OTT Market Size, Share, Trends and Industry Analysis | USD 77.73 Billion, at 13% CAGR Forecast- 2019 to 2023

Posted July 10, 2019 by Sarahbennu

Over the top (OTT) market size is projected to grow by USD 77.73 billion, at a CAGR of over 13% during 2019-2023, with the video segment having the largest market share.

Technavio analysts forecast the global over the top market 2018-2022 to grow at a CAGR of more than 17% during the forecast period, according to their latest market research report.

The adoption of OTT standard is one of the major trends being witnessed in the global over the top market. In recent years, the communication industry has witnessed unprecedented growth in OTT applications. OTT services include YouTube, Amazon Prime, Facebook, WhatsApp, Skype, Netflix, and Viber. Mobile devices such as tablets and smartphones have the capability of delivering OTT video services to consumers. Some of the big players in this market are Apple, Alphabet, Microsoft. These companies are offering innovative content which is expected to attract more customers and drive the market in the near future.

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According to Technavio analysts, one of the key factors contributing to the growth of the global over the top market is the increase in the number of smart connected devices:

Global over the top market: Increase in the number of smart connected devices

The number of smart connected devices is expected to be more than 20 billion by 2020. As the number of devices increases, it becomes easier to watch online content on the phone or tablet. Thus, the demand for OTT should increase as it offers flexibility to end-users in terms of time and place. Sectors such as education have experienced significant improvements in business processes with the adoption of Internet of Things (IoT) analytics.

According to a senior analyst at Technavio for research on IT professional services, “The variety of devices available in the form of tablets, smartphones, and connected TVs has led to an increase in demand for OTT services in the market. This has led to an increase in the volume of data traffic and the variety of content consumed online. Earlier the content was limited to music videos but now there is demand for all sorts of content comprising of TV serials, music shows, sports, concerts, and live streaming of educational content.”

Global over the top market: Segmentation analysis

The global over the top market research report provides market segmentation by content type (video, text and images, VoIP, and music streaming), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

According to Technavio, over 42% of the incremental growth will originate in the Americas, followed by EMEA and APAC respectively. The online audience is not looking at videos as a mode of entertainment but as a mode of increasing popularity and making money. In the US, more than 70% of adults watch online videos on a weekly basis. In addition, there has been a radical shift in the video content from films of short duration to those with more informative content and longer duration.

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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem
Market characteristics
Market segmentation analysis
Market Sizing

Market sizing
Market size and forecast
Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison
Key leading countries
Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered
Vendor classification
Market positioning of vendors
Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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 10,000 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.

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Issued By Sarahbennu
Country United States
Categories Advertising , Arts , Blogging
Tags OTT Market , OTT Market growth , OTT Market Analysis , OTT Market USA , Over the Top (OTT) Market
Last Updated July 10, 2019