According to a new market research report “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″, published by MarketsandMarkets™, the OTT services market expected to grow from $81.6 billion in 2019 to $156.9 billion by 2024, at a CAGR of 14.0% during 2019–2024.
Major growth factors for the market include growth broadband and fixed data connection, and increase in usage of smart devices.
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Smartphones and Tablets segment to hold the highest market share during the forecast period
The inception of OTT video streaming platforms, such as Netflix, Hotstar and Amazon Prime, coupled with the growing internet penetration, is responsible for the rise of smartphone and tablet usage, leading to the growth of digital content consumption and has triggered the growth of digital video consumption. OTT entertainment apps have become the most penetrated app category among smartphone users after social networking, chatting, and eCommerce apps.
Subscription-based segment to hold the highest market share during the forecast period
The subscription model owes its success to the optimal balance of value it provides to both the company and the customer. A subscription provides businesses a direct line of revenue from the consumers without having to consult or sell to advertisers. Subscription pricing strategies can be made according to functionality, discounted to motivate bulk purchases, metered according to usage levels, or optimized to reward loyalty.
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North America to hold the largest market size during the forecast period
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, which enable investments in new technologies. North America being the most developed region, is home to large verticals that are capable of investing in reliable and advanced IT infrastructure for growing data traffic, thereby opening new opportunities for the adoption of OTT solutions.
Key market players profiled in the OTT services market report are 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).
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