Over The Top Services Market to Rise at 14.3% CAGR till 2026 Driven by the Internet Penetration Across the World

The global over-the-top (OTT) services market size is projected to reach USD 86.80 billion by 2026. The increasing internet penetration will open up a huge potential for the companies operating in this market. According to a report published by Fortune Business Insights, titled “Over-The-Top (OTT) Services Market Size, Share & Industry Analysis, By Service (Online OTT Services, Managed OTT Services), By Type (OTT Communication Services, OTT Media Services, and OTT Applications Services), By Platform (Smartphones, Smart TV, Laptops Desktops and Tablets and Others), and Regional Forecast, 2019-2026,” the market was worth USD 30.23 billion in 2018 and will exhibit a CAGR of 14.3% during the forecast period, 2019-2026.

Over the top (OTT) services refer to distribution of content through various platforms including smartphones, televisions, and gaming consoles. The rising internet penetration will open up a huge potential for the companies operating in the market in the forthcoming years. Moreover, advancements in internet properties such as high speed and wider distribution will have a positive impact on the growth of the market. Increasing number of telecom providers will lead to a wider product adoption across the world. The demand for video-on-demand services will provide impetus to market growth. The proliferation of smartphones on a global scale will create several growth opportunities.

Apple Inc.’s Apple TV Plus Service Will Promote OTT Services

The increasing number of OTT services by major companies across the world, will have a huge impact on the growth of the market in the coming years. Presence of large scale companies such as Apple and Netflix have laid a huge platform for market growth. In September 2019, Apple Inc. introduced its ‘Apple TV Plus’, a service that will provide video content for minimal prices. Apple plans to provide the service at a minimal cost of USD 4.99 every month. Accounting to Apple’s global consumer base, this step will have a direct impact on the growth of the overall over-the-top services market in the coming years.

To Get the detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/over-the-top-services-market-100506

Increasing Penetration of Smartphones and Digital Services Will Aid Growth

The report encompasses several factors that have aided the growth of the market in recent years. Among all factors, the increasing smartphone penetration have provided a huge platform for OTT service providers. The advancements in digital platform and availability of numerous digital services will lead to a wider product adoption. According to the Mobile Economy Report 2018, around 61% of the global population will be using mobile internet. Increasing smartphone use, coupled with the availability of high speed internet facilities, will have a positive impact on the growth of the market in the foreseeable future.

Strategic Collaborations Are a Growing Trend Among Major Companies

Due to the massive adoption of OTT services, several large scale companies are looking to acquire small and medium enterprises. Due to healthy market competition, several companies are looking to adopt standout strategies with a bid to establishing a stronghold in the market. A few of the leading companies that are operating in the global over-the-top services market are:

• Amazon.com, Inc.


• Netflix, Inc.


• Hulu, LLC


• Google LLC


• Apple, Inc.


• Facebook, Inc.


• Telstra Corporation Ltd.


• Rakuten, Inc.


• Microsoft Corporation


• Roku, Inc.


• Kakao Corp.


• Vudu, Inc.

Further Report Findings:

The report analyzes the ongoing over-the-top services market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.

• Asia Pacific to exhibit an exponential CAGR


• North America hold major market share (2017 value: USD 11.79 billion & 2018 value: USD 12.97 billion)

Besides regional demographics, the market is segmented into:

• Service


• Type


• Platform
  
  
  
  • Smartphones – 47.5%
  
  
  • Smart TV – 7.0% (Do not disclose)
  
  
  • Laptops Desktops and Tablets – 37.9% (Do not disclose)
  
  
  • Others (Gaming Consoles) – 7.6% (Do not disclose)
  
  
  
  

Noteworthy Industry Developments:

• December 2019 -  Netflix, Inc. announced that it has collaborated with Abla Fahita, an Egyptian satirical puppet character, for production of its second Egyptian original series.

The global OTT services market is segmented on the basis of: