Key Drivers of OTT Market Expansion
(PRUnderground) December 6th, 2023
The Over The Top (OTT) Market is poised for substantial expansion, with an estimated growth of USD 439.12 billion anticipated between 2022 and 2027, resulting in a robust CAGR of 24.85%, according to the latest market research report by Technavio. A key driver of this growth is the increasing trend towards cloud streaming services, leveraging advancements in wired and wireless technologies like 3G, 4G, and 5G. These technologies play a pivotal role in enhancing the global acceptance of Over The Top (OTT) services by effectively countering illegal downloading and file sharing of audio and video content.
Companies are adopting strategic approaches, such as the freemium model, to shift free users towards premium services, ensuring long-term viability. Consumers are increasingly drawn to paid premium options due to the added benefits like ad-free listening, superior audio quality, and the convenience of downloading and skipping tracks. In this dynamic market scenario, Technavio’s reports offer a comprehensive analysis, synthesizing data from various sources to provide insights into the latest trends, drivers, and the overall market environment.
The Over The Top (OTT) Market for the forecast period of 2023-2027 is segmented based on content type, device, and geography. The video segment is expected to exhibit remarkable growth, driven by the surge in video content availability. Within the video category, distinct divisions include subscription video-on-demand (SVOD), advertising-based video-on-demand (AVOD), and transactional video-on-demand (TVOD). SVOD grants users access to video content through subscription fees, while AVOD generates revenue through advertisements during video streaming.
Key players in the Over The Top (OTT) Market include major companies such as 8×8 Inc., Alphabet Inc., Amazon.com Inc., Apple Inc., Cinedigm Digital Cinema Corp., Comcast Corp., Deezer SA, Meta Platforms Inc., FlixFling LLC, iflix Ltd., Indieflix Inc., Microsoft Corp., Netflix Inc., Sirius XM Holdings Inc., Sony Group Corp., Spotify Technology SA, Telstra Corp. Ltd., Tencent Holdings Ltd., The Walt Disney Co., and Paramount Global. Technavio’s report on the market provides a detailed analysis of around 25 vendors, offering insights to help businesses enhance their market position through competitive intelligence, benchmarking, and strategic support.
In addition to size, trends, and industry analysis, the report delves into the fragmented nature of the Over The Top (OTT) Market, predicting an acceleration in fragmentation. While the preference for cloud streaming services presents significant growth opportunities, challenges such as illegal downloading and piracy may impede market growth.
Key highlights of the report include the forecasted CAGR, detailed information on factors fostering market growth, estimation of market size and its contribution to the parent market, predictions on upcoming trends and changes in consumer behavior, and a comprehensive analysis of the competitive landscape. To uncover successful business strategies deployed by companies in the Over The Top (OTT) Market, download the latest free sample report from Technavio in minutes.
Video Streaming Market: The Global Video Streaming Market size is estimated to grow at a CAGR of 20.36% between 2022 and 2027. The market size is forecast to increase by USD 310.44 billion.
Video-on-demand Market: The video-on-demand (VOD) market size is estimated to grow at a CAGR of 15.98% between 2022 and 2027. The market size is forecast to increase by USD 187.53 billion.
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Content Type
- Market Segmentation by Device
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
About Technavio Research
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Original Press Release.