Over the Top market is projected to grow from US$ 34.6 billion in 2020 to US$ 128.9 billion by 2029. Shifting consumer behavior from a traditional television entertainment towards a customized source and from a standard communication to alternative messaging and calling is propelling the growth of the over the top market. Furthermore, increase in penetration of public Wi-Fi, high speed internet, and unlimited wireless data plans are other factors anticipated to fuel growth of the global over the top market in the near future. Developing more convenient solutions for easy access of applications, coupled with rising video on demand feature that uses cloud services to share cloud data with the audience can create lucrative growth opportunities for the players operating in the target market.
The report “Global Over the Top Market, By Device (Desktop and Laptop, Gaming Consoles, OTT Streaming Devices, Smartphones and Tablets, and Smart TVs), By Contain Type (Video, Messaging, Voice Over IP, and Music Streaming), By Deployment (Cloud and On-Premise), and Region – Global Forecast to 2029”
- In October 2018, for instance, Amazon.com Inc. had launched Amazon Fire TV Stick 4K and the All-New Alexa Voice Remote with Device Control.
Key Market Insights from the report:
The global over the top market accounted for US$ 34.6 billion in 2020 and is projected to register a CAGR of 15.7% over the forecast period. The market report has been segmented on the basis of device; contain type, deployment, and region.
- By device, the smartphones and tablets segment accounted for major revenue share in 2018, owing to their high penetration across the globe.
- By contain type, the video segment accounted for major revenue share in 2018, owing to video content is highly dominating due to subscription based models.
- By deployment, the cloud segment is accounted for major revenue share in 2018 due to its ability to offer portable service where data can be easily stored as well as accessed.
- By region, North America over the top market accounted for major revenue share of the global over the top market and is further anticipated to maintain its dominance over the forecast period. This is attributed to highest mobile internet penetration levels in this region as compared to others. Increasing technological advancements in the countries of the region, particularly in the U.S. is some major factors expected to support growth of the North America market over the forecast period. The market in Asia Pacific is expected to account for second-highest revenue share in 2018.
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The prominent player operating in the global over the top market includes Amazon.com Inc., Apple Inc., Facebook Inc., Google Inc., FilmOn. Com Inc., Hulu, LLC, Roku, Inc., ome Box Office, Inc., Direct TV Now, and Netflix Inc.
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