Market Research Future (MRFR) has published a cooked research report on the "Global OTT Market" that contains information from 2018 to 2032. The OTT market is estimated to register a CAGR of 15.80% from 2023 to 2032.
MRFR recognizes the following companies as the key players in the global OTT market— Netflix, Inc., Amazon.com Inc. (Prime Video), The Walt Disney Company (Hulu), Tencent Holdings Ltd, Roku Inc., Google LLC (YouTube), DAZN Group Limited, NBC Universal (Hayu), and PCCW Media Group (Viu).
The global OTT market is accounted to register a CAGR of 15.80% during the forecast period and is estimated to reach USD 171.49 billion by 2032.
OTT media services are internet-based media services that are directly distributed to viewers. Its global expansion has paralleled the rise of faster internet speeds and the demand for a broader range of media products, from sports to movies to entertainment.
In recent years, there has been an increase in demand for applications such as Google Hangouts, FaceTime by Apple, WhatsApp, and other social media platforms that provide user-friendly interfaces and innovative and appealing audio & video messaging services to viewers. With their high-quality offerings and widespread consumer adoption, these items have solidified their market position.
The global OTT market has been segmented based on type, streaming devices, monetization model, and service verticals.
Based on type, the market is segmented into game streaming, audio streaming, video streaming, and communication. The game streaming segment was attributed to holding the largest market share in 2022.
Based on streaming devices the global OTT market has been segmented into smartphones and tablets, desktops and laptops, and IPTV and consoles. The smartphones and tablets segment was expected to hold the largest market share in 2022.
Based on the monetization model, the global OTT market has been segmented into subscription-based, advertising-based, and transaction-based. The subscription-based segment was expected to hold the largest market share in 2022.
Based on the service verticals, the market is segmented into media and entertainment, education and learning, gaming, and service utilities. The media and entertainment segment is projected to have the largest market share during the forecast period.
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Based on region, the global OTT market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of US and Canada. The Europe OTT market comprises Germany, France, the UK, Italy, Spain, and the Rest of Europe. The OTT market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia-Pacific. The Rest of the World OTT market comprises of Middle East, Africa, and Latin America.
In 2022, the North American OTT market will dominate the market. The North American over-the-top (OTT) market holds the largest proportion and is expected to maintain its dominance throughout the forecast period. The ever-increasing substantial funds and investments in the content creation industry continue to fuel market growth.
In 2022, Europe's OTT market held the second-largest market share. The allure of over-the-top (OTT) sports content is increasing. Increasing investments in content acquisition across this domain indicates that a growing number of companies are entering the OTT market.
From 2023 to 2032, the Asia-Pacific OTT market is anticipated to exhibit the highest CAGR. The mature utility and broadcaster industries will likely drive the market's growth. China will likely dominate the region due to the rapid cannibalization of the pay-TV market.
The market for OTT is Latin America and Middle East & Africa was driven by a number of factors, including a growing interest in online entertainment, a rise in smartphone usage, and an increase in the number of internet service providers.
Key Findings of the Study