth. However, Asia-Pacific is expected to register the highest CAGR during the forecast period, owing to surge in adoption of smartphones and other connected devices.

The global Over-The-Top market is attributed to the increasing SVoD services in developing nations, the growing demand for OTT services in developing regions, the easy availability of a wide variety of content, and the surging demand for live streaming channels. Moreover, the rise of new OTT platforms and the advancements in OTT technology are expected to create new growth opportunities for the market over the forecast period. However, the lack of data network infrastructure and latency issues may impede the growth of the market.

The subscription revenue model emerged as the primary contributor to the global OTT market in 2019 and is anticipated to maintain its dominance in the forecast period. This trend is attributed to the significant increase in the adoption of smartphones and tablets among the target consumer base for SVoD (Subscription Video on Demand) and VoD (Video on Demand) services. The widespread availability of high-speed internet and smartphone applications has further enhanced access to SVoD services. Despite this, the advertisement revenue model is predicted to experience the highest growth due to the growing popularity of VoD ads. The ad-supported VoD platforms, especially during the COVID-19 pandemic, have witnessed robust growth in ad revenues, with major platforms such as Hulu, Peacock, Roku, Pluto TV, and Tubi collectively achieving a 31% year-over-year increase in ad revenue in the second quarter of 2020.

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Moreover, the media and entertainment industry asserted its dominance in the OTT market share in 2019 and is expected to continue leading during the forecast period. The surge in digital video consumers is anticipated to drive the demand for OTT services within the media and entertainment sector. On the other hand, the IT and telecom industry is poised to witness the highest Compound Annual Growth Rate (CAGR) in the forecast period, primarily due to the increasing need for OTT services in the telecommunications industry for video calling, voice, and messaging services. The rapid adoption of work-from-home policies enforced by governments globally has further contributed to the rising demand for OTT services in the IT and telecom sector.

While various industries worldwide are grappling with the economic challenges induced by the COVID-19 recession, the technology sector, including OTT subscriptions, has experienced a relatively milder impact. The pandemic has led to a surge in OTT subscriptions in terms of both time spent and the acquisition of new audiences. Notably, streaming service providers, such as Netflix, witnessed substantial growth in subscriptions and revenue during the pandemic. For instance, Netflix gained approximately 15.8 million paid subscribers in the January to March 2020 period, recording a profit of around $709 million on revenue of $5.8 billion. Major media companies like AT&T WarnerMedia, Disney, and Comcast-NBCUniversal are redirecting their focus from traditional pay-TV ecosystems to OTT service offerings. Additionally, these companies are reducing their future investments in traditional TV and planning to feature most of their premium content on their OTT services. This shift is expected to intensify competition in the over-the-top market and have a positive impact on revenue generation through these services.

The report focuses on the growth prospects, restraints, and over-the-top market analysis. The study provides Porter’s five forces analysis of the online/virtual fitness industry to understand the impact of various factors such as the bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the over-the-top market trends.

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Major market players:

• Amazon Web Services (AWS)
• Hulu, LLC
• Netflix
• Apple Inc.
• Google LLC
• Telestra
• Facebook
• Microsoft Corporation
• Rakuten Inc.
• Tencent Holdings Ltd

Based on the component, the solution segment generated nearly three-fifths of the total market share in 2019 and is predicted to continue steady growth by 2027. The service segment, on the other hand, is anticipated to grow at the highest CAGR of 32.0% during the analysis timeframe.

By end-user, the media & entertainment segment contributed to more than one-fourth of the total market revenue in 2019 and is anticipated to maintain its dominance by the end of 2027. On the other hand, the IT & telecom segment would showcase a stunning CAGR of 38.9% from 2020 to 2027.

By region, North America held the biggest share in 2019, garnering nearly half of the global market. On the contrary, the market across Asia-Pacific would exhibit a noteworthy CAGR of 37.9% throughout the forecast period. The report also includes the regional analysis of Europe and LAMEA.

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