OTT Market to Surpass 1241.6 Billion by 2030 Drives Due to Expanding Content Libraries
SkyQuest projects that the OTTmarket will attain a USD 1241.6 billion value by 2030, with a CAGR of 26.42% over the forecast period (2023-2030). A constant expansion of content libraries drives the OTT market. Streaming platforms invest heavily in creating diverse, exclusive content to attract and retain subscribers. This content war fuels market growth as consumers seek various entertainment options.
Westford,USA, Oct. 20, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the increasing demand for convenience fuels the OTT market. Viewers are shifting away from traditional TV with on-demand access to content anytime, anywhere. This trend is bolstered by improved internet infrastructure and the proliferation of smart devices.
Browse In-Depth TOC on the “OTT Market”
- Pages – 260
- Tables – 288
- Figures – 84
The OTT market benefits from global connectivity and the growing adoption of mobile devices. A broader audience engages with OTT services, contributing to its continuous expansion as more regions access high-speed internet and affordable smartphones.
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Prominent Players in the OTT Market
- Disney+ Hotstar
- YouTube TV
- Apple TV+
- HBO Max
- Peacock TV
- Sling TV
- Fubo TV
- CBS All Access
- Tubi TV
- Sony Liv
Smartphone segment is Expected to Grow the Market Due to Accessibility and Internet Penetration
Smartphones have emerged as the fastest-growing segment in the OTT market due to their accessibility and internet penetration. Smartphones cater to the evolving preferences of users with the convenience of on-the-go entertainment and seamless app integration. This trend is amplified by the rising demand for personalized content and the ease of subscribing to and consuming OTT services through mobile devices.
Asia Pacific region stands out as the fastest-growing segment in the OTT market due to its large population, increasing internet connectivity, and expanding smartphone adoption. With a diverse market of cultures and languages, OTT services offer tailored content, attracting a broad user base. This region’s burgeoning middle class and tech-savvy youth contribute significantly to the region’s rapid OTT market growth.
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Video Segment is Expected to Dominate the Market Due to High Consumer Demand
The dominance of video content in the OTT market is primarily due to its appeal and high consumer demand. As a dominant segment, video thrives due to it caters to diverse entertainment preferences, from long-form content such as movies and series to short-form clips. Furthermore, the ease of streaming video across various devices and exclusive content offerings keeps users engaged and fuels the rapid expansion of OTT services worldwide.
North America emerges as the dominant region in the OTT market owing to its established digital infrastructure, high disposable income, and tech-savvy population. The region’s well-established streaming platforms and early adoption of OTT services have led to a substantial user base. Additionally, content innovations, diverse partnerships, and a strong culture of entertainment consumption contribute to North America’s leadership in the OTT market.
A comprehensive analysis of the major players in the OTT market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in the OTT Market
- PVR Ltd and Inox Leisure Ltd, prominent multiplex chains recently revealed a collaboration to counter the impact of Over-the-Top (OTT) content.
- During NAB 2022, TvStartup Inc. recently introduced a groundbreaking OTT video management platform.
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Key Questions Answered in OTT Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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