LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global over the top market 2018-2022 to grow at a CAGR of more than 17% during the forecast period, according to their latest market research report.
The adoption of OTT standard is one of the major trends being witnessed in the global over the top market. In recent years, the communication industry has witnessed unprecedented growth in OTT applications. OTT services include YouTube, Amazon Prime, Facebook, WhatsApp, Skype, Netflix, and Viber. Mobile devices such as tablets and smartphones have the capability of delivering OTT video services to consumers. Some of the big players in this market are Apple, Alphabet, Microsoft. These companies are offering innovative content which is expected to attract more customers and drive the market in the near future.
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According to Technavio analysts, one of the key factors contributing to the growth of the global over the top market is the increase in the number of smart connected devices:
Global over the top market: Increase in the number of smart connected devices
The number of smart connected devices is expected to be more than 20 billion by 2020. As the number of devices increases, it becomes easier to watch online content on the phone or tablet. Thus, the demand for OTT should increase as it offers flexibility to end-users in terms of time and place. Sectors such as education have experienced significant improvements in business processes with the adoption of Internet of Things (IoT) analytics.
According to a senior analyst at Technavio for research on IT professional services, “The variety of devices available in the form of tablets, smartphones, and connected TVs has led to an increase in demand for OTT services in the market. This has led to an increase in the volume of data traffic and the variety of content consumed online. Earlier the content was limited to music videos but now there is demand for all sorts of content comprising of TV serials, music shows, sports, concerts, and live streaming of educational content.”
Global over the top market: Segmentation analysis
The global over the top market research report provides market segmentation by content type (video, text and images, VoIP, and music streaming), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
According to Technavio, over 42% of the incremental growth will originate in the Americas, followed by EMEA and APAC respectively. The online audience is not looking at videos as a mode of entertainment but as a mode of increasing popularity and making money. In the US, more than 70% of adults watch online videos on a weekly basis. In addition, there has been a radical shift in the video content from films of short duration to those with more informative content and longer duration.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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