OTT market booming, projected to reach USD 1390.8 billion by 2032
From GlobeNewswire: 2024-11-26 09:00:00
The Over-the-top (OTT) market is booming, with a value of USD 235.8 billion in 2023 and projected growth to USD 1390.8 billion by 2032. OTT platforms like Netflix and Amazon Prime Video are seeing a surge in subscribers, driven by the demand for personalized and high-quality content. The market is fueled by mobile broadband growth and the shift away from traditional cable TV.
OTT services are expanding beyond entertainment to education, fitness, and news, becoming an essential part of daily life. The availability of internet in developing nations and the rise of mobile devices are driving the penetration of OTT services. The expansion of 5G technology will further enhance the OTT experience with high-speed streaming and interactive content.
The market is segmented by type, with services like SVOD dominating in revenue share. The OTT devices segment, including smart TVs and streaming sticks, is expected to have the highest growth rate. The demand for enhanced viewing experiences and the affordability of devices are key drivers for the increased adoption of OTT platforms. The demand for affordable and easy-to-use OTT devices is rising as more customers switch to cord-cutting, especially in emerging internet infrastructure regions. Segmentation includes streaming devices, business models, service verticals, and platforms. North America dominates the market, with the U.S. accounting for approx. USD 50 billion. The Asia-Pacific region is expected to exhibit the highest CAGR, driven by increasing internet penetration and government initiatives.
Recent developments include Netflix introducing a new ad-supported tier, Amazon Prime Video expanding sports streaming, and Disney+ launching an integrated platform. The market outlook includes executive summary, research methodology, market dynamics, segmentation, regional analysis, company profiles, and concluding remarks. SNS Insider offers consulting services for Go To Market Assessment, Total Addressable Market Assessment, Competitive Benchmarking, and Market Share Gain.
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