Global Over-the-Top Services (OTT) Market Outlook, 2020-2024 - Market Set to Reach $157 Billion by 2024, with VoD Growing at the Highest CAGR
Jan 14, 2020, 11:15 ET
DUBLIN, Jan. 14, 2020 /PRNewswire/ -- The "Over-the-Top Services (OTT) Market by Type (Online Gaming, Music Streaming, VoD and Communication), Monetization Model (Subscription-Based, Advertising-Based, and Transaction-Based), Streaming Device, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global OTT services market size is expected to grow from US$ 81.6 billion in 2019 to US$ 156.9 billion by 2024, at a CAGR of 14%.
Some prominent players across all service types profiled in the study 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).
Growth in the OTT services market with flexibility and ease-of-use to offer seamless customer experience
The major factors driving the growth of the OTT services market include internet proliferation with penetration of smart devices along with flexibility and ease-of-use to offer seamless customer experience.
Video on Demand (VoD) type segment to grow at the highest CAGR during the forecast period
The flexibility, comfort, and personalization of content have driven the adoption of VoD services. Home entertainment has made its way via streaming services, enabling customers to consume the offered content depending on their preferred choice of genre, comfort, freedom, and flexibility. Viewers are further provided with a plethora of choices, with titles from diverse genres within the vast library to choose from at any given time. Owing to this ease-of-use and flexibility, viewers can have a seamless experience.
Smartphones and Tablets streaming devices segment to lead the OTT services market in 2019
The rising penetration of high-speed data networks and mobile subscriptions, mass adoption of mobile-connected devices, and fresh features, as well as advanced capabilities in smartphones, are some of the biggest catalysts for the growth of the global OTT services market with regards to streaming content. Growing penetration of the internet, ongoing demand for OTT services, demand for a platform for streaming content, and high traction among customers to share rich media content are expected to drive the OTT services market.
Subscription-based monetization model segment to grow at the highest CAGR during the forecast period
Subcription VoD (SVoD) players, such as Hulu, Amazon, and Netflix, have over 158 million paid memberships across 190 countries. The platform offers TV series, documentaries, and feature films across a wide variety of genres and languages. In the OTT services market space, the SVoD platform enables end users to pay monthly/yearly fees to access its services. The subscription sales include fees associated with memberships and access to content, including audiobooks, digital videos, eBooks, and digital music.
Media and entertainment service verticals segment to grow at the highest CAGR during the forecast period
With the digitalization of media and entertainment mediums, the consumers' appetite for gaining access to the right information or preferred channels is growing increasingly. The players in the media and entertainment service vertical seek to interact with their consumers to achieve deeper customer engagement. Enterprises can easily communicate with their customers via messaging services. By utilizing OTT messaging services, enterprises can interact with their consumers to deliver media and advertising content via rich messaging channels.
APAC OTT services market to grow at the highest CAGR during the forecast period
Major economies in the Asia Pacific (APAC) include China, India, Australia, and Japan. The proliferation of smart devices, broadband, and internet connectivity, which is augmented by the emergence of advanced technologies, such as 5G, 4G, developed payment infrastructure, and a dynamic local content ecosystem, is driving the OTT services market forward. In APAC countries, VoD players such as YouTube, iQiyi, Tencent Video, Youku, ByteDance, Netflix, Amazon, Hotstar, and Hulu Japan, will account to a major share of revenue along with the huge penetration of instant messaging apps, such as WhatsApp, Facebook Messenger, Line, and WeChat.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Global Over-the-Top Services Market
4.2 Over-the-Top Services Market, By Monetization Model, 2019
4.3 North America: Market, By Streaming Device and Monetization Model, 2019
4.4 Asia-Pacific: Market, By Streaming Device and Monetization Model, 2019
5 OTT Services Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Flexibility and Ease-of-Use to Offer Seamless Customer Experience
5.2.1.2 Internet Proliferation with Penetration of Smart Devices
5.2.1.3 Global and Local Players Offering Freemium Models in Price-Sensitive Markets
5.2.2 Restraints
5.2.2.1 Disparity in Opinion Between Producers and Aggregators Over Licensed Business Model
5.2.2.2 Threat to Privacy of Content Consumption and Security of User Database Due to Spyware
5.2.3 Opportunities
5.2.3.1 Mergers with National Producers and Film Studios Across Regions for the SVOD Model
5.2.4 Challenges
5.2.4.1 Complex IP, Government Regulatory Frameworks, and Licensing Regimes Across Regions
6 Over-the-Top Services Market, By Monetization Model
6.1 Introduction
6.2 Subscription-Based
6.2.1 Billing as Per Services Opted By Customers to Drive the Demand for OTT Services
6.3 Advertising-Based
6.3.1 Higher Penetration of Internet and Use of Mobile Devices to Increase the Adoption of OTT Services
6.4 Transaction-Based
6.4.1 Attractive Video Packages Through Transaction-Based Monetization Model to Propel the Adoption of OTT Services
7 Over-the-Top Services Market, By Type
7.1 Introduction
7.2 Online Gaming
7.2.1 Growing Demand for Online Games in Hd Quality to Drive the Growth of the Online Gaming Segment
7.3 Music Streaming
7.3.1 Subscription and Transaction-Based Monetization Models are Highly Embraced By End Users With Regards to Music Streaming
7.4 Video on Demand
7.4.1 Flexibility, Comfort, and Personalization of Content to Drive the Adoption of VOD Services
7.5 Communication
7.5.1 Rich Communication Services to Support Market Growth for the Communication Segment Globally
7.6 Others
8 Over-the-Top Services Market, By Streaming Device
8.1 Introduction
8.2 Smartphones and Tablets
8.2.1 Growing Internet Penetration to Lead to Increased Number of Smartphones, Contributing to the Overall Market Growth
8.3 Desktops and Laptops
8.3.1 Growing Need to View Hd Content on Bigger Screens and Multitasking Habits of Customers to Support Market Growth of Content Viewing on Desktops and Laptops
8.4 Internet Protocol Television and Consoles
8.4.1 Growth of the Gaming Industry to Boost the Adoption of Internet Protocol Television and Consoles for Streaming Over-the-Top Services
9 Over-the-Top Services Market, By Service Vertical
9.1 Introduction
9.2 Media and Entertainment
9.2.1 Growing Internet Penetration and Increasing Demand for Entertainment in the Media and Entertainment Vertical
9.3 Education and Learning
9.3.1 Emergence of Smart Education System and Diverse Learning Needs of Online Learners to Drive the Market Growth in the Education and Learning Sector
9.4 Gaming
9.4.1 Growing Traction Among Millennials to Boost the Gaming Vertical in the Market
9.5 Service Utilities
9.5.1 Growing Demand for On-The-Go Services on Handheld Devices to Boost Service Utilities Adoption
10 Over-the-Top Services Market, By Region
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Latin America
10.6 Middle East and Africa
11 Competitive Landscape
11.1 Overview
11.2 Competitive Scenario
11.2.1 Partnerships
11.2.2 New Product Launches
12 Company Profiles
12.1 Netflix
12.2 Amazon
12.3 Google
12.4 Apple
12.5 Facebook
12.6 Youtube
12.7 HBO
12.8 Microsoft
12.9 Hulu
12.10 Indieflix
12.11 Vudu
12.12 Roku
12.13 Tencent
12.14 Rakuten
12.15 Kakao
12.16 Line
12.17 Right-To-Win
For more information about this report visit https://www.researchandmarkets.com/r/yzslj6
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