Over the Top (OTT) Market Size, Share, and Trends 2024 to 2034

Over the Top (OTT) Market (By OTT Services: Online Services, Managed Services; By Type: OTT Communication services, OTT Media services, OTT Applications services; By Platform: Smartphones, Smart TVs, Laptops Desktops and Tablets, Others; By Component: Solution, Services; By Deployment Type: Cloud, On-Premise; By Content Type: Voice Over IP, Text and Images, Video, Others; By Revenue Model; By Vertical) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023 – 2032

  • Last Updated : September 2023
  • Report Code : 1751
  • Category : ICT

The global over the top (OTT) market size was valued at US$ 200 billion in 2022 and it is expected to hit around US$ 2057.47 billion by 2032, registering at a CAGR of 26.30% from 2023 to 2032.

Over the Top (OTT) Market Size 2023 to 2032

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Growth Factors

Over-the-top service refers to movies and television shows that are delivered on to digital users without the need of cable or satellite TV subscription. OTT content are often directly downloaded and viewed on user’s demand. This sort of content includes movies and television services, and is delivered directly over the web to connected devices like PCs, tablets, smartphones, and consoles. Presently, over-the-top services are at a comparatively nascent stage, and are widely accepted as a trending technology across the world. The over-the-top market is projected to witness innovative and advanced transformation, which enable the purchasers to access everything they need at one space.

Rise in demand for subscription-based services has been a facet that's driving the OTT market. The rise in penetration of subscription-based services in emerging markets is predicted to fuel OTT market growth during the forecast years.

From past few year, there has been an increase in the demand for usage of applications like Google Hangouts, FaceTime by Apple, and WhatsApp, and other social media platforms that are providing user-friendly interface, innovative, as well as attractive voice & video messaging services to the viewers. These products have established their presence with their high-quality offerings and their widespread acceptance among the consumers.

The inability to supply high speed internet is one of the factor which is restraining the growth of the market in terms of value sales. High speed internet is required to watch content on OTT platforms. This is often impossible in remote areas of developing countries because of the low penetration of internet in developing economies such as Africa and Middle East countries. Moreover, the Increasing demand for Smart TVs is predicted to offer immense opportunities for the growth of the overall market in terms of value sales.

The growing internet penetration, smart TV, smartphone, 5G infrastructure, original media content, and othersis anticipated to offer lucrative opportunities for the growth of the market during the forecast years. Additionally, the rising adoption of internet-based applications is likely to propel the market growth. Furthermore, increasing demand for online streaming content, like live news, movies, and sports, and others, is likely to boost the market growth during the forecast period. For Instance, in January 2021, Firstlight Media collaborated with the over the highest service provider Struum to deploy a cloud-native streaming platform. This collaboration focused on offering multiple platforms’ content employing a single Struum subscription.

Over the Top (OTT) Market Scope 

Report Coverage Details
Market Size by 2032 USD 2057.47 Billion
Growth Rate from 2023 to 2032

CAGR of 26.30%

Largest Market North America 
Fastest Growing Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered OTT Services, Type, Platform, Component, Deployment Type, Content Type, Vertical, Revenue Model, Geography
Companies Mentioned Amazon.com, Inc., Netflix, Inc., Hulu, LLC, Google LLC, Apple, Inc., Facebook, Inc., Telstra Corporation Ltd., Roku, Inc., Kakao Corp., The Walt Disney Company


OTT Service Insights

By OTT services, the market is segregated into online services and managed services. The managed services refer to a service network, where service providers have major control over the network capacity to supply services, whereas online service depends on the general public internet for the delivery content. The managed services segment is probably going to witness steady growth within the upcoming years due to the supply of high-speed internet and proliferation of electronic devices.

Over the Top (OTT) Market Share, By OTT Services, 2022 (%)

However, the online services are anticipated to be the fastest growing segment during the OTT market forecast period. The proliferation of smartphones coupled with rising broadband penetration in developing as well as developed economies along with the rising online original content are some of the major factors which is increasing the adoption rate of online OTT services across the globe. Additionally, the key market players such as Amazon.com, Inc., Netflix, Inc., and others in network infrastructure and content providers are likely to contribute to the expansion of over the top (OTT) market in terms of value sales.

Type Insights

Depending on the type, the over the top market is divided into media services, OTT communication services, and applications services.

The OTT media services phase is anticipated to dominate in terms of share with a noteworthy growth throughout the forecast period. The growing range of platforms providing live-streaming admire concerts, sports, on-line gaming, and music streaming, among others, in conjunction with the video-on-demand services probably to fuel the demand for media services. The outstanding presence of video service suppliers such as Netflix, Amazon, Apple, Disney+, and HBO goop and among others, is expected to spice up the market opportunities. For instance, by Jan 2020, key providers Netflix and Amazon Prime Video registe 158.3 million and a hundred and one million subscribers globally. this is often expected to surge the demand for Over the highest media services within the future.

Platform Insights

Depending on the platform, the over the top market is segmented into smart TVs, smartphones, laptops & tablets and others. The smartphone segment is anticipated to dominate the market due to the increasing 5G capabilities and new launches of smartphones. As per the GSM Mobile Economy Report, smartphones registered 65% of adoption in 2019 globally. This can be likely to drive the demand for these services. Similarly, increasing adoption of laptops and tablets for accessing on-line content is anticipated to boost the growth of this segment. Also, varied services suppliers providing direct streaming on laptops and tablets, which, in turn, is driving its demand within the market.

The emergence of smart TV is probably going to fuel the market growth throughout the forecast period. Varied device suppliers are providing new and advanced smart TVs capabilities. Companies like Oppo, Sony, Samsung Electronics, Realme, Nokia, and others are increasingly investing R& D to launch new smart TVs which in turn is likely to offer immense opportunities for the growth of the overall market.

Region Insights

In the year 2021, North America is holds the largest market share in the over the top (OTT) market and is also expected to retain its dominance throughout the forecast period. The growing substantial funds and investment in content creation sector are perpetually pushing the market growth. For instance, according to the Telecom Adviory Services LLC, Amazon.com, Inc. and Netflix Inc. were anticipated to take a position in TV shows and film programming in 2019. The U.S. is ready to hold the lion share in the North America market followed by Canada and Mexico. The recently entered platform suppliers in the U.S., including Disney+, Peacock, Quibi, HBO Max Apple TV, and others, are driving the market growth in this region.

However, Asia Pacific is expected to achieve exponential growth throughout the forecast period. According to Capgemini's OTT Study Report, the region outnumbers the United States in terms of subscribers. The market's growth will most likely be driven by the mature utility and broadcaster industry. Due to the rapidly cannibalised pay-TV segment, China is likely to dominate the region. Asian countries such as India are prepared to witness the phenomenal rise of platforms, which is expected to provide enormous potential for the region's market to expand.

Key Market Developments

  • May 2021 – Amazon, Inc. has launched miniTV, which is a free video streaming application with an aim to move towards masscustomer acquisition, with numerous services reminiscent of e-commerce, food delivery, payment, and others.
  • March 2020 – AT&T TV launched its OTT service with add-ons such as the on-demand library, live channels, and five hundred hours of cloud storage, among others, to expand its international reach.

Over the Top (OTT) Market Companies

  • Amazon.com, Inc.
  • Netflix, Inc.
  • Hulu, LLC
  • Google LLC
  • Apple, Inc.
  • Facebook, Inc.
  • Telstra Corporation Ltd.
  • Roku, Inc.
  • Kakao Corp.
  • The Walt Disney Company

Segments Covered in the Report

By OTT Services

  • Online Services
  • Managed Services

By Type

  • OTT Communication services
  • OTT Media services
  • OTT Applications services

By Platform

  • Smartphones
  • Smart TVs
  • Laptops Desktops and Tablets
  • Others

By Component

  • Solution
  • Services

By Deployment Type

  • Cloud
  • On-Premise

By Content Type

  • Voice Over IP
  • Text and Images
  • Video
  • Others

By Revenue Model

  • Subscription
  • Procurement
  • Rental
  • Others

By Vertical

  • Media & Entertainment
  • Education & Training
  • Health & Fitness
  • IT & Telecom
  • E-Commerce
  • BFSI
  • Government
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions

The global over the top (OTT) market size was reached at US$ 200 billion in 2022 and it is anticipated to rake around US$ 2057.47 billion by 2032.

The global over the top (OTT) market is expected to drive growth at a CAGR of 26.30% from 2023 to 2032.

The major players operating in the over the top (OTT) market are Amazon.com, Inc., Netflix, Inc., Hulu, LLC, Google LLC, Apple, Inc., Facebook, Inc., Telstra Corporation Ltd., Roku, Inc., Kakao Corp., and The Walt Disney Company.

The proliferation of media & entertainment sector, coupled with the growing sales of advanced electronic devices globally, is the prime factors fueling the marketgrowth in terms of value sales.

North America region will lead the global over the top (OTT) market in the forecast period 2023 to 2032.

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