Over the Top Market Share, Size, Trends, Industry Analysis Report, By Type (Game Streaming, Audio Streaming, Video Streaming and Communication); By Monetization Model; By Streaming Device; By Vertical; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM3124
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global (OTT) over-the-top market size and share was valued at USD 259.09 billion in 2023 and is expected to grow at a CAGR of 27.10% during the forecast period. Every industry needs to employ digital technology, and OTT platforms provide such a wide range of material. The rise of OTT viewers in India was also brought on by the pandemic. Most platform users are in the age range of 15 to 35. "India is predicted to observe a surge in number of OTT viewers by 2023, to around 350 million users," according to reports from MICA's Center for Media and Entertainment Studies (CMES). The projected increase in consumers is close to 500 million.
The research study provides a comprehensive analysis of the industry, assessing the market on the basis of various segments and sub-segments. It sheds light on the competitive landscape and introduces over-the-top market key players from the perspective of market share, concentration ratio, etc. The study is a vital resource for understanding the growth drivers, opportunities, and challenges in the industry.
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The term "over-the-top service" refers to the delivery of movies and television programs to digital consumers without the requirement of a cable or satellite TV subscription. OTT content is frequently downloaded directly and viewed at the user's discretion. Movies and television shows fall under this category of entertainment, which is streamed directly over the internet to consoles, tablets, smartphones, and other connected devices.
Although still in the infancy stage, over-the-top services are widely recognized as a popular technology on a global scale. The over-the-top industry is expected to undergo an inventive and sophisticated change that will allow customers to access all their needs in a single location. India is a highly attractive market for both content producers and distributors, with a population of more than 130 billion and more than 60% of them being young.
The Over the Top Market report details key market dynamics to help industry players align their business strategies with current and future trends. It examines technological advances and breakthroughs in the industry and their impact on the market presence. Furthermore, a detailed regional analysis of the industry at the local, national, and global levels has been provided.
The impact of OTT channels varies between urban and rural audiences. According to the report conducted by Ascent Group India, "nearly 65% of the OTT content consumption is from rural India, which has barely 40% internet availability." These statistics show that regional language material is widely available on OTT platforms, opening doors for regional content producers.
Industry Dynamics
Growth Drivers
The way viewers watch videos and consume television material has evolved as a result of viewership dynamics. The consumption of online material is shifting away from traditional TV viewing, which is a key factor in the expansion of over-the-top companies. Streaming services have made it possible for consumers to access home entertainment, allowing them to access the content according to their preferred genre, level of comfort, independence, and flexibility. The huge collection offers a wide variety of titles from which viewers can choose at any given time, giving them a plethora of choices. Because of its functionality's simplicity and adaptability, viewers can have a smooth experience.
In the coming years, it is projected that factors such as rising internet usage, smartphone adoption, 5G infrastructure, original media content, and others will present profitable market expansion potential. The over the top market growth is also anticipated to be fueled by the increasing adoption of internet-based applications. Furthermore, throughout the projected period, the market expansion is likely to be aided by rising demand for online streaming content, such as live news, movies, sports, and other entertainment.
OTT industry is anticipated to grow due rise in the use of smartphones to stream over-the-top services. The introduction of reasonably priced Android-based smartphones, which has democratized online gaming & made games accessible to millions of users, is another factor contributing to the segment's predicted strong growth rate in the next few years.
Report Segmentation
The market is primarily segmented based on type, monetization model, streaming device, vertical, and region.
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By Type |
By Monetization Model |
By Streaming Device |
By Vertical |
By Region |
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Game streaming is expected to witness the fastest growth over the forecast period
The game streaming segment is projected to experience a higher growth rate owing to increasing demand for game streaming from the younger generations. To fuel the expansion of the over-the-top market, OTT providers put a strong emphasis on creating locally-based, original content. For the creation of this content, these players collaborate with local producers and directors. Such alliances are primarily intended to investigate unexplored markets in order to reach the underserved population that is unable to consume material due to linguistic limitations.
There is a chance for the main subscription VOD (SVOD) providers to break into the market and gain more viewers and subscribers because national producers and movie studios are aware of how viewers consume content. Existing platforms for Game streaming like YouTube, Twitch, and Facebook provide plenty of opportunities for Game streamers.
Subscription-based accounted for the largest market share in 2022
The OTT market has been fueled in part by the increase in demand for subscription-based services. In the years ahead, the expansion of the OTT industry is expected to be fueled by the rising penetration of subscription-based services in emerging markets. Similar to traditional pay-TV packages, SVOD gives users access to a huge library of shows for a set monthly charge. Because users have limitless access to original, high-quality content while on the go, SVOD streaming services like Netflix, Amazon Prime Video, Hulu, HBO, and Disney+ have seen a significant increase in popularity.
The adoption of subscription video-on-demand (SVOD) services provided by the OTT platforms has also expanded as a result of pricing innovation, bundling, and the availability of original premium content for consumers in the nation. Some OTT apps offer their users the features that a broadcast channel offers in addition to chat services. Users broadcast amusing videos, music, and local or world news to many other users with a high adoption rate. Its adoption increase is growing as a result of this broad range of applications.
Smartphones and Tablets are expected to hold a significant revenue share
Smartphones and tablets are anticipated to have the quickest pace of growth in upcoming years because they permit anytime, anywhere access to game streaming. Most young viewers who watch game streaming content want the content to be easily accessible. The streamers can save money and time by recording films and live streams in stunning HD quality without the need for bulky equipment or a particular setup. Depending on the operating system, such as Android or iOS, smartphones and tablets offer specific apps for game streaming. The adoption of OTT services in the gaming service vertical will also be aided by the availability of the impending 5G technology on these devices.
Gaming Service Vertical is expected to witness the fastest growth
Online gaming businesses must connect with a wide range of international players to avoid placing restrictions on the complete gaming experience. These businesses strive to provide a quick and safe online gaming experience, provide rich media content, and keep track of users who utilize different gaming applications. As end consumers are consistently engaged in the gaming industry, businesses have been able to achieve significant advancements in the area of high-quality (HQ) delivery over portable devices like smartphones and tablets.
The demand in North America is expected to witness significant growth
North America is projected to experience a higher growth rate owing to the increasing demand for IT infrastructure for various purposes. There is a big market for OTT solutions in North America because the continent is home to developed nations with strong infrastructure. The US and Canada are the nations that contribute the most to the market in North America; this dominance of these nations is due to their stable economies, which enable investments in cutting-edge technologies. The most developed region, North America, is home to sizable verticals that can invest in cutting-edge IT infrastructure to handle increasing data traffic, creating new chances for OTT solution adoption.
Competitive Insight
Some of the major players operating in the global market include Meta, Netflix, Amazon, Google, Apple, Home Box Office, Roku, Rakuten, IndieFlix, Tencent, and Kakao.
Recent Developments
- In January 2023, Netflix signed a partnership with Japan's “BABEL LABEL Studio” to expand more live-action movies & series via strong local collaboration partners. Through this partnership, Netflix will have five years of exclusive access to a variety of films made & released by BABEL LABEL. Outstanding artists work at the studio, including director-writer Michihito Fujii, whose film "The Journalist" won the “Director of the Year” award.
- In January 2023, Roku announced the launch of its TV portfolio, which is divided into the Roku Select Series, which offers budget-friendly models, and the Roku Plus Series, which offers upscale capabilities. It will be offered in 11 models, ranging in size from 24" to 75", and will be entirely created and manufactured by Roku. It will be available in the United States starting in the spring of 2023.
Over the Top Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 327.73 billion |
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Revenue Forecast in 2032 |
USD 2,228.36 billion |
|
CAGR |
27.10% from 2024 - 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Type, By Monetization Model, By Streaming Device, By Vertical, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
Meta, Netflix, Amazon, Google, Apple, Home Box Office, Roku, Rakuten, IndieFlix, Tencent, and Kakao. |
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FAQ's
Key companies in over the top market are Meta, Netflix, Amazon, Google, Apple, Home Box Office, Roku, Rakuten, IndieFlix, Tencent, and Kakao.
The global over the top market expected to grow at a CAGR of 27.0% during the forecast period.
The over the top market report covering key segments are type, monetization model, streaming device, vertical and region.
Key driving factors in over the top market are surge in demand for live streaming channel.
The global over the top market size is expected to reach USD 2,228.36 billion by 2032.
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