Global Over-the-top (OTT) Market to Rise at a CAGR of 19.1%, Surpassing $438.5 Billion by 2026, Irrespective of the COVID-19 Turmoil - Exclusive Report [413 pages] by Research Dive

The surge of the COVID-19 disease has positively impacted the global over-the-top (OTT) market growth in 2020. This is due to increasing demand for over-the-top services across all industry verticals.

New York, USA, April 13, 2021 (GLOBE NEWSWIRE) -- The global over-the-top (OTT) market registered a revenue of nearly $110.1 billion in 2018 and is anticipated to grow at a 19.1% CAGR, surpassing $438.5 billion by 2026. A latest report on the global over-the-top (OTT) market by Research Dive unfolds the impact of COVID-19 pandemic on the current and future growth of the global industry. The report is drafted by closely evaluating important factors like prime industry drivers & limitations, current trends & advances, regional market conditions, and size & scope of the industry in the course of the pandemic. The report states that the COVID-19 pandemic has made an optimistic impact on the industry growth.

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Factors Impacting the Market Growth during the COVID-19 Pandemic

Over-the-top (OTT) services are a type of media service platform that bypasses broadcasting cables and satellite television networks to deliver product services directly to consumers through online streaming. Because of these advantages, customers are preferring OTT over traditional TV platforms. These factors, along with the rising trend toward online streaming platforms, are significantly driving product demand, which will drive market growth. Furthermore, the demand for OTT services is rising due to the rapid growth of online networking networks, as well as progressive innovations to increase personalized and tailored participation of users. Due to the rising number of online consumers and, as a result, the increased adoption of OTT services, most digital media and broadcasting service businesses are increasing their efforts to build novel channels for users that enable users to download different types of content including videos, music, and other content. These factors are anticipated to fuel the growth of over-the-top (OTT) market in the analysis period.

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The lack of network system infrastructure, especially in developed economies, is severely hampering the growth of the over-the-top market. Furthermore, security issues associated with individual information in cloud systems are expected to hamper the growth of the over-the-top (OTT) market.

Highlights of the Report

1. The global over-the-top (OTT) market CAGR, as projected before the rise of the COVID-19 pandemic, was 16.7% in the forecast period, 2018—2026.

2. The global over-the-top (OTT) market CAGR, as projected post the rise of the COVID-19 pandemic, is anticipated to be 19.1% during the course of the forecast period, 2018—2026.

3. The global over-the-top (OTT) market sector size in 2018, as projected before the commencement of the COVID-19 pandemic, was USD 151.5 billion.

4. The current market size (2020), tolerating the impacts of the COVID-19 pandemic, is USD 155.6 billion.

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Present Picture of the Market due to COVID-19 Disaster:

The global over-the-top (OTT) market has benefited from the COVID-19 emergency. This growth can be mainly attributed to an increase in demand for OTT services and gaming during the COVID-19 lockdown period, which was imposed by various governments around the world. Furthermore, the worldwide lockdown has provided a boost to OTT services for entertainment, growing viewer interest in online content through various platforms such as Netflix, Amazon Prime Video, Hotstar, and many others. These factors are considerably propelling the demand for OTT services in the lockdown period. Furthermore, many governments are launching numerous initiatives to assist businesses during this period of crisis. For example, the government of Canada recently launched a new film and media tax credit program. The Canada Revenue Agency intends to assist many schemes, including film and media tax credits, in ensuring that companies collect their tax-free credits during the lockdown.

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Future Scope of the Industry:

According to the report, the global over-the-top (OTT) market will witness significant growth in 2020 and is anticipated to follow the trend until the end of the analysis period. The rapid growth in this market can be attributed to the increasing introduction of virtual reality (VR) and augmented reality (AR) on smart devices for gaming applications in order to provide players with a real-time experience while playing games. This factor is anticipated to augment the demand for OTT services, which will create huge growth opportunities in the global market. Furthermore, rapid growth in next-generation cellular network networks, such as 5G technology, is expected to accelerate the adoption of OTT entertainment services in the coming years. These network services are expected to deliver much faster and more reliable cellular data speed in order to provide better streaming video quality like 4K video streaming.

Key Players

1. LINE Corporation
2. Facebook
3. Hulu, LLC
4. Kakapo Corp.
5. Indieflix, Inc.
6. VUDU, Inc.
7. Amazon Web Services
8. Telestra
9. Apple Inc.
10. Tencent Holdings Ltd.
11. Netflix
12. Rakuten, Inc.
13. Microsoft Corporation
14. Google LLC.

Rapid Growth In Demand For Live Streaming Channels, During The COVID-19 Chaos, To Promote The Development Of Global Over-The-Top (OTT) Market

For instance, in March 2021 Vudu, a leading on-demand streaming service from Fandango, announced that it is now available on Amazon Fire TV Edition smart TVs and Fire TV streaming devices. Due to this, tens of millions of Fire TV customers will be able to watch all the movies and TV shows that they have in their Vudu library.

The report offers many strategies and ideas of the top industry players functioning in the industry such as the current strategic plans & developments, financial performance, SWOT analysis, and product/service range. Click Here to Get Absolute Top Companies Development Strategies Summary Report.


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