Over the Top (OTT) Market was valued at USD 251.76 billion by 2027

 Theglobal over the top (OTT) market was valued at USD 101.42 billion in 2020 to USD 251.76 billion by 2027, at a CAGR of 13.87% from 2021 to 2027. Over the top (OTT) is a provided film and television online content platform that can be watched with a high-speed internet connection instead of a cable or satellite provider-based platform. Currently, the OTT adoption aided the video, music, podcast, and audio streaming category significantly. Increasing adoption can be attributed to the narrow genre choices, packaging flexibility, wider device availability, internet penetration, and lower costs. Presently, over-the-top services are at a relatively nascent stage, are widely accepted as a trending technology globally, and are projected to witness the innovative and advanced transformation. However, the proliferation of smartphones with integrated advanced communication functions has revolutionized the OTT services market. Significant growth in OTT services has been increasing the data usage, thereby increasing the flow of revenue for the telecom service providers.

According to ITU, in 2019, internet users worldwide were 4.13 billion, up from 3.92 billion in 2018. Subsequently, global mobile data traffic is set to surpass 77 exabytes per month in 2022, up from 8.5 exabytes per month as of 2017, according to the same source. Given that the advent of high-speed internet has opened up new opportunities for revenue generation through OTT services for the telecom service providers, the market being studied is supposed to get momentum.

One of the primary drivers of OTT services is the adoption of cloud services. Cloud technology has enabled ‘service portability’ to the OTT service providers. For instance, according to Tata Communications, the market for the public cloud has seen massive growth over the past decade, skyrocketing from a value of less than 6 billion dollars a decade ago, and the market is projected to be worth around USD 236 billion by the end of 2020, thus enabling service portability features by allowing users to upload data and access content from any device and any place. Furthermore, the rising demand for customized content led to significant adoption rates of OTT devices. This offered the users the flexibility to view varied content. Also, affordable rates of high-speed internet across the emerging economies led to a massive increase in the adoption rates of subscription services, according to user convenience.

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Global Over the Top (OTT) Market Dynamics

Drivers: Growth in the Adoption of Smart Devices and Greater Access to Higher Internet Speeds

The popularity of binge-watching in OTT platforms has enhanced customer viewing experience, and smart devices have played a key role in enriching the experience. They provide a much-needed viewing experience with a kind of convenience. Further, the ability to integrate various contents across mobile devices with high sped internet has enabled the users to watch the content anywhere and anytime. Mobile data traffic is expeFactors such as greater access to higher internet speeds and widespread usage of smart devices has helped customers stay up-to-date with the digital world without the need to wait. Hence, instant satisfaction has evolved as a powerful force in the consumer world, with the users adopting mobile devices like smartphones, tablets, and PCs.

North America has the highest levels of mobile broadband and smartphone adoption globally. The operators in North America have begun to shut down 2G and 3G networks to reframe the spectrum. This trend is expected to continue as operators in the region switch to 5G networks using a mix of the low, medium, and high-band spectrum. The need for higher internet speeds is being driven by the rising number of smartphone subscriptions and the need for increasing average data volume per subscription.

Restraints: Growing Threat of Video Content Piracy and Security Threat of User Database Due to Spyware

Despite the factors driving the market, the market growth is expected to be hindered due to the growing threat of video content piracy and the security threat of user databases due to spyware. Amidst the heavy debates concerning the shifting landscape and predictable eventualities of a highly growing market, online video content piracy has been increasingly showing its strength time and again when the original content is being released. According to the data from leading industry associations, about 47% of consumers are frustrated with the growing number of subscriptions required to access the content that may interest them. This has been the driving reason for some customers to resort to illegal measures such as content viewing through torrent websites or illegal streams.

Opportunities: Mergers with National Producers and Film Studios Across Regions

Amidst the COVID -19 pandemic, film studios and content producers have been bearing the brunt of cinema complex/hall closures. To cope up with the situation, national producers are increasingly looking towards OTT. The extended lockdowns and the current state of the economy have opened gates wide open for the world of entertainment through OTT. OTT media platforms have gained increasing prominence, with people wary of going to theatres to watch entertainment content. Players like Netflix have stepped in to fill the void. The producers of the entertainment content are turning to OTT service providers to reach viewers.

So far, films, which were supposed to have been released in the theatre if not for COVID -19 pandemic, are forced to alter their plans. The solution is found by premiering the content on streaming platforms. On the other hand, producers, having understood the potential of the OTT platforms, are developing content solely for OTT viewers.

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The study categorizes the over-the-top (OTT) market based on content type, revenue type, user type, end user, and regions.

By Content Type Outlook (Sales/Revenue, USD Million, 2017-2027)

• Video
• Audio
• Games
• Communication
• Others

By Revenue Outlook (Sales/Revenue, USD Million, 2017-2027)

• Subscription
• Advertisement
• Transaction
• Others

By User Type Outlook (Sales/Revenue, USD Million, 2017-2027)

• Personal
• Commercial

By End User Outlook (Sales/Revenue, USD Million, 2017-2027)

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

By Region Outlook (Sales/Revenue, USD Million, 2017-2027)

• North America (US, Mexico, Canada)
• South America (Brazil, Peru, Argentina, Colombia, Rest of Latin America)
• Europe (Germany, Italy, UK, France, Spain, Poland, Slovenia, Slovakia, Hungary, Czech Republic, Russia,  Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (India, China, South Korea, Indonesia, Japan, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Singapore, the Philippines, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, South Africa, UAE, Northern Africa, Rest of MEA)

Game, by Content type, is estimated to be the fastest-growing segment during the forecast period

The global over the top (OTT) market has been segmented into video, audio, games, communication, and others based on the content type. The game accounted for the fastest-growing segment with a CAGR of 29% in the global over the top (OTT) market during the forecast period.

Gaming is a highly growing application area all over the world. Companies operating in this segment have utilized OTT services for release and deliver games services online, and it is successful, with scalability for multiple users across different locations in the world. Users prefer HD quality or full HD quality for watching gaming content. A lack in quality of gaming content is coupled with poor web performance, poor graphics, unwanted webpage lag several times, and slow frame rates can lead to a drop in the number of online customers for gaming companies.

Asia Pacific accounts for the highest CAGR during the forecast period in the over the top (OTT) market

Based on region, the global over the top (OTT) market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 16.52% during the forecast period. The Asia-Pacific over the top (OTT) market is analyzed across Japan, China, India, Australia, and the rest of Asia Pacific. The Asia-Pacific region has a mix of regional, local, and international over-the-top (OTT) platforms; targeted marketing, content, and audience strategy must stand out in this crowded space, failing which the platform may end up in the same position as Hooq, a Singapore-based OTT joint venture between Warner Bros., Sony Pictures, and Singtel, which filed for liquidation and shut down in April 2020.

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India is the fastest-growing segment in the Asia Pacific, with a CAGR of 22.40% during the forecast period 2021-2027. High bandwidth internet, an increasing number of advanced and low-price smartphones, ease in mobile data tariffs, and the recent nationwide lockdown are major factors driving the Indian OTT market. The recent advancement in the country's internet sector, owing to Jio, has opened up ever-increasing opportunities for OTT streaming players in India for both B2B and B2C segments. Presently, the country has around 94-100 OTT platforms across music, video, podcast, and audio streaming segments. Platforms such as Netflix, Disney+ Hotstar, Amazon Prime Video, and local players, Alt Balaji, Eros Now, Voot, Sun NXT, Hoichoi, and MXPlaye, among others, are some of the popular ones. Many foreign vendors are trying to offer services with balanced pricing and their original content library. In contrast, local vendors such as Airtel Xstream, JioTV, Voot, and Hoichoi, among others, are trying to capture the market through regional language content.

Key Market Players

The global over the top (OTT) market is fragmented into a few major players they are Netflix Inc., Amazon.com Inc., Tencent Holdings Ltd, The Walt Disney Company (Hulu), Roku Inc DAZN Group Limited, NBC Universal (Hayu), Google LLC (YouTube), and PCCW Media Group (Viu), this company has garnered the maximum market share in 2020. These market players are adopting growth strategies to strengthen their position in the market. Product launches and partnerships are the key growth strategies adopted by different key players in the market.

Recent Developments

• In January 2020, Netflix announced plans to extend its partnership with Sky network, giving millions to Sky TV customers for access the Netflix through the Sky Q platform. Both new and existing Sky TV customers can access the Netflix programming, which includes more than a thousand hours of UHD programming, complementing Sky TV’s UHD programming.
• In July 2020, Amazon introduced Prime Video Profiles, allowing customers to create and manage up to six profiles within a single account. Each profile offers individualized recommendations, a separate watch history, progress on a show/movie, as well as a watch list. A user can stream up to three videos at once while using the same Amazon account, with no more than two devices streaming the same video simultaneously.
• In September 2020, YouTube TV launched NFL Network as part of their base plan. The company is introducing RedZone in Sports Plus, a new add-on package for sports fans. YouTube TV partnered with leagues and networks to deliver a robust sports experience, like adding Turner Networks, NBA TV, NBA League Pass, and MLB Network.
• In October 2020, Netflix agreed with Ubisoft to develop content based on the international best-selling video game franchise Assassin’s Creed. The first series in development is slated to be an epic, genre-bending live-action adaptation; a search is currently underway for a showrunner.

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Key Issues Addressed

• What is the market size by various segmentation of the over the top (OTT) by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the over the top (OTT) market?
• What are the key opportunities and trends for manufacturers involved in the over-the-top (OTT) supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of over the top (OTT) in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.