The global over-the-top (OTT) services industry generated US$ 1.8 trillion in revenue in 2021 and is anticipated to grow 16% year over year to reach US$ 2.1 trillion in 2022. The industry is anticipated to grow to US$ 7.0 trillion by 2032 as a result of the rapid improvement in technology. During the forecast period, a 12.6% CAGR is expected in the trade.
A growing digital subscriber base, rising demand for digital content, increasing interest in live streaming services, and digital advertising all contribute to the growth of the over-the-top (OTT) services market. Most pay-TV providers are developing their own standalone OTT-based subscription services.
Sling TV from Dish and DirecTV Now from AT&T are two successful instances of low-cost, stand-alone services from US-based carriers. There is exponential growth in OTT services. The growth of e-services is expected to cause the over-the-top (OTT) services sector to produce US$ 2.1 trillion in sales by 2022.
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Overall market expansion will be boosted by rising demand for high-speed connectivity combined with good service delivery. The market’s growth was fueled by the increasing uptake of cloud-based technologies across a wide range of applications, including big data and artificial intelligence. The e-services sector is predicted to offer attractive opportunities to the global over-the-top (OTT) services market.
Key Takeaways:
- By application, e-services segment is expected to record an 14.2% CAGR by 2032
- By business model, the premium & subscription segment to expand at a 13.1% growth rate during the forecast period
- The U.S market to garner US$ 2.5 Trillion and record a 12.7% CAGR from 2022-2032
- Market in China to procure US$ 322.7 Billion, expanding at a 13.6% growth rate during the assessment period
- Global over the top services market to flourish over 3x from 2022 to 2032
Competitive Landscape
Key players of the global over the top (OTT) services market include Twitter Inc., LinkedIn Corp., Netflix Inc, Amazon Inc., Apple, Inc. among others. Market players are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. Recent developments among players include:
- In April 2021 – Apple Inc. announced its partnership with SK telecom co. a top wireless carriers of South Korea for online video streaming through AppleTv+
- In February 2020 – The Walt Disney company collaborated with India’s Hotstar service to launch streaming services. The company with the Disney + Hotstar partnership aiming to increase its competition with Amazon prime and Netflix.
- In March 2021, Netflix Inc. began testing a new plan in India for INR 299 per month, which will be called mobile+. This plan will allow members to stream the content in 720p HD quality on smartphones and computers. The mobile+ plan will not be accessible on TVs or support multiple screens simultaneously.
Key Segments Covered In The Global Over The Top (OTT) Services Market Survey
Over the Top (OTT) Services by Application:
- Over the Top (OTT) Services in Communication
- Over the Top (OTT) Services in E-services
- Over the Top (OTT) Services in Media Content
- Audio/Video
- Gaming
- Web content
- Over the Top (OTT) Services in Cloud services
Over the Top (OTT) Services by Business Model:
- Over the Top (OTT) Services Premium & Subscription
- Over the Top (OTT) Services Adware
- Over the Top (OTT) Services Ecommerce
Over the Top (OTT) Services by End-Use:
- Over the Top (OTT) Services for Personal
- Over the Top (OTT) Services for Commercial
- Healthcare
- Media and entertainment
- E-commerce
- IT
- Education
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