Over-the-Top Market Size Predicted to Hit $1,039.03 Billion by 2027: Says Allied Market Research
The global Over-The-Top market is predicted to observe significant growth due to the rising SVoD services in developing markets, the surging demand for live-streaming channels, the growing demand for OTT services in developing regions, and the availability of endless varieties of content.
Wilmington, DE, Nov. 10, 2023 (GLOBE NEWSWIRE) — 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.
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 global over-the-top market is divided based on component, device type, content type, revenue model, user type, end-user, and region. 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.
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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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The prominent market players examined in the global over-the-top market report include Facebook, Netflix, Microsoft Corporation, Hulu, LLC, Rakuten Inc., Google LLC, Apple Inc., Telestra, Tencent Holdings Ltd., and Amazon Web Services (AWS). These market players have made several strategies including partnership, acquisition, collaboration, merger, expansion, and others to attain a leading position in the global industry.
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Key Industry Development –
August 2023: The U.S. space agency, National Aeronautics and Space Administration (NASA) announced the launch of its own live streaming service to provide an array of space-related content to the public. This move aims to make space exploration more accessible and engaging to a wider audience. It will also feature original video series, including new shows being produced for the same.
August 2023: Planet Marathi Group partnered with Vistas Media to launch an OTT platform called ‘Planet Bharat’. The OTT app will be home to feature films, series, music, infotainment, non-fiction, social gaming, wallets and will use various technologies such as artificial intelligence (AI)-based personalization and voice commands. In addition, it will also showcase high-quality local language content across a diverse range of formats, languages, dialects and genres.
September 2023: DistroTV, a leading global streaming platform owned by DistroScale, partnered with OTTplay Premium, an OTT content streaming, discovery and recommendation platform. Through this partnership they will bring DistroTV’s 170+ free-to-watch, live streaming channels to OTTplay users in India. Furthermore, this partnership with DistroTV will significantly expand the content available to OTTplay Premium users.
March 2023: Vodafone Idea (Vi) has strengthened its content library by partnering with Atrangii to offer premium subscription regional content to its users. With access to Atrangii’s exclusive digital content, Vi users can now binge on their favorite shows across genres such as thriller, mythology, crime, comedy, and much more.
September 2021: Amazon launched the Prime Video Channels in India. The Prime Video channels will let Prime members access exclusive content from eight subscription-based OTT apps includes Discovery+, Lionsgate Play, Docubay, Eros Now, MUBI, Hoichoi, Manorama Max, and Shorts TV with add-on subscriptions. In addition, they will offer a single billing mechanism for all the apps and brought together eight OTT platforms under one roof.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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