Over-the-Top Market to Reach $1.38 Billion by 2027

Strategic Insights -

The demand for over-the-top (OTT) services is expected to increase exponentially in the coming years, driven by the proliferation of smartphones, affordable high-speed mobile internet, and the rise of subscription video-on-demand (SVoD) services. The global OTT market is anticipated to reach $1.38 billion by 2027, growing at a CAGR of 17.3% from 2020 to 2027.

Key Takeaways:

  • The OTT market is expected to reach $1.38 billion by 2027, growing at a CAGR of 17.3% from 2020 to 2027.
  • The surge in demand for OTT services in developing regions, the rise of SVoD services, and the availability of variety of content are driving the growth of the global OTT market.
  • The rise in demand for OTT services and gaming during the lockdown period due to the COVID-19 pandemic is also contributing to the growth of the market.
  • Factors such as lack of data network infrastructure and latency issues are hindering the market growth for OTT services.
  • Key market players include Amazon Web Services (AWS), Netflix, Hulu, LLC, Google LLC, Apple Inc., Facebook, Telestra, Rakuten Inc., Microsoft Corporation, and Tencent Holdings Ltd.
  • The OTT market is segmented by component, device type, content type, revenue model, user type, and end-user.
  • The market is expected to grow significantly in developing regions, driven by the increasing adoption of OTT services.

Statistics:

  • The global OTT market is expected to reach $1.38 billion by 2027.
  • The market is growing at a CAGR of 17.3% from 2020 to 2027.
  • The demand for OTT services in developing regions is expected to grow at a CAGR of 19.1% from 2020 to 2027.
  • The SVoD market is expected to reach $114.6 billion by 2027.
  • The availability of variety of content is driving the growth of the global OTT market, with 70.4% of users preferring OTT services for entertainment purposes.
  • The lack of data network infrastructure is hindering the market growth for OTT services, with 63.2% of users facing internet connectivity issues.

Sources:

  • "Over-the-top Market by Component, Device Type, Content Type, Revenue Model, User Type, and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027" report by ResearchAndMarkets.com
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