Dublin, Dec. 15, 2022 (GLOBE NEWSWIRE) -- The "OTT Media Services Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Revenue Model (SVOD, AVOD), By Device Type ((Mobile Devices & Computers, Smart TVs & Set-Top Box, Gaming Consoles & Fire Tv Devices)), By Region, By Company" report has been added to ResearchAndMarkets.com's offering.
The Global OTT Media Services Market is mainly driven by ease of viewing through different devices and platforms, a variety of content for streaming, and technological advancements. The OTT media services market can be segregated based on revenue model into (AVOD and SVOD).
The expansion of the OTT industry has been fueled by the availability of a wide range of streaming content and the simplicity of viewing through various devices and platforms. Furthermore, the content is now available in local languages, significantly influencing customers' choice to use OTT services.
During the forecast period, the demand for OTT media services is expected to rise due to the rising disposable income. This signifies a rise in consumer spending power. With that, the consumer prefers to buy different subscriptions for streaming OTT services on various devices such as television, smartphones, etc. Moreover, according to the data provided by the business standard, more than 665 million households have smart tv in their homes, significantly fueling the demand for OTT media services in the country.
The pandemic caused widespread harm around the world. People were forced to stay indoors and consume entertainment and other media through over-the-top (OTT) services such as sporting events, theatres, and other public places were shut down. Furthermore, the innovative pricing strategy and customization of content selection are based on the comfort and flexibility of the consumer. Thus, it allowed the existing and new OTT media service providers to grab the opportunity.
Broadband usage and the adoption of smart devices are driving market expansion Currently, there are more than six billion active smartphone subscribers globally. Viewers can watch content whenever, wherever, and on their preferred device by simply connecting their smart devices to the subscribed OTT services. However, the popularity of smart gadgets like TV sticks and smart TVs is accelerating market expansion.
The expansion of over-the-top (OTT) services is primarily being driven by an increase in broadband penetration. An growth in internet users and their access to over-the-top (OTT) material like video, music streaming, and VoIP was brought on by high speed broadband internet access. This will increase the demand for over-the-top (OTT) content and lead the global OTT market to grow.
Availability of OTT content in different local languages fueling the market growth
OTT services are becoming increasingly popular because of the availability of content dubbed in many local languages, allowing consumers to understand the content more readily and helping them engage with the story. Furthermore, OTT streaming media firms are attempting to provide subtitles in additional languages so that any consumer anywhere in the world can access and enjoy the content.
Rising Market Competition Hindering the Market Growth
The OTT media service sector is undergoing intense competition because new service providers offer content at lower prices than current providers. Furthermore, service providers have begun to deliver new content they have created, which might become a disadvantage because the web series or movie may fail, and their money would be wasted.
Additionally, the absence of technological specialists and qualified professionals in both developed and undeveloped nations would hinder the market's expansion. The high expenses associated with using and obtaining the services will slow down the market's expansion.
Market Dynamics
Drivers
- Availability of Streaming Services on Different Devices is Driving the Market Growth
- Availability of OTT Content in Different Local Languages Fueling the Market Growth
- Availability of High-Speed Internet, Increasing Adoption of Digital Payments is Driving the Market Growth
Challenges
- Rising Market Competition Hindering the Market Growth
- Changing Preference Among Users Due to Development of New OTT Platforms
Trends
- The Interactive and Engaging Era
- Multi-View and Shared Viewing
- OTT for Sporting Events
- Advertisement Based Model
- Interactive User Interface
Report Scope:
Global OTT Media Services Market, By Revenue Model:
- AVOD
- SVOD
Global OTT Media Services Market, By Device Type:
- Mobile Devices & Computers
- Smart TVs & Set-Top Box
- Gaming Consoles & Fire Tv Devices
Global OTT Media Services Market, By Region:
- North America
- The United States
- Canada
- Mexico
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Turkey
- South America
- Brazil
- Argentina
- Colombia
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Voice of Customer Analysis (B2C Model Analysis)
5. Global OTT Media Service Market Outlook
6. North America OTT Media Service Market Outlook
7. Asia-Pacific OTT Media Service Market Outlook
8. Europe OTT Media Service Market Outlook
9. South America OTT Media Service Market Outlook
10. Middle East & Africa OTT Media Service Market Outlook
11. Market Dynamics
12. Impact of COVID-19 on Global Air Conditioners Market
13. Market Trends & Developments
14. SWOT Analysis
15. Porter's Five Forces Model
16. Competitive Landscape
17. Strategic Recommendations/Action Plan
Companies Mentioned
- Netflix, Inc.
- Amazon.com, Inc
- Alphabet Inc.
- The Walt Disney Company
- Hulu, LLC
- Apple, Inc.
- Rakuten, Inc.
- Roku, Inc.
- Kakao Corp.
- Sling TV
For more information about this report visit https://www.researchandmarkets.com/r/quauhp
