Over-the-top (OTT) Market Value to Achieve USD 1,039.03 Billion by 2027
Rise in demand for OTT services in developing regions, increase of subscription video-on-demand (SVoD) services are factors that boost the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATES, November 10, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global over-the-top market was pegged at $121.61 billion in 2019, and is anticipated to reach $1,039.03 billion by 2027, registering a CAGR of 29.4% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in demand for OTT services in developing regions, increase in SVoD services in emerging markets, availability of endless varieties of content, upsurge in demand for live streaming channels drive the growth of the global Over-The-Top market. On the other hand, lack of data network infrastructure and latency issues restrain the growth to some extent. However, .emergence of new OTT markets and new developments in OTT technology are expected to pave the way for lucrative opportunities in the coming years.
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The global over-the-top market is analyzed across component, device type, content type, revenue model, user type, end-user, and region. Based on component, the solution segment contributed to nearly three-fifths of the total market share in 2019, and is projected to lead the trail by 2027. The service segment, on the other hand, is anticipated to manifest the fastest CAGR of 32.0% throughout the forecast period.
Based on end user, the media & entertainment segment accounted for more than one-fourth of the total market revenue in 2019, and is expected to rule the roost by the end of 2027. Simultaneously, the IT & telecom segment would manifest the fastest CAGR of 38.9% from 2020 to 2027.
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Based on region, North America held the highest share in 2019, generating nearly half of the global market. At the same time, the market across Asia-Pacific would showcase the fastest CAGR of 37.9% throughout the forecast period. The other two provinces studied in the report include Europe and LAMEA.
The key market players analyzed in the global over-the-top market report include Netflix, Hulu, LLC, Google LLC, Apple Inc., Tencent Holdings Ltd., Amazon Web Services (AWS), Telestra, Rakuten Inc., Microsoft Corporation, and Facebook.These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Key Findings of the Study –
• By component, the solution segment dominated the market. However, the services segment is expected to exhibit significant growth in the global OTT industry during the forecast period.
• Depending on device type, the smartphone segment accounted for the highest revenue of OTT industry in 2019 and is expected to witness significant growth in the upcoming years.
• On the basis of content type, the video segment generated the highest revenue in 2019, and is expected to witness significant growth in the upcoming years.
• As per industry vertical, the media & entertainment industry generated the highest revenue of OTT market in 2019. However, IT & telecom industry is expected to witness highest growth rate in the forecast period.
• Region wise, North America dominated the over-the-top industry in 2019. However, the Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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