Global OTT Services Market – Snapshot
OTT services are delivered over the internet, however, they don’t have any involvement in the planning or provisioning of service. As these services are directly offered to consumers ‘over the top’ of internet service provider’s network, they have derived the name – over the top services. In response to the proliferation of smartphones and their compatibility with OTT applications, the demand for OTT services is poised to rise exponentially in the coming years. Likewise, affordable rates of high speed mobile internet has bolstered the adoption of OTT market at large.
Th global over the top (OTT) services market has grown by leaps and bounds in recent years, mainly due to the availability of smart technologies amongst the masses. There has been little contention about the utility of OTT services amongst consumers of varying age groups. The consumption of knowledge has been made easier through the use of OTT services and offerings. Moreover, people have become more inclined towards high-end technologies and utility-driven means of consuming informative and entertainment content. The emergence of new OTT platforms has widened the scope of offerings available at the disposal of the masses. Henceforth, the global over the top (OTT) services market is foreseen to grow at a sturdy pace in the years to follow.
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- Several new web series have gained popularity at the back of the popularity of OTT platforms. These platforms have helped producers of content in bypassing the limitations that come with theatre launches of films and series. Furthermore, OTT has been earmarked as the most popular mode of entertainment, especially amongst the younger population. The trend of binge-watching series and content is a nascent trend, and it can be attributed to the availability of key over the top (OTT) services. Henceforth, it is safe to say that the global over the top (OTT) services market is growing at a stellar pace.
Several key entities such as Netflix and Amazon Prime have made a niche for themselves in the global over the top (OTT) services market.
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The OTT service providers have emerged as tough competitors for telecom service providers and cable operators. The mobile network operator messaging revenue has already declined to a great extent in the last five years and the impact has started to show up in their voice revenues as well. Also, the number of cord-cutters and cord trimmers has gone up due to on-demand media content available and reasonable rates as compared to traditional cable operators.
The global over the top services market was valued at US$1,049.21 billion in 2017 and the demand for OTT is estimated to expand at a CAGR of 16.4% from 2017 to 2025, reaching a value of US$3,538.04 billion by 2025.
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