OTT Streaming Market is projected to be worth USD 711.86 billion by 2032 and is anticipated to surge at a CAGR of 15.41%.
OTT streaming is most frequently done on smartphones, smart TVs, computers, desktops, tablets, gaming consoles, and set-top boxes. A mobile electronic device that can connect to a cellular network is referred to as a "smartphone". There are numerous unique revenue streams, such as AVOD, SVOD, TVOD, and others, and they involve both commercial and private user groups. It is used in a variety of industries, including e-commerce, media, entertainment, education, training, IT and telecom, and health and fitness.
Global OTT Streaming Market Driving Factors and Challenges
Over-the-top (OTT) is a platform that offers movie and television content over a quick internet connection as opposed to a platform that is dependent on a cable or satellite provider. The OTT adoption has been very advantageous for the video, music, podcast, and audio streaming sectors. Growing usage can be attributed to factors including a small genre selection, adaptable packaging, increased gadget availability, extensive internet use, and lower prices. A significant portion of people adopted OTT devices as well, which is a result of the rising need for tailored content.
Furthermore, The Over-the-Top (OTT) industry is anticipated to be driven by the continuous trend of commoditizing sporting and entertainment services as well as the intensifying competition among OTT providers. The way people watch sporting events and entertainment content has significantly changed in recent years. With little choices for personalization and on-demand viewing, these services were formerly primarily provided through cable and satellite TV subscriptions.
The OTT industry faces significant obstacles due to video content piracy. Piracy is described as the illegal sale and use of copyrighted media, which causes financial losses for both the content owners and authorized streaming services. It undermines the business models used by OTT providers, who rely on membership fees or advertising income to pay staff and produce content.
Impact of COVID-19 on Global OTT Streaming Market
The Over-the-Top (OTT) industry has been severely impacted by the COVID-19 outbreak. The global health emergency and related lockdown measures enhanced the demand for streaming services and fueled the expansion of the OTT market in a number of ways. The demand for streaming services has increased as people have been forced to stay at home and look for ways to pass the time. Many individuals watched movies, TV shows, documentaries, and other types of entertainment on OTT platforms. Due to the spike in demand, more people subscribed to existing streaming services, and new platforms were also introduced.
OTT Streaming Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Netflix, Inc., Amazon.com Inc. (Prime Video), The Walt Disney Company (Hulu), Tencent Holdings Ltd, Roku Inc., Google LLC (YouTube), DAZN Group Limited, NBC Universal (Hayu), PCCW Media Group (Viu).
Global OTT Streaming Market Segmentation:
By Device Type: Based on the Device Type, Global OTT Streaming Market is segmented as; Smartphones, Smart TV’s, Laptops, Desktops and Tablets, Gaming Consoles, Set-Top Box, Others.
By User Type: Based on the User Type, Global OTT Streaming Market is segmented as; Commercial, Personal.
By End User: Based on the End User, Global OTT Streaming Market is segmented as; E-Commerce, Media and Entertainment, Education and Training, IT and Telecom, Health and Fitness, Others.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.