A recent report issued by Reports & Insights titled “OTT Market: Opportunity Analysis and Future Assessment 2022-2030” outlines the market size, potential and deep understanding of the statistics geared towards the development of the respective market in an absolute meticulous and thorough manner. The base year considered for the study is 2021, and the market size is projected from 2022-2030. To make it more intriguing, the report further mentions extensive know-how of the market, conceptual framework, and prevailing trends of the market along with the precise textual and graphical representation over the forecast period 2022-2030, developed by the acknowledged market expertise using verified research methodologies and proven analytical approaches.
The OTT market is estimated to reach at a value of US$ 150.2 Bn by the end of 2022 and expected to reach at a value of US$ 1,033.4 Bn by 2030 with a significant CAGR of 27.4%.
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OTT that stands for Over-the-top platforms are a video and audio content hosting and streaming services which started out as content hosting platforms, but soon diversified their activities into the creation and launch of feature films, short movies, web-series and documentaries themselves.
OTT platforms or applications, are those platforms that stream content without a cable box, accumulate the power and reach of conventional pay-TV with the resilience and extent of the internet to establish a relentless coercion for content creators, distributors, and labels all over the place. OTT platforms which were once a luxury have now become a commodity as more and more people around the world are now adapting to it.
OTT Market Dynamics
The fresh term ‘Over the top’ pertains to the content and services that is offered over an infrastructure, including TV, smartphones and video game consoles that is not under the supervisory control of service providers. Earlier, OTT was only limited to hosting content already available on the internet although in the present times, OTT platforms have started creating and launching their own content, including documentaries, web-series, short movies as well as feature films.
The rapidly evolving entertainment and media industry, in the current times, along with the escalating demand of high-quality smart devices and top quality streaming content over them is one of the major factors that is primarily boosting the growth of the global OTT platform market. The emergence of new OTT platforms and rapid advancements in OTT technology is further elevating the growth of the global OTT market over the coming years.
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OTT Market Segmentation
The global OTT market is segmented on the basis of component, device type, content type, revenue model, user type, end user and regions. On the basis of the component, the OTT market is segmented into solutions and services. Based on device type, the market is bifurcated into smartphones, smart TVs, laptops, desktops, and tablets, gaming consoles, set-top box, and others. On the basis of the content type, the market is categorized into video, audio/VoIP, games, communication, and others. Further, on the basis of revenue model, the market is segmented into subscription, advertisement, hybrid, and others. On the basis of user type, the market is bifurcated into personal and commercial. Lastly, the market is segmented on the basis of end-user into media & entertainment, education & training, health & fitness, IT & telecom, e-commerce, BFSI, government, and others.
By Device Type
- Smart TVs
- Gaming Consoles
By Content Type
- Set-top boxes
By Revenue Model
By User Type
By End User
- Media & Entertainment
- Education & Training
- Health & Fitness
- IT & Telecom
- North America
- Latin America
- Asia Pacific
- Middle East
OTT Market Key Players
The global OTT market is dominated by Amazon Web Services (AWS), Netflix, Hulu, LLC, Google LLC, Apple Inc., Facebook, Telstra, Rakuten Inc., Microsoft Corporation, Tencent Holdings Ltd., among others.
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