OTT Services Market Business Analysis, Growth and Forecast Report

1. Increasing Internet Penetration Driving Demand for OTT Services With the increasing penetration of the internet and smartphones, the viewership of online content is surging sharply. As per the World Bank, the number of internet users across the world increased from 34.2% of the global population in 2012 to 51.1% in 2019. Nowadays, consumers can easily access over-the-top (OTT) content via internet-connected phones (both iOS and Android mobile phones), set-top boxes, tablets, gaming consoles, desktops, laptops, and smart TVs. Moreover, the average time spent by people on smart devices is growing rapidly, as people are now able to view content easily and with minimal latency on their smart devices, owing to the high internet penetration. “Deployment of 5G Is Key Trend in Market for Over-The-Top Services Market” Furthermore, the internet is greatly impacting the consumption and distribution channels for media. With the development of advanced technologies such as optical fiber, 5G, and 4G/LTE networks and increasing network coverage, the consumption of data is soaring across the world. Furthermore, the greater usage and portability convenience of tablets and smartphones coupled with their various enhanced features such as the ability to stream and download high-quality content is also positively impacting the worldwide consumption of OTT content. “Increasing Internet and Smart Device Penetration Propelling Market Advance” Hence, with the growing penetration of the internet and smartphones, the consumption of content developed by various OTT platforms is growing rapidly. Besides, the rising demand for video-on-demand (VoD) services, especially in developing countries, is also fueling the popularity of OTT services across the globe. Due to the aforementioned factors, the OTT services market revenue grew to $91,881.6 million in 2020 and the market will advance rapidly from 2021 to 2030, as per the forecast of P&S Intelligence, a market research company based in India.

2. OTT Services Market Growth Prospects, Key Vendors, and Future Scenario Online gaming, VoD, music streaming, and communication are the major services provided by OTT platforms. Out of these, the demand for online gaming is predicted to be the highest in the forthcoming years. Internet-connected gaming consoles such as Xbox One, Wii U, and Sony Playstation 4 enable online gaming. Further, the developers of various online games are witnessing a massive surge in their revenue, owing to the mushrooming popularity of these games and their high costs. Across the globe, the demand for OTT services was found to be the highest in North America in 2020. This was primarily because of the fact that the people residing in the regional countries were able to pay for the subscriptions of various OTT platforms, on account of their higher disposable income in comparison to the individuals living in other regions. Furthermore, the high internet penetration also contributed toward the expansion of the North American OTT services market in the past. In the upcoming years, the demand for OTT services will soar in the Asia-Pacific (APAC) region.

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