COVID 19- Update: Global OTT Services Market is Projected to Reach US$ 67.76 Bn by 2023 and is Expected Grow at a CAGR of 14.55% Over the Forecast Period (2019 - 2027), Says Absolute Markets Insights
Global OTT Services Market Expected to Rise Owing To The Increasing Demand For Online Streaming Platforms Across the Globe
PUNE, India, April 20, 2020 /PRNewswire/ -- The evolution of the internet and the proliferation of smart devices has created a digital revolution that has paved way for a number of business. The global economy owes a significant part of the revenue to various digital solutions. The combination of these has helped in the inexpressible growth of the media and entertainment industry. People are increasingly switching from traditional cable/dish TV setup and moving towards subscription based video and audio streaming. The OTT services are being increasingly adopted across growing economies such as India and China. The COVID-19 pandemic is forcing people to stay indoors to promote social distancing. As a result of this, individuals are resorting to online streaming services to satiate their entertainment needs. For instance, the OTT traffic showed an increase of 198% in April 2020 as a result of the government mandates that promote home isolation. Popular OTT providers such as Amazon, YouTube and Netflix reduced their streaming quality in Europe to prevent servers from crashing and to manage the surge in internet traffic. With the tremendous improvement in internet bandwidth, premium video content such as films and series can now be accessed through a smart device or a PC. These factors are facilitating the global OTT services market to be one of the most promising for investment in the coming years.
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Traditional cable TV providers are migrating towards OTT services to meet the ever-growing public demand. BBC, for instance, is partnering with ITV to increase the market competition in Europe. The British television giant has earmarked significant funds to launch their "BritBox" service in the UK, which will compete with the likes of giants such as Netflix using a competitive pricing strategy. A 2018 study suggests that around 85% of the millennials have at least one OTT video subscription in the U.S. Netfilx and Amazon has managed to penetrate into the South Asian markets, which has a rising number of young adults. The OTT services market in the APAC region is seeing a number of new entrants such as iflix, which in turn is making the market highly competitive.
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The detailed research study provides qualitative and quantitative analysis of OTT services market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- Based on the type, online gaming is expected to show the highest growth during the forecast years. The increasing demand for online gaming platforms that offer premier HD gaming experience in APAC and North America region is a major reason for this.
- Based on deployment, cloud-based OTT services are expected to see the highest growth during the forecast years, primarily because of the lesser storage requirement on the client side coupled with the ease of maintenance.
- As far as geography is concerned, North America accounted for the maximum share in the global OTT services market in 2018. This can be attributed to the advancement in internet infrastructure and smart devices that facilitate high quality online streaming. .
- Some of the players operating in the OTT services market are Disney, Rakuten, Inc, Tencent , Vudu, Inc., Hulu, LLC, Google LLC, Home Box Office , Apple Inc., Amazon.com, Inc., Netflix, Kakao Corp., Indieflix, Inc. , Roku, Inc., Twitch Interactive, Inc., Facebook and Spotify AB, amongst others.
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OTT Services Market:
- By Platform
- Mobile Phones/Tablets
- Computers/Laptops
- Smart TV
- Specialized Consoles
- By Pricing Model
- Subscription-based
- Transaction-based
- Advertising-based
- Others
- By Deployment
- Cloud
- On Premise
- By Type
- Online Gaming
- Music Streaming
- Video Streaming
- Movies and Series
- Comedy and Stand-up
- Documentaries
- Others
- By Geography
- North America
- U.S
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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About Us:
Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization.
From the in-depth analysis and segregation, we serve our clients to fulfill their immediate as well as ongoing research requirements. Minute analysis impact large decisions and thereby the source of business intelligence (BI) plays an important role, which keeps us upgraded with current and upcoming market scenarios.
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SOURCE Absolute Markets Insights
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