You are currently viewing Over The Top (OTT) Services Market to Hit USD 86.80 Billion by 2026; Improving Internet Connectivity Worldwide to Fuel Market Expansion: Fortune Business Insights™

Over The Top (OTT) Services Market to Hit USD 86.80 Billion by 2026; Improving Internet Connectivity Worldwide to Fuel Market Expansion: Fortune Business Insights™

Pune, May 18, 2020 (GLOBE NEWSWIRE) — The global over the top market size is projected to reach USD 86.80 billion by 2026, exhibiting a CAGR of 14.3% during the forecast period. Outbreak of the coronavirus pandemic is set to benefit OTT service providers and aid the growth of this market, finds Fortune Business Insights™ in its report, titled “Over The Top (OTT) Services Market Size, Share & Industry Analysis, By Service (Online OTT Services, Managed OTT Services), By Type (OTT Communication Services, OTT Media Services, and OTT Applications Services), By Platform (Smartphones, Smart TV, Laptops Desktops and Tablets and Others), and Regional Forecast, 2019-2026”. With majority of people working from home, the collective appetite of consumers for streaming services has risen exponentially since the COVID-19 was declared a pandemic by the WHO. In late-April, Netflix’s subscriber number jumped by 16 million in the first quarter of 2020 and in the face of prolonged lockdowns, the company expects to gain an additional 7.5 million sign-ups by the end of June 2020. Further, many OTT service entities are exploiting the current situation to build a customer base. For instance, Amazon Prime Video has made free some of its family- and children-specific content to keep people entertained during the lockdown. Thus, the COVID-19 outbreak is a blessing in disguise for the OTT market growth.

According to the report, the value of this market was at USD 30.23 billion in 2018. The report answers the following questions:

Which factors and restraints are influencing the growth of this market?
What are the key industry trends?
How has the market been segmented?
Who are the prominent market players and what are their strategies?
Which regions hold the most promising prospects for this market?
What are the upcoming opportunities in this market?

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An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.
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Market Driver

Increasing Access to the Internet Worldwide to Propel the Market

Internet access around the world is expanding and this factor will play a crucial role in the over the top services market growth as these services are heavily dependent on fast and stable connectivity. According to the World Economic Forum (WEF), there are a total of 4.2 billion internet users, indicating that more than 50% of the world’s population has access to internet. The most heartening growth, the WEF notes, has been in Africa, where internet users have grown by 500% since 2009. Furthermore, a deeper statistical analysis shows that more than 5 billion searches on Google in a single day and currently, there are around 1.7 billion websites that operating in the digital universe. All these factors augur well for this market growing internet usage would translate into greater uptake of OTT services worldwide.

Regional Dynamics

Promising Economic Development to Stoke Market Growth in Asia-Pacific

Asia-Pacific is poised to emerge the most lucrative region for this market owing to its large population, burgeoning economies of India and China, and high demand for relatable content. Moreover, platforms such as Netflix and Amazon Prime Video are tapping the creative potential of artists in this region to deliver highly original content to viewers in the West, where there is rising demand for foreign language films and shows. However, the region dominating the over the top services market share will be North America, with a market size of USD 12.97 billion in 2018. This is mainly attributable to a financially robust entertainment industry and availability of high-speed internet, along with the presence of streaming services giants such as Netflix and Apple. On the other hand, the market in Europe is expected to experience moderate growth as large proportion of the population still prefers traditional cable TV in the region.

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Competitive Landscape

Key Players to Stream Sporting Events to Attract Viewers

Core competitors in this market are seeking rights to broadcast sporting events on their platforms to cater to the high demand for sports programs in most countries. Such broadcasting rights enable OTT service providers with an opportunity to diversify their offerings to viewers and also expand their user-base with a wider variety of content.

Industry Developments:

April 2020: Amazon secured exclusive rights to broadcast the US National Football League (NFL) special games that take place on Saturdays during the NFL season. The company already has the rights to televise the NFL Thursday Night Football games on its Prime Video and Twitch platforms.
December 2019: Netflix announced the beginning of production of its second original series from Egypt, which will feature Abla Fahita, country’s favorite puppet. The company plans to release the show in 2020 and will be produced by local production houses.

List of Companies Profiled in the Over The Top Services Market Report:

Vudu, Inc.
Roku, Inc.
Rakuten, Inc.
Facebook, Inc.
Google LLC
Netflix, Inc.
Kakao Corp.
Microsoft Corporation
Telstra Corporation Ltd.
Apple, Inc.
Hulu, LLC
Amazon.com, Inc.

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Detailed Table of Content

Introduction
Definition, By Segment
Research Approach
Sources
Executive Summary
Market Dynamics
Drivers, Restraints and Opportunities
Emerging Trends
Key Insights
Macro and Micro Economic Indicators
Consolidated SWOT Analysis of Key Players
Porter’s Five Forces Analysis
Global Over the Top (OTT) Services Market Analysis, Insights and Forecast, 2015-2026
Key Findings / Summary
Market Size Estimates and Forecasts
By Service (Value)
Online OTT Services
Managed OTT Services
By Type (Value)
OTT Communication Services
OTT Media Services
OTT Applications Services
By Platform (Value)
Smartphones
Smart TV
Laptops Desktops and Tablets
Others (Gaming Consoles)
By Geography (Value)
North America
Europe
Asia Pacific
Middle East and Africa
Latin America

TOC Continued..!!!

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