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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.
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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:
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.
Besides regional demographics, the market is segmented into:
Noteworthy Industry Developments:
The global OTT services market is segmented on the basis of:
Value (USD billion)