OTT market to hit $64 billion by 2021Monday, September 12th, 2016
Over The Top (OTT) Market to Surpass $64 Billion By 2021
- Improving broadband network infrastructure, rising smart devices and internet penetration, opening up of new revenue streams for content providers, coupled with growing technological advancements to drive global over the top market through 2021
According to TechSci Research report, “Global Over The Top (OTT) Market By Content Type, By Platform, By Deployment Model, By Service Type, By User Type, By Revenue Model, By End User, By Region, Competition Forecast and Opportunities, 2011-2021”, global OTT market is projected to surpass $67 billion by 2021, on account of rising adoption for online media content over various platforms such as smart devices, laptops, smart TV, etc., expanding smartphone & tablet user base, growing demand for instant messaging services, and internet based voice and video calling services. Moreover, growing customer inclination towards online audio and videos, increasing adoption of cloud computing, coupled with expanding online gaming user base is expected to further propel growth in global OTT market in the coming years. Growing global cloud computing market, which is forecast to increase from $255 billion in 2015 to $466 billion by 2021, is also expected to have a positive impact on the global OTT market over the next five years.
North America dominated global Over The Top market in 2015, and the region is expected to maintain its dominance through 2021, owing to expanding internet and mobile internet user base in the region, increasing internet penetration, rising online gaming market, coupled with growing demand for VoIP, web conferencing, online content exchange, etc., by individuals, SMEs as well as large enterprise. Smartphones & tablets accounted for the largest market share across various platforms in the global OTT market in 2015. Smartphones & tablets are forecast to garner the largest share in the coming years as well, on account of increasing number of applications available for download, growing trend of watching online videos and listening internet radio, improving broadband network infrastructure. The global smartphone and tablet user base is projected to increase from 1.86 billion and 1 billion individuals in 2015, to 3.11 billion and 1.72 billion by 2021, respectively.
“Rapid growth in media & entertainment sector across the world is boosting growth in online content exchange such as online videos, online music streaming services and downloads, internet radio, online games, etc. Moreover, expanding smartphone & tablets user base, improving broadband and telecom network infrastructure, and wider content availability on the internet such as TV shows, movies, etc., are expected to continue driving the global OTT market over the next five years.’ said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Over The Top (OTT) Market By Content Type (VoIP, Text & Media, Video), By Platform, By Deployment Model, By Service Type, By User Type, By Revenue Model, By End User, By Region, Competition Forecast and Opportunities, 2011-2021” has evaluated future growth potential of global over the top (OTT) market and provides statistics and information on market size, market share, forecast and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global over the top (OTT) market.