Over the Top (OTT) Market 2022 Recent Developments, Segmented Data and Business Operation Data Analysis by 2030 – Queen Anne and Mangolia News
the global over-the-top (OTT) market was rated at 101.42 billion USD in 2020 for $251.76 billion by 2027, at a CAGR of 13.87% from 2021 to 2027. Over the top (OTT) is an online movie and TV content platform provided that can be watched with a broadband internet connection instead of a platform based on a cable or satellite provider. Currently, the adoption of OTT has greatly helped the video, music, podcast and audio streaming category. The growing adoption can be attributed to narrow genre choices, packaging flexibility, greater device availability, internet penetration, and falling costs. Currently, over-the-top services are at a relatively nascent stage, are widely accepted as a trending technology globally, and are expected to witness innovative and advanced transformation. However, the proliferation of smartphones integrating advanced communication functions has revolutionized the market for OTT services. The significant growth of OTT services has increased data usage, thereby increasing the revenue stream for telecom service providers.
According to the ITU, in 2019, internet users worldwide were 4.13 billion, up from 3.92 billion in 2018. Thereafter, global mobile data traffic is expected to exceed 77 exabytes per month in 2022, up from 8.5 exabytes per month in 2017, according to the same source. Since the advent of high-speed internet has opened up new revenue generation opportunities through OTT services for telecom service providers, the market studied is expected to gain momentum.
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The adoption of cloud services is one of the main drivers of OTT services. Cloud technology has enabled “service portability” to OTT service providers. For example, according to Tata Communications, the public cloud market has grown massively over the past decade, growing from a value of less than $6 billion a decade ago, and the market is expected to be around $236 billion. by the end of 2020, enabling service portability features by allowing users to download data and access content from any device and anywhere. Additionally, the growing demand for personalized content has led to significant adoption rates of OTT devices. This provided users with the ability to view a variety of content. In addition, affordable high-speed Internet prices in emerging economies have led to a massive increase in adoption rates of subscription services, depending on user convenience.
Global Over the Top (OTT) Market Dynamics
Drivers: Growth in adoption of smart devices and increased access to higher internet speeds
The popularity of binge-watching on OTT platforms has enhanced the viewing experience for customers, and smart devices have played a key role in enriching the experience. They provide a must-have viewing experience with some kind of convenience. Additionally, the ability to embed various content on mobile devices with high-speed Internet has enabled users to watch the content anywhere and anytime. Mobile data traffic is a factor as better access to higher internet speeds and the widespread use of smart devices have helped customers stay up to date with the digital world without having to wait. Consequently, instant gratification has become a powerful force in the consumer world with users adopting mobile devices such as smartphones, tablets and PCs.
North America has the highest mobile broadband and smartphone adoption rates in the world. Operators in North America have begun shutting down 2G and 3G networks to crop spectrum. This trend is expected to continue as operators in the region transition to 5G networks using a combination of low, mid and high band spectrum. The need for higher internet speeds is driven by the growing number of smartphone subscriptions and the need to increase the average data volume per subscription.
Constraints: growing threat of video content piracy and threat to user database security due to spyware
Despite the factors driving the market, the growth of the market is expected to be hampered owing to the growing threat of video content piracy and security threat to user databases due to spyware. Amid heated debates regarding the changing landscape and the foreseeable eventualities of a rapidly growing market, piracy of online video content has increasingly shown its strength in the distribution of original content. According to data from leading industry associations, approximately 47% of consumers are frustrated with the growing number of subscriptions needed to access content that may interest them. This has been the main reason why some customers have resorted to illegal measures such as viewing content through torrent websites or illegal streams.
Opportunities: mergers with national producers and film studios in all regions
Amid the COVID -19 pandemic, movie studios and content producers have felt the brunt of complex/movie theater closures. To deal with the situation, domestic producers are increasingly turning to OTT. Extended shutdowns and the current state of the economy have opened the doors to the world of entertainment via OTT. OTT media platforms have grown in prominence as people fear to go to the cinema to watch entertainment content. Players like Netflix have stepped in to fill the void. Entertainment content producers are turning to OTT service providers to reach viewers.
Until now, the films, which were supposed to be released theatrically if not for the COVID -19 pandemic, are being forced to change their plans. The solution is found by broadcasting the content on streaming platforms. On the other hand, producers, having understood the potential of OTT platforms, are developing content only for OTT viewers.
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The study categorizes the over-the-top (OTT) market based on content type, revenue type, user type, end user, and regions.
By Outlook Content Type (Sales/Revenue, USD Million, 2017-2027)
By Revenue Outlook (Sales/Revenue, USD Million, 2017-2027)
By Outlook User Type (Sales/Revenue, USD Million, 2017-2027)
By End-User Outlook (Sales/Revenue, USD Million, 2017-2027)
- Media and Entertainment
- Education and formation
- health and fitness
- IT & Telecom
Outlook by Region (Sales/Revenue, USD Million, 2017-2027)
- North America (United States, Mexico, Canada)
- South America (Brazil, Peru, Argentina, Colombia, Rest of Latin America)
- Europe (Germany, Italy, UK, France, Spain, Poland, Slovenia, Slovakia, Hungary, Czech Republic, Russia, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia-Pacific (India, China, South Korea, Indonesia, Japan, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Singapore, Philippines, Australia and New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Saudi Arabia, South Africa, United Arab Emirates, North Africa, Rest of MEA)
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Gaming, by content type, is estimated to be the fastest growing segment over the forecast period
The global over the top (OTT) market has been segmented into video, audio, games, communication and others based on content type. Gaming was the fastest growing segment with a CAGR of 29% in the global over the top (OTT) market during the forecast period.
Gaming is a rapidly growing application area worldwide. Companies operating in this segment have used OTT services for the release and delivery of online game services, and it is successful, with scalability for multiple users in different locations around the world. Users prefer HD quality or Full HD quality for watching gaming content. A lack of quality in gaming content is associated with poor web performance, poor graphics, several unwanted webpage lags, and framerates. slow-moving images that can lead to fewer online customers for gaming companies.
Asia-Pacific accounts for the highest CAGR during the forecast period in the over the top (OTT) market
Based on region, the global over the top (OTT) market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Asia-Pacific has a growth rate of 16.52% during the forecast period. The Asia-Pacific over the top (OTT) market is analyzed in Japan, China, India, Australia and the rest of Asia-Pacific. The Asia-Pacific region has a mix of regional, local and international over-the-top (OTT) platforms; target marketing, content and audience strategy must stand out in this crowded space or else the platform could find itself in the same position as Hooq, a Singapore-based OTT joint venture between Warner Bros., Sony Pictures and Singtel, which filed for liquidation and closure in April 2020.
India is the fastest growing segment in the Asia-Pacific region growing at a CAGR of 22.40% during the forecast period 2021-2027. High-bandwidth internet, growing number of advanced and low-cost smartphones, easy mobile data tariffs, and the recent nationwide lockdown are major factors driving the Indian OTT market. Recent advancements in the country’s Internet sector, thanks to Jio, have opened up ever-increasing opportunities for OTT streaming players in India for both B2B and B2C segments. Currently, the country has around 94 to 100 OTT platforms across music, video, podcasts and audio streaming segments. Platforms such as Netflix, Disney+ Hotstar, Amazon Prime Video, and local players Alt Balaji, Eros Now, Voot, Sun NXT, Hoichoi, and MXPlayer, among others, are among the most popular. Many foreign providers try to offer services with balanced pricing and their original content library. In contrast, local providers such as Airtel Xstream, JioTV, Voot, and Hoichoi, among others, are trying to capture the market through regional language content.
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Main market players
The global over the top (OTT) market is fragmented into few major players, namely Netflix Inc., Amazon.com Inc., Tencent Holdings Ltd, The Walt Disney Company (Hulu), Roku Inc DAZN Group Limited, NBC Universal (Hayu ), Google LLC (YouTube) and PCCW Media Group (Viu), this company garnered the maximum market share in 2020. These market players are adopting growth strategies to strengthen their position in the market. Product launches and partnerships are the major growth strategies adopted by the various key market players