Over-the-Top Services (OTT) Market Growing at CAGR of 14.0% | Key Players Netflix, Amazon, Alphabet, Google, Apple

Over-the-Top Services (OTT) Market Growing at CAGR of 14.0% | Key Players Netflix, Amazon, Alphabet, Google, Apple

Facebook (US), Netflix (US), Amazon (US), Microsoft (US), Google (US), YouTube (US), Apple (US), Home Box Office (US), Roku (US), IndieFlix (US), Vudu (US), Hulu (US), Tencent (China), Rakuten (Japan), Kakao (South Korea), and Line (Japan)
Over-the-Top Services (OTT) Market by Type (Online Gaming, Music Streaming, VoD and Communication), Monetization Model (Subscription-based, Advertising-based, and Transaction-based), Streaming Device, Vertical, and Region – Global Forecast to 2024

MarketsandMarkets forecasts the global Over-the-Top Services Market size to grow from USD 81.6 billion in 2019 to USD 156.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period. Over-the-Top (OTT) services are used to deliver audio, video, rich media, and other media content over the internet without the involvement of any traditionally laid cable or broadcasting players. OTT services are predominantly delivered over the end user’s handheld devices, such as smartphones, tablets, and laptops, through a wireless connection over the internet. OTT services are further being spread over the other communication modes, such as audio and video.

The scope of OTT services has widened over the years due to the adoption of Content Delivery Network (CDN), cloud storage, Artificial Intelligence (AI) bot service, and video analytics to attract new customers. Moreover, viewership dynamics have changed the way consumers watch videos and TV. There is a drift from traditional TV viewership to online content consumption, which acts as a major driver in the growth of the OTT services market. Home entertainment has made its way via streaming services, enabling customers to consume the offered content depending on their personalization of content, comfort, freedom, and flexibility.

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The Video on Demand (VoD) segment by type is leading the OTT services market in 2019. The VoD model is monetized via 3 monetization models, namely, subscriptions based, transactional based, and advertisement based. Media consumption across the globe has changed at a faster rate, with a significant jump from traditional media to digital online streaming services. The rise of players, such as Roku, Netflix, Amazon Prime, and Apple TV, has changed the overview of media consumption. The subscription-based VoD is expected to grow at a substantial rate, with users expressing their willingness to pay for premium services for streaming content. The flexibility and comfort with personalization of content are some reasons for consumers to opt for subscription-based VoD services.

The VoD segment by type is expected to grow with the highest CAGR during the forecast period in the global OTT services market. Advancements in technology have offered viewers with the convenience to consume videos through VoD or online streaming. Subscription VoD (SVoD) is widely adopted by the consumers globally, as it empowers them to pay for specific content they want, and it is a major reason to turn audiences away from cable and other traditional providers.

The advertised-based segment by monetization model is leading the OTT services market in 2019. The revenue generated through advertisements is used to offset production and hosting costs. There are many advertising models, such as pay-per-views, Cost Per Thousand (CPM), Cost Per Click (CPC), and Cost Per Acquisition (CPA). Earlier, advertisements appeared only via traditional media, such as newspapers, magazines, billboards, television, and radio. The introduction of the internet emerged as a major tool for advertisements owing to the large-scale use of social media.

North America is estimated to account for the major share of the OTT services market in 2019. The huge number of OTT services players and the average net revenue per user are among the major reasons for the increasing adoption of OTT services in the region. The increasing adoption of integrated services, such as VoIP (Voice over Internet Protocol) and ISP (Internet Service Provider), has paved the way for smart communication platform for the major OTT services players in this region. It consists of developed countries with well-established infrastructure, which generate a huge demand for OTT services in the region. Countries that contribute the most to the OTT services market in North America include the US and Canada; the reason for the dominance of these countries is their well-established economies that enable investments in new technologies.

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Major vendors include Facebook (US), Netflix (US), Amazon (US), Microsoft (US), Google (US), YouTube (US), Apple (US), Home Box Office (US), Roku (US), IndieFlix (US), Vudu (US), Hulu (US), Tencent (China), Rakuten (Japan), Kakao (South Korea), and Line (Japan). These OTT services market players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product enhancements, to expand their presence in the OTT services market. Partnerships and collaborations have been the most adopted strategies by major players from 2018 to 2019, which helped companies innovate their offerings and broaden their customer base.

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