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North America is expected to maintain a healthy revenue share in the global over the top (OTT) market in the forecast period. The growth of the market in North America can be attributed to the success of key market players such as Netflix and Amazon Web Services in the region. Wider internet reach, increase in disposable incomes, and rising consumer demand are a few other reasons for the growth of the market. The Asia Pacific is likely to witness the highest CAGR in the forecast period, with the expansion of the market players into the region. In the European market, the entry of Netflix has brought substantial investments in advertising and promotion and is creating awareness about other OTT platforms, thus, supporting the growth of the overall market in the region. The growth in the Latin America over the top (OTT) market is driven by the development of the local pay-TV platforms. Broadband penetration is expected to be a major source for streaming videos in developing countries like India, Japan, and Brazil.
The growing sales of smart computing devices, high-speed internet, and the rising media and entertainment industry are the key factors for the growth in the global market. The deployment of AI in OTT is aiding the growth of the market as it helps suggest customised content after analysing user preferences and improves the overall user experience. Furthermore, the increase in consumer expenditure on entertainment services is expected to drive the market in the future.
The global OTT companies are now constantly focusing on revenue generation and market penetration. These international players like Netflix, Inc. (NASDAQ: NFLX) and Amazon Web Services, Inc. (NASDAQ: AMZN) have a growing presence in many regions and are adopting various strategies such as product launches, mergers and acquisitions, and collaborations to gain an advantage in the market. The OTT market has recently shown an exponential growth due to the lockdown in the current COVID-19 crisis. The subscription and viewership growth have been found to be at its peak for various streaming channels during the global lockdown imposed due to the outbreak of the COVID-19 pandemic.
Market Analysis by Component, Device, Content Type, Revenue Model, Application, End Use, and Region:
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The major players in the global over the top (OTT) market are Amazon Web Services, Inc., Netflix, Inc., Hulu, LLC, Google LLC, Apple Inc., Telstra Corporation Limited, and Rakuten Group, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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