The emergence of the live streaming trend and virtual reality technology is a great opportunity for major players to develop innovative offerings in the OTT content market. An increase in the adoption of high-speed broadband, along with the increasing demand for smartphones and smart televisions is contributing to the growth of the OTT content market. Players in the market are continuously upgrading their product portfolios to meet the increasing demands in the competitive global OTT content market. OTT content streaming market reached a valuation of around US$ 315.6 Bn by 2030 and is slated to surge at a CAGR of 17.4% to reach US$ 315.6 Bn by 2030.
The presence of multiple regional and global players has resulted in market fragmentation over the years, and vendors are focusing on differentiating their content and platform offerings to retain competitive edge. The impact of government regulations is moderate and the demand for regional content is comparatively high. New players are looking to partner with telecom providers and outsource OTT content while the main strategy of distributors is to source content from the different OTT players. As viewers demand the most trending content, distributors need to buy such content from content providers, which lets the content providers have an upper hand, hence limiting the bargaining power of distributors.
Proliferating Penetration of Mobile and Other Connected Devices to Push Market Revenue in the Coming Years
Smartphones and tablets have become the first go-to devices for communication and content consumption. Additionally, with the rapid adoption of 4G services in developing countries and the First World moving towards advanced telecommunications technologies, mobile Internet diffusion is anticipated to accelerate in the coming years. Optimal pricing of 4G enabled phones has led to increasing smartphone penetration in various regional consumer markets, leading to a surge in demand for OTT content.
At present, OTT content and related services are an attractive and feasible alternative to traditional entertainment channels. Growing preference for OTT content can be attributed to expanding content libraries and affordability relative to conventional TV subscriptions. For instance, subscription video on demand (SVOD) services led by Netflix, Amazon, and Hulu, are very popular among users owing to the affordable pricing structure.
Limited Offline Availability May Create a Roadblock to Market Growth
A disruption in the Internet connection when a user or subscriber avails VoD services generally results in the re-streaming of the video. This can lead to user dissatisfaction caused by the loss of time and data in consuming the content. The content not being available offline for download further creates a poor customer experience. These factors may lead to restrictive adoption of OTT content services.
Key Segments Covered in OTT Content Industry SurveyOTT Content Market by Content Type
OTT Video Content
Entertainment & Infotainment
Food, Travel & Fashion
Gaming & Sports
OTT Audio Content
OTT Games Content
OTT Mobile Applications Content
OTT Communication Content
OTT Content Market by Access Type
OTT Streaming Devices
Desktops & Laptops
Smartphones & Tablets
Smart TVs
Others
OTT Content Market by Revenue Model
SVOD (Subscription-based Video on Demand) Services
AVOD (Advertising-based Video on Demand) Services
TVOD (Transactional Video on Demand) Services
Live Streaming Services
Others
OTT Content Market by Region
North America OTT Content Market
Latin America OTT Content Market
Europe OTT Content Market
East Asia OTT Content Market
South Asia & Pacific OTT Content Market
Middle East & Africa (MEA) OTT Content Market
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