Over-the-top (OTT) Market to Cross the US$ 65 Bn Mark by 2023
According to a new market research report published by Credence Research “Over-the-Top (OTT) Market (Content Type – Voice, Text & Image and Video) – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”, the global over-the-top (OTT) market was valued at US$ 28.75 Bn in 2015 and is estimated to expand with a CAGR of 14.4% from 2016 to 2023.
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Over-the-top (OTT) refers to delivery of audio, video or any other media content over the internet. Unlike traditional distribution of television service, OTT eliminates the need for additional distribution or control of the content. The most significant USP of OTT content lies in the freedom of consumers to access any content based on their convenience. Over the period of time, OTT content has exponentially transformed various traditional services such as telephonic calls (through Skype), messaging (WhatsApp, Facebook Messenger) and video (Netflix, YouTube etc.).
Rising penetration of internet services is the prominent factor fueling the OTT market growth. Number of internet users across the globe have soared from mere 16% (of the global population) in 2005 to more than 40% in 2015. This has greatly transformed the audio and video content services being delivered over the internet. People are now increasingly shifting towards OTT content (as supplement) to the traditional television services. This has led to high demand for OTT content especially audio and video since the past few years. With the further rising number of internet users coupled with smart mobile devices, the OTT market is estimated to register robust growth during the forecast period. Nevertheless, poor network infrastructure, specifically in the developing nations, is major concern for the market growth.
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The global OTT market is product driven and hence the market players compete on the basis of providing various services under single platform. Although the concept of delivering media content over internet is not new, the overall adoption is yet to become mature. Thus, OTT players are keen on discovering larger consumer base so as to sustain in the competitive market. Another major area of competition is providing HD content to the consumers.
OTT market is majorly challenged by the traditional network and pay TV operators. OTT content is accessed over the internet and hence the market growth substantially affects the mainstream revenue of network and pay TV operators. Subsequently, the market comprises various regulations over voice and also video OTT content delivery. Various national government have enforced OTT content providers to obtain license for operating in the particular country. This may slow down the market growth in the coming years.
Focus on delivering HD content (voice/audio/video) to the consumers
Rising penetration of internet services worldwide
Cloud-based delivery of OTT content
Partnership and acquisition with other players in the OTT content ecosystem
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