A recent report on the over-the-top services market by Fortune Business Insights says 57% of people around the worldwide are smartphone users in the year 2017 and this is anticipated to rise robustly in the coming years. The increasing production of in-house web series is boosting the global over-the-top services market, says Fortune Business Insights in their new report. The report is titled, “Over-The-Top (OTT) Services Market Size, Share and Global Trend by Business Model (Premium and Subscriptions, Adware, E-commerce), By Application (Communication, Cloud Services, E-Services, Web Content), By End-Use (Personal, Commercial), and Geography Forecast till 2026.”
Key Market Driver –
- An increasing number of smart connected devices and growing popularity of online platforms.
- Adoption of the Internet of Things (IoT) analytics and OTT content.
Key Market Restraint –
- Low scope of customer retention, the reluctance of customers to make purchases, lack of procedure to curb or identify piracy.
Some of the companies operating in the global over-the-top services market are
- Evernote Corporation
- Apple FaceTime
- Yahoo Inc.
- LinkedIn Corporation
- Google Inc.
- Google Hangouts
- Netflix Inc.
- Facebook Inc.
- Rakuten Inc.
- Twitter Inc.
- Tencent QQ
- Amazon Inc.
- Fishtank OTT
- Apple Inc.
- WhatsApp LLC.
- Dropbox Inc.
- Microsoft Corporation
Premium Video Content Marketing- A Major Booster for Market
The advent of video browsing over the internet is a major factor boosting the global over-the-top services market. Currently, consumers are getting more inclined towards over-the-top services as compared to traditional satellite or cable TV. The increasing number of smartphone users is also helping the market grow. In addition to this, the expansion of online companies into premium video content marketing and content localization worldwide is also driving the global over-the-top services market.
However, customers may face trust issues in terms of investing huge sums into video streaming and others. This may hamper the growth of the market in the forecast duration. In addition to that, the availability of free online video streaming is stopping many customers from making purchases.
Asia Pacific to Exhibit Fastest Growth, Implementation of 4G and 5G to Drive Market
Geographically, the global over-the-top services market is foreseen to be dominated by North America. This is because the U.S. holds a large share due to the highest mobile internet penetration with a speed range of 13.1 Mbps to 14 Mbps. However, due to the overall maturity of the market in the region, it is anticipated to show steady growth in the coming years.
Meanwhile, developing nations such as India, China, and others are helping the market in the Asia Pacific emerged as the fastest-growing regional market. This is because of the introduction of 4G and 5G technology and the availability of high-speed data across the nations. The rise in awareness about leading over-the-top services and the expansion of the broadband networks is anticipated to boost the market in Asia Pacific. This, coupled with the introduction and ongoing trend of online entertainment services such as Amazon, Netflix, Hulu, and others are also favoring the market and expected to continue doing the same in the forecast duration.
Apple, Netflix, and Google to Exhibit Stronghold in Overall Market
Fortune Business Insights foresees the global over-the-top services market to witness the dominance of Netflix, Google, and Apple in the current scenario. This is expected to remain the same in the forthcoming years on account of strategic growth patterns and heavy investments in machinery and equipment for better performance. For maintaining their foothold over the market, players are coming up with innovative content in their product line. This is anticipated to further attract new consumers into the over-the-top services and ultimately drive the market during the forecast period.
Key Segmental Overview:
1. By Business Model
- Premium and Subscriptions
2. By Application
- Cloud Services
- Web Content
3. By End Use
- IT & Telecom
- Media and Entertainment
4. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Major Table of Content For Over The Top Services Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Over The Top Services Market Analysis, Insights and Forecast, 2026
- North America Over The Top Services Market Analysis, Insights and Forecast, 2026
- Europe Over The Top Services Market Analysis, Insights and Forecast, 2026
- Asia Pacific Over The Top Services Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Over The Top Services Market Analysis, Insights and Forecast, 2026
- Latin America Over The Top Services Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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