Global OTT Services Market was valued at USD 29.23 billion in 2019 which is expected to reach at USD 87.70 billion by 2027 at a CAGR 13.8%.
OTT services are commonly called as Over the Top services which offers film and television content through high speed internet connection instead of satellite or cable provider. OTT services helps in easy access to high fidelity network and serves buffer free experience to the customer. These are paid services, in which user have to pay particular amount to start this services. Netflix, and Amazon Prime are the examples of OTT services.
OTT Services is likely to be a prominent trend in the global ICT sector over the next few years, as in the age of globalized digital communication, nothing is more important than having in place systems that can guarantee the security of every bit and byte transmitted over the Internet.
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The report includesa detailed analysis of substantial factors that impact the OTT Services Market significantly. The report accuratelyexplains the factors that are driving, restraining, and challenging the OTT Services Market growth over the assessment period. It also includes the changing aspects that are expected to create likely opportunities for market players to reach a comprehensive understanding of the market.
Increase in penetration of smartphones and tablets is expected to increase in demand for OTT services, during this forecast period. Furthermore, availability of broadband infrastructure, and growing personalization of technology will have the positive impact on global OTT services market growth. Moreover, new launches of OTT services expected to propel the global OTT services market growth. For instance, in June 2019, In10 Media had launched global OTT services for documentaries, which named as DocuBay.It is subscription based OTT service. DocuBay provides documentary films to across genres. Also, in January 2020, ViaCom18 hand launched its new subscription based service which called as Voot Select. Voot select serves best digital content for customers.
However, lack of awareness regarding the benefit of OTT is the restraining factor which is expected to hamper the global OTT Services market growth.
Global OTT Services Market is segmented into device type such as Smart Tvs, Smartphones, Laptop Desktops & Tablet, Gaming Consoles, Set-top Box, and Others, by content type such as Communication, Games, Audio, Video, and Others. Further, Global OTT Services Market is segmented into revenue type such as Hybrid, Advertisement, Subscription, and Others, by user type such as Personal, and Commercial, and by end user such as BFSI, Government, E-Commerce, IT & Telecommunication, Health & Fitness, Education & Training, Media & Entertainment, and Others.
Also, Global OTT Services Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Tencent Holdings Ltd. , Microsoft Corporation, Rakuten Inc., Telestra, Facebook, Apple Inc., Google LLC, Hulu, LLC, Netflix, and Amazon Web Services (AWS).
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