• John Watson

Global OTT (Over The Top) Market Size to grow by US$ 189.67 Billion in 2030

The Global OTT (Over The Top) Market is projected to reach a market size of USD189.67 Billion by 2030, growing at a CAGR of 16.3%.


OTT (Over The Top) Market

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Verticals like Google Hangouts, Apple's FaceTime, WhatsApp, and other social media sites that provide viewers unique audio and video chat capabilities with a user-friendly interface are becoming more and more popular. Due to their high-quality offers and widespread consumer acceptance, these products have made a name for themselves.


During the forecast years, it is anticipated that factors such as increasing internet adoption, smart TV, smartphone, 5G infrastructure, original media content, and others would present profitable potential for market expansion. Additionally, the growing use of internet-based Verticals is anticipated to fuel market expansion. Additionally, throughout the anticipated period, the market expansion is predicted to be aided by rising demand for online streaming content, such as live news, movies, sports, and other entertainment. For instance, Firstlight Media and the top service provider Struum worked together to launch a cloud-native streaming platform in January 2021. The goal of this partnership was to provide content across several platforms via a single Struum membership.


The rise in SVoD services, availability of a variety of content, surge in demand for live streaming channels, rise in demand for OTT services & gaming during the lockdown period implemented due to the COVID-19 outbreak, and accessibility of freemium models in price-sensitive markets are some of the factors driving the growth of the global over-the-top market. New OTT markets and technological advancements are also anticipated to have a significant impact on market expansion.


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This transition is primarily due to OTT, which provides a far more adaptable and reasonable way to consume TV. Customers who use a standard pay-TV service are often bound by a lengthy contract and exorbitant monthly costs. OTT services, in comparison, are far less expensive and often allow consumers to cancel at any time. Additionally, consumers may enjoy their favourite show without having to endure annoying advertisements. This encourages customers to move to OTT even more.


The subscription segment is expected to dominate the market share of global OTT (over the top) market owing to the growing usage of subscription-based services. During the anticipated years, OTT market growth will likely be fueled by emerging markets' increasing adoption of subscription-based services. The media & entertainment segment is expected to dominate the market share of global OTT (over the top) market owing to due to rising demand for over-the-top services in the telecommunications industry for video calling, phone, and messaging services, the IT & telecom sector is anticipated to see the greatest CAGR throughout the projected period.


North America region is expected to dominate the market share of global OTT (over the top) market owing to increased technological adoption rates and shifting market conditions. The demand of cloud-based software is rising as businesses focus on cutting maintenance and update expenses. Equipped with smart devices and high broadband connectivity among the region.


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KEY INDUSTRY DEVELOPMENTS:


May 2021 – Kakao acquired INISOFT Co., video streaming technology company, to enter over-the-top (OTT) streaming market.


Read More Details On This Report: https://www.extrapolate.com/Information-Technology-Communication-IoT/ott-over-the-top-market/26045

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