June 26, 2020
As per the report titled ‘Global Over the Top (OTT) Market Size study with COVID-19 Impact, by Content Type (Voice over IP, Text and Image and Video), Platform (Smart Devices, Gaming Consoles, Set-top Box and Laptop, Tablets & Desktop), by Revenue Model (Digital Advertising, Subscription, Rental and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global over the top (OTT) market is expected to register a healthy growth rate through 2026.
Global over the top (OTT) market is majorly driven by rising penetration of internet enabled smartphones and other computing devices, cites the report. OTT services involves delivery of movies and TV shows directly to user’s smartphone, tablet, console, or television through the internet. The desired content can be downloaded or viewed as per the user’s demand. These services eliminate the need for cable or satellite television subscription. Hence, a seamless customer experience owing to high flexibility and easy usability is encouraging the use of OTT services.
Furthermore, freemium models offered by local players in price-sensitive scenario is expected to propel the industry growth in the forthcoming years. In addition, advancements and other strategic alliance among major players, especially in developing nations is positively impacting the business outlook. For instance, in April 2020, Disney+ OTT platform launched Disney+Hotstar, which is a result of a merger with Star India’s existing video streaming service Hotstar. The service is now available in three distinct forms, including Disney+ Hotstar VIP, Disney+ Hotstar Premium and an ad-supported basic version.
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Apart from this, the COVID-19 pandemic has led to an upsurge in the demand for OTT services among consumers across the globe as majority of the population is at home due to lockdown and temporary shutdown of multiplexes and other entertainment sites.
Despite the positive outlook of the industry, concerns regarding spyware which can breach privacy and security of user databases still persists, thereby negatively impacting global over the top market growth.
Considering the geographical landscape, global over the top (OTT) market is partitioned into North America, Europe, Asia Pacific, Latin America and Rest of the World. Asia Pacific currently accounts for significant market share and is expected to expand with a strong CAGR over the estimated timeframe. As per Internet World Stats in 2018, 49% of total population in Asia used internet. Accessibility to better data connectivity and availability of cheaper smartphones will boost the industry growth in Asia Pacific.
Prominent over the top (OTT) industry players include Roku, Inc., Netflix Inc., Hulu LLC, HBO Now, Google Inc., Facebook Inc., CBS Corporation Inc., Apple Inc., Amazon.com, Inc., and Akamai Technologies, Inc.