India OTT Market Size was valued at USD 200.5 Billion in 2022. The OTT market industry is projected to grow from USD 234.9 Billion in 2023 to USD 836.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.20% during the forecast period (2023 - 2032). The OTT market in India is anticipated to be driven by a number of market drivers, including the continued trend towards the commoditization of sports and entertainment services and the increasing rivalry among OTT providers.
The desire for over-the-top (OTT) content in emerging nations has led to its recent growth. The market CAGR is being supported by a number of factors, including the abundance of readily available material. With subscription income included in, the value of the OTT market in India is approximately ₹10,500 crore. With a 20% annual growth, this is predicted to reach ₹12,000 crore by FY 2024 and ₹30,000 crore in FY 2030. There is a noticeable surge in the demand for new OTT entertainment content, and an increasing number of OTT service providers are introducing new content on their platform and offering part of the current content for free. As part of their #BeCalmBeEntertained campaign, websites like Zee5 and Amazon Prime Video have made a few of their episodes available for free viewing in order to satisfy the growing demand from viewers. In addition, there has been a roughly 80% increase in subscriptions and a more than 50% increase in time spent on the Zee5 platform, an Indian over-the-top service provider. Additionally, Amazon Prime Video now offers a selection of its kid-friendly content for free in India.
Furthermore, the OTT market is expanding as a result of increased smart device penetration and easier access to faster internet. The proliferation of smart TVs, tablets, smartphones, and other connected devices has increased user access to over-the-top (OTT) content. Customers can view their preferred TV series, movies, and other content on demand more easily with these devices since they support streaming apps and have internet access built in. Additionally, flawless streaming experiences have been made possible by the availability of high-speed internet connections, such as broadband and 4G/5G mobile networks. There are geographical differences even if the number of Internet users is rising. These elements have propelled the expansion of over-the-top (OTT) platforms, drawing a large number of users and boosting revenue from advertising and subscription fees. Because of this, broadcasters and traditional media corporations have realized the value of over-the-top (OTT) content and have either started their own streaming services or teamed with already-existing OTT platforms to take advantage of this growing industry. Thus, this is also driving the OTT market revenue.
The India OTT market segmentation, based on type includes game streaming, audio streaming, video streaming, and communication. The video streaming category dominated the market mostly. Customers now have a realistic choice when it comes to online video streaming thanks to the increasing commoditization of data and ongoing pricing wars. As a result, a growing number of independent, regional, and worldwide platforms concentrate on market capitalization. The focus in developing economies is shifting from urban youth to mainstream audiences with a variety of language origins, which is driving market expansion.
The India OTT market segmentation, based on streaming device, includes smartphones and tablets, desktops and laptops, IPTV and consoles. The smartphones and tablets category generated the most income because more people are using smartphones to access over-the-top services, and because developing nations have a growing potential market for smartphones with larger screens. Furthermore, the market is anticipated to grow rapidly in the years to come as a result of the release of reasonably priced Android smartphones, which have made online gaming more accessible to millions of smartphone users.
The India OTT market segmentation, based on monetization model, includes subscription-based, advertising-based and transaction-based. The subscription-based category generated the most income. Subscription services are being driven by the growing global trend of subscription video on demand (SVoD), which includes YouTube, Netflix, Hotstar, and Hulu. This will accelerate the expansion of the business.
The India OTT market segmentation, based on service verticals, includes media and entertainment, education and learning, gaming and service utilities. The media and entertainment category led the market because more people are watching digital videos. The media and entertainment sector's need for OTT services is predicted to rise as a result.
India is anticipated to develop rapidly over the course of the forecast period due to improved payment options, faster bandwidth, increasing 4G coverage, rising smartphone and pay-TV use, dropping data prices, and rising per capita income. It is anticipated that the rollout of LTE and 5G will hasten market expansion in this sector. To increase the value of their offerings, a number of local telecom providers have started to combine OTT services with their data plans. This is supporting the market's growth. Moreover, it is expected that this nation's growing consumption of online video content will hasten the adoption of OTT services. Furthermore, due to additional perks like on-demand services and accessibility, a growing number of people are choosing video streaming services over traditional television for their entertainment needs. The number of people using pay-per-view and streaming services in India is predicted to increase exponentially. Netflix, an over-the-top (OTT) streaming service, anticipates having 4.6 million paying users by the end of 2020. As a result, during the projected period, an expansion of the client base is anticipated to fuel the growth of the India OTT market.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the OTT market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, OTT industry must offer cost-effective items.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 200.5 Billion |
| Market Size 2023 | USD 234.9 Billion |
| Market Size 2032 | USD 836.5 Billion |
| Compound Annual Growth Rate (CAGR) | 17.20% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Streaming Devices, Monetization Model, Service Verticals, and Region |
| Countries Covered | India |
| Key Companies Profiled | Meta (US), Netflix (US), Amazon (US), Google (US), Apple (US), Home Box Office (US), Roku (US), Rakuten (Japan), IndieFlix (US), Tencent (China), and Kakao (South Korea) |
| Key Market Opportunities | ·      Local and international companies in price-sensitive markets using freemium business models ·      Increase in the need for Over-the-Top services amid the lockdown |
| Key Market Dynamics | ·      Adaptability and user-friendliness to provide a flawless client experience ·      Increased use of the internet and smart device penetration |
Frequently Asked Questions (FAQ) :
The India OTT market size was valued at USD 200.5 Billion in 2022.
The market is projected to grow at a CAGR of 17.20% during the forecast period, 2023-2032.
The key players in the market are Meta (US), Netflix (US), Amazon (US), Google (US), Apple (US), Home Box Office (US), Roku (US), Rakuten (Japan), IndieFlix (US), Tencent (China), and Kakao (South Korea).
The smartphones and tablets category dominated the market in 2022.
The media and entertainment category had the largest share in the market.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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