PORTLAND, Oregon, June 4, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Over-the-top Market by Component (Solution and Services), Device Type (Smartphones, Smart TV's, Laptops Desktops and Tablets, Gaming Consoles, Set-Top Box, and Others), Content Type (Video, Audio/VoIP, Games, Communication, and Others), Revenue Model (Subscription, Advertisement, Hybrid, and Others), User Type (Personal and Commercial), End User (Media & Entertainment, Education & Training, Health & Fitness, IT & Telecom, E-commerce, BFSI, Government, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025". According to the report, the global over-the-top (OTT) market was pegged at $97.43 billion in 2017 and is projected to reach $332.52 billion by 2025, registering a CAGR of 16.7% during the forecast period.
Rise in demand for OTT and SVoD in the emerging countries, expansion in variety of contents, increased in demand of live streaming channels, and advancements in OTT technology have boosted the growth of the global OTT market. However, lack of data network infrastructure and latency issues hamper the market growth.
The solution segment held the largest share in 2017, contributing more than three-fifths of the market, owing to growing demand for innovative OTT solutions for media sharing by the consumers. However, the services segment is projected to register the fastest CAGR of 18.3% during the forecast period, owing to increase in the adoption of services among end users, as they ensure effective functioning of software and platforms throughout the process.
Smartphones segment to dominate the market by 2025
The smartphones segment dominated the market in 2017 in terms of revenue, contributing nearly one-third of the total market, owing to rising use of smartphones to stream OTT services and growing market for larger screen smartphones in the developing countries. Moreover, the segment is projected to manifest the fastest CAGR of 20.0% during the study period. The report includes an in-depth analysis of the other segments such as smart TV's, laptops desktops and tablets, gaming consoles, set-top box, and others.
Video to manifest the fastest share by 2025
The video segment is expected to portray the fastest CAGR 18.3% during the forecast period, owing to progressive rollout of new technologies that lead to more video consumption. Moreover, the segment held the largest share in 2017, contributing more than one-third of the total market share. The report includes an analysis of the other segments such as audio/VoIP, games, communication, and others.
Asia-Pacific region to register highest CAGR by 2025
The market across the Asia-Pacific region is estimated to register the fastest CAGR of 20.8% during the forecast period, as telecommunication provider in the region has started bundling OTT services along with their data plans. However, the market across the North America region held the largest share in 2017, accounting for more than half of the market share. The report also includes analysis of the market across Europe and LAMEA.
Major market players
The global OTT market report provides a detailed study of the major market players such as Netflix, Amazon Web Services (AWS), Google LLC, Hulu, LLC, Facebook, Apple Inc., Rakuten Inc., Telstra, Tencent Holdings Ltd., and Microsoft Corporation.
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The video analytics market in Asia-Pacific is projected to grow at a significant rate during the forecast period, owing to increase in internet penetration, rise in proliferation of video cameras for surveillance as well as security reasons, and strong economic growth in emerging economies.
Increase in use of the online video platform market in media and entertainment for online video advertising, surge in internet connectivity on mobile phones, and investment in creation of online videos owing to its tremendous popularity are anticipated to drive the global online video platform in media and entertainment market growth.
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