Jul 08, 2020 (AB Digital via COMTEX) -- Over the Top Content Market Overview:
Market Research Future (MRFR) expects the over the top (OTT) content market 2020 to accrue a whopping valuation of roughly USD 87 Billion by 2023. The market can also attain a growth rate of 14% between 2017 and 2023 (assessment period). We will provide covid-19 impact analysis with the report, offering an extensive market evaluation post the coronavirus disease outbreak.
Post the COVID-19 outbreak, the sales of IoT–based smart devices has surged remarkably, as a result of the lockdown imposed across countries and the consequent deployment of OTT services related to media and entertainment. The widespread consumption of OTT services such as Netflix, Hulu and Amazon Prime has been apparent following the SARS-CoV-2 spread, leading to a spike in the market demand.
Over the years, artificial intelligence/AI has gathered extremely high impetus across the digital world, but after the advent of novel coronavirus, various Over the Top Content Market service providers are integrated their services with AI to boost the appeal and gain more number of consumers. The pandemic hit service providers are now dependent on the latest technologies more than ever, as they are increasingly trying to understand the users' choice to provide them with customized content. Such factors, especially in these uncertain economic conditions can be major boosters in the over the top content market.
Agreements and partnerships between leading companies have been quite prevalent in the OTT content market, driven by the goal to provide innovative services with unparalleled quality. For instance, in June 2020, TEGNA Inc. has partnered with Gray Television Inc., which means that the latter will soon own a minor share in Premion, a leading OTT advertising business of TEGNA.
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Top companies actively seeking innovative strategies to elevate their market position include Microsoft Corporation (U.S.), Google, Inc. (U.S.), Tencent Holdings Limited (China), Roku, Inc. (USA), Nimbuzz (Netherlands), Hulu LLC. (Santa Monica), Facebook (U.S.), Brightcove Inc. (Boston,USA), Limelight Networks, Inc. (India), ActiveVideo Networks, Inc. (U.S.), Netflix Inc. (U.S.), Apple, Inc. (U.S.), and more.
The over the top content industry has been considered for content type, deployment and device/platform.
The Content types discussed in the market study include Texts & Images, Voice Over IP, Music Streaming and Videos.
The primary segments depending on the deployment type can be On Cloud as well as On Premise.
Device/Platform-wise market categories can be OTT Streaming Devices, Gaming Consoles, Smart TVs and Smartphones & Tablets. The smart TV market is doing quite well across the globe, with Sony, Samsung, Sony and LG having the biggest share. Smart TVs generally have built-in internet interface, which works in the market’s favor. In addition, the mounting consumption of streaming services like Netflix and Hulu, viewers are easily able to connect their TV with the internet, leading to more convenience and reduced time wastage.
The over-the-top content market has been regionally studied with respect to Asia Pacific/APAC, Europe, North America, and RoW or Rest of the World.
North America can emerge as the global leader in the over-the-top content market, with the one of the main reasons cited to be the huge number of content providers present in the United States/US and Canada. These countries are among the prominent consumers of animated content creation in the world. The major booster in the animation content creation field can be the prominence of The Fox Broadcasting Company, which is one of the biggest creators on prime time television. Some examples of popular series are Family Guy and The Simpsons, which have major fan following. Also, the existence of leading animation content providers such as The Walt Disney Company, Cartoon Network and Nickelodeon also works in the OTT content market’s favor in North America.
The APAC market for over-the-top content shows immense promise as there has been a remarkable surge in the number of OTT content providers across India, Japan and China. The launch of the 5G network across several circles in the region has boosted the video streaming experience, resulting in higher number of consumers. Additionally, continuous advancements in the Internet service and the expected emergence of 6G as well as 7G services in the region also drive industry growth.
Table of Contents
1 Market Introduction