Published Date : 03 Apr 2024
The global over the top (OTT) market size surpassed USD 251.6 billion in 2023 and is estimated to attain around USD 2057.47 billion by 2032, growing at a CAGR of 26.30% from 2023 to 2032.
The over the top (OTT) market deals with supplying content over the top of an internet stream. This works very smoothly without controlling or maintaining without anyone's operator. OTT platforms can support various types of content, including audio, voice, text, and messaging. Maybe the most unusual instance of OTT video comes from the age of streaming television. OTT television provides so many online platforms such as Netflix, Amazon Prime, Disney+ Hotstar, HULU, Jio Cinema, and many others. OTT streaming is very useful because it bypasses the traditional guard of broadcast, cable, and satellite connectivity. OTT platforms only need strong internet connectivity, so viewers can watch or listen to content anytime and anywhere. OTT platforms have become an important part of the day-to-day life.
North America dominated the over the top (OTT) market in 2023. It is expected to maintain its dominance throughout the forecast period. Significant funds and investments in the content creation industry are constantly pushing market growth.
In Canada, the market is expected to grow during the forecast period. The rising number of customers have digital TVs in their pockets, which creates an innovative opportunity for media buyers looking to make a profit from changing customer trends. OTT adoption has crucially aided the audio, podcast, music, and video streaming categories. Rising adoption can be allocated to lower costs, internet penetration, wider device availability, packaging flexibility, and genre choices. Additionally, the increasing demand for customized content has led to significant prices of over the top (OTT) devices. The U.S. is known for its largest share of OTT viewers, and in the future, the U.S. will be responsible for the dominance of the region. In Canada, various factors drive the growth of the top (OTT) market, such as the growth of the basis of the OTT monetization model, users consuming video in general, device penetration, internet penetration, and many more.
Asia Pacific region is estimated to grow fastest in the forecast period. Countries like Japan and South Korea heavily focus on anime and daily sop, which is consumed by a large audience worldwide via OTT platforms. OTT has grown hugely in countries like China and India, which have the largest populations. In India, the over the top (OTT) market share is increasing vastly, with more and more people using these applications to watch TV, communicate, listen to audio, and stay connected. This is increasing the interest of industries and the media, with both Netflix and Amazon Prime Video entering the Indian market. The expectation is that this will lead to more customer choice and better costing options. OTT platforms in India have been increasing with the growth of mobile data and broadband services.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 251.6 Billion |
| Projected Forecast Revenue by 2032 | USD 2057.47 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 26.30% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Drivers
Partnership with film studios and national producers across countries on SVoD models
OTT players partner with directors and national producers to create such content. Exploring untapped markets to reach the unreachable audience that is unable to consume content and adapting to language obstacles is the main motive of such partnerships. Film studios and national producers are well informed of the grasping power of viewers and their consuming patterns. Increasing the number of subscribers and viewers and growing the over the top (OTT) market.
Ease-of-use and flexibility to offer customer experience
Viewership dynamics have changed the consumer television content and the way consumers watch videos. There is a drift from traditional TV ownership to online content, which acts as a major driver in the growth. Home entertainment has made its way through enabling customers and streaming services to consume the offered content depending on their favorable choice of flexibility, freedom, comfort, and genre. Within the large library, viewers can choose from titles from diverse genres and a plethora of choices. By adopting this flexibility and ease of use, viewers can have a seamless experience.
Restraint
Lack of high-quality gaming material
In over-the-top (OTT) platforms, online gaming is one of the fastest-expanding application areas. However, industries in this area use over-the-top services to deliver games online and successfully release them, with the adaptability of so many players in different areas. Many players want HD resolution for gaming content. A lack of unpleasant webpage latency times, poor visuals, and slow frame rates, combined with poor web performance and high-quality gaming products, might decrease the number of online consumers for gaming companies, and this may restrain the growth of the over the top (OTT) market.
Opportunity
Increase in demand for live-streaming channels
In the future, OTT viewers are considered to offer more live streaming channels. Moreover, OTT content will evidence a major transformation with breaking news reaching YouTube, Facebook Live, and Periscope. In the U.S., broadcasters collaborate with various channels and video programming distributors to provide ready versions of linear and live feeds. It has been packaged as an OTT offering. This is the major factor driving the over the top (OTT) market.
Segments Covered in the Report
By OTT Services
By Type
By Platform
By Component
By Deployment Type
By Content Type
By Revenue Model
By Vertical
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