Global Over-the-top (OTT) Market to Rise and Hit a Revenue of $438.5 Billion During the COVID-19 Catastrophe - Research Dive
The abrupt rise of the COVID-19 pandemic has made an optimistic impact on the global OTT market growth. Increasing adoption of OTT platforms throughout the covid-19 pandemic is boosting the growth of the global market
PUNE, India, July 14, 2020 /PRNewswire/ -- The newest research report on the Global Over-The-Top (OTT) Market published by Research Dive discusses the impact of COVID-19 disease on the current and forthcoming growth of the market. This report is an exhaustive research articulated by analysts by considering all the vital aspects such as regional market conditions, market drivers and decliners, opportunities, and size & scope of the market.
Key Highlights of the Report:
"The COVID-19 crisis has affected the global market for OTT in a positive way. – Research Dive"
According to the Research Dive report, the global over-the-top (OTT) market was accounted for $110.1 billion in 2018 and is expected to garner $438.5 billion by rowing at a healthy growth rate of 19.1% by 2026.
In the present situation, the market has garnered $155.6 Billion owing to the impact of COVID-19 on heart, as there is an increase in the number in the viewer's percentage in entertainment sector by a solid 30%.
Factors Driving the Market Growth amidst Covid-19 Pandemic:
The global over-the-top (OTT) market is expected to observe remarkable growth owing to rising adoption of OTT platforms as more people are subscribing to these entertainment platforms during the Covid-19 pandemic lockdown. Moreover, during the emergency time, many government agencies are conducting various programs to help companies. The media development agency and company of infocomm in Singapore, recently announced digital support to SMEs. This agenda allows remote work approaches to restore the production activities of small and medium-sized enterprises. The dramatic rise in demand for live streaming channels and ongoing creation of cloud-based OTT services would drive market growth. However, in the predicted years, a lack of data network facilities for OTT services will impede a market growth.
Current Face of the Market Due to Covid-19:
Many digital media and broadcast providers have stepped up their efforts to build new channels for consumers to access different types of content, such as music, videos and other contents because of a lot of online viewers and hence a rising number of OTT services. These factors can drive business growth.
The emergency COVID-19 has positively impacted the world's OTT business growth. This increase is due to the increase that the different governments around the world are pushing in demand for OTT and gaming in the COVID-19 lockdown. Furthermore, the lockdown period provided a boost to OTT entertainment services that increased the viewer's interest for online content via a number of platforms including Hotstar, Amazon Prime Video and Netflix. Such factors boost the market for OTT services dramatically during the time of lockout.
According to the report, the global OTT market is projected to undergo continuous growth post-coronavirus pandemic.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.