The global over-the-top (OTT) market was valued over $110.1 billion in 2018 and is projected to generate a revenue of $438.5 billion by 2026, at a CAGR of 19.1%.
In the previous years, the global market has experience a noticeable growth due to growing demand for over-the-top (OTT) services across the all industry verticals. In addition, owing to unpredicted COVID-19 pandemic, the market is anticipated to experience a substantial growth in 2020 due to constantly rising demand for over-the-top (OTT) services. This is majorly attributed to continuous growth in online communications services due to the lockdown since people are communicating through online platforms. Our analysts have expected the condition of the over-the-top (OTT) market during the COVID-19 pandemic and have provided few assumptions.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|16.7%||19.1%||235||USD 151.5 Billion||USD 155.6 Billion|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Over-the-top (OTT) service is a kind of media service platform and these networks avoid broadcasting cables and satellite television networks and deliver product services straightaway to consumers through online streaming. Due to these benefits, OTT is experiencing a rapid growth in adoption over conventional TV platforms. Along with increasing trend towards online streaming channels, these factors are significantly driving the product demand, which will accelerate the growth of the market. Furthermore, rapidly growing online communication platforms along with progressive technologies to improve personalized & customized involvement is increasing the demand for OTT services. Most of the digital media and broadcasting service business are increasing their efforts to create novel platforms for users that allow to download various types of content including music, videos and other content due to growing number of online customers and consequently increasing adoption of OTT services. These factors will eventually fuel the market growth.
However, dearth of network system infrastructure, especially in developing economies, is significantly restraining the over-the-top market growth. Also, safety concerns associated with individual information in the cloud platforms is also expected to limit the growth of the market.
The COVID-19 emergency has affected the global over-the-top market growth in a positive manner. This growth is attributed to rise in the demand for OTT services and gaming in COVID-19 lockdown period, enforced by the various governments across the globe. Also, the lockdown period has given a push to the OTT services for entertainment, which has increased the viewer’s interest for online content through various platforms such as Hotstar, Amazon Prime Video, Netflix and many others. These factors are significantly driving the demand for OTT services in the lockdown period.
Moreover, several governments are initiating various implementations to support the businesses during this time of crisis. For instance, in recent times, government of Canada has introduced new film and media tax credit program. In this program Canada revenue agency plan to help the several programs such as film and media tax credits to ensure that businesses receive their tax-free credits during the lockdown.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global over-the-top market will experience a noteworthy growth in the forecast years and is projected to continue the trend post coronavirus pandemic. This rapid growth in the global market is attributed to the increasing implementation of augmented reality (AR) and virtual reality (VR) on smart devices for gaming application to provide real time experience for players while playing games. This factor is projected to increase the demand for OTT services, which will create ample growth opportunities in the global market. In addition, swift growth in the next generation cellular network services such as 5G technology is expected to impel the adoption of OTT services for entertainment in the coming years. These network services will deliver more reliable and much faster cellular data speed to provide better streaming video quality such as 4K video streaming.
Moreover, several significant players are adopting various business growth strategies to fortify their position in the global market. For example, in 2019, Disney announced new contract with Netflix to launch its own video streaming platform Disney+ along with taking directing stake in Hulu to provide exclusive content such as Star Wars and Marvel movies.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Over-The-Top (OTT) Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity