What is the global market size of Over-the-Top/OTT Market?

Over-the-Top/OTT Market size was valued at USD 150.51 billion in 2021 and is poised to grow from USD 190.32 billion in 2022 to USD 1241.6 billion by 2030, growing at a CAGR of 26.42% in the forecast period (2023-2030).

Global Over-the-Top/OTT Market Size, Share, Growth Analysis, By Device Type(Smartphones, Smart TVs), By Content Type(Video, Audio/VoIP), By Revenue Model(Subscription, Advertisement), By User Type(Personal, Commercial), By End-User(Media & Entertainment, Education & Training), By OTT Services(Online Services and Managed Services), By Type(OTT Communication services, OTT media services), By Platform(Smartphones, Smart TVs), By Component(Solution and services), By Deployment Type(Could and On-Premise) - Industry Forecast 2024-2031

Report ID: SQMIG50I2003 | Region: Global | Published Date: February, 2024
Pages: 260 | Tables: 288 | Figures: 84

Global Over-the-Top/OTT Market Dynamics

Over-the-Top/OTT Market Driver

OTT market is gaining momentum in recent times due to its demand in emerging economies. Wide availability of content, increasing SVoD services, live streaming channels, gaming during lockdown and availability of freemium models are some of the factors bolstering demand for the market.
The demand for new OTT entertainment material has increased significantly, and a growing number of OTT service providers are making some of the existing content available for free and launching new content on their platform. To meet the ever-increasing demand of consumers, platforms like Zee5 and Amazon Prime Video have given a handful of their episodes free to watch as part of their #BeCalmBeEntertained initiative. Furthermore, the Zee5 platform, an Indian OTT service provider, has seen a nearly 80% spike in memberships and a more than 50% increase in time spent recently. Furthermore, Amazon Prime Video has made some of its children's entertainment available for free in India.

Over-the-Top/OTT Market Restraint

One of the fastest expanding application areas is online gaming. However, Companies in this area use OTT services to successfully release and deliver games online, with scalability for many players in different places. For gaming content, they desire HD resolution. A lack of high-quality gaming material, combined with poor web performance, slow frame rates, poor visuals, and unpleasant webpage latency times, might reduce the number of online customers for gaming companies.

Global Over-the-Top/OTT Market Report Snapshots

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Over-the-Top/OTT Market size was valued at USD 150.51 billion in 2019 and is poised to grow from USD 190.32 billion in 2023 to USD 1241.6 billion by 2031, growing at a CAGR of 26.42% in the forecast period (2024-2031).

The global markets are characterized by a fragmented landscape and fierce competition among industry participants. The players have focused their efforts on bolstering their market position through mergers and acquisitions, alliances, and global development. These techniques assist businesses in expanding their geographic reach and improving their service offerings in both domestic and foreign markets. 'Netflix', 'Amazon', 'Microsoft', 'Disney+ Hotstar', 'Hulu', 'YouTube TV', 'Apple TV+', 'HBO Max', 'Peacock TV', 'Sling TV', 'Fubo TV', 'ESPN+', 'CBS All Access', 'Vimeo', 'DAZN', 'Crunchyroll', 'Vudu', 'Tubi TV', 'Sony Liv', 'Zee5', 'Stan'

OTT market is gaining momentum in recent times due to its demand in emerging economies. Wide availability of content, increasing SVoD services, live streaming channels, gaming during lockdown and availability of freemium models are some of the factors bolstering demand for the market.

More live streaming channels are expected to be offered by OTT operators in the future. Furthermore, OTT content will undergo a significant transition, with breaking news hitting Periscope, Facebook Live, and possibly YouTube. Broadcasters in the US are cooperating with multichannel video programming distributors (MVPDs) to provide a ready version of live and linear feeds that may be bundled as OTT products, supporting industry growth.

North America accounted for a noteworthy share of the market. In the US, 64 million homes are using OTT, with an average once-a-month viewing value of more than 80 hours of OTT data. Furthermore, OTT content types mostly related to education, games, and entertainment are seeing increased developments, with more than 60% reach among homes with Wi-Fi. The use of Over-the-Top/OTT (OTT) in sports is getting more widespread. Rising content gaining expenditure throughout this area proves how many companies are incoming the OTT field.

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Global Over-the-Top/OTT Market Dynamics

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