LONDON--(BUSINESS WIRE)--The over the top (OTT) market is expected to grow by USD 88.85 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Developments in wired and wireless technologies and telecommunication standards, such as 3G, 4G, and 5G, have increased the adoption of cloud streaming services across the world. Cloud streaming services prevent illegal downloading and sharing of video and audio files. Also, vendors are adopting push strategies by focusing on the freemium business model that aims at migrating free users to premium services while ensuring sustainability. This leads to an increase in the adoption of cloud streaming services. Several players, such as Spotify, offer premium services for a monthly subscription fee as well as free subscription services. Many companies, such as Amazon.com and Google, are dependent on the cloud to meet the growing demand for music, movies, and videos. The cloud acts as a remote locker for downloaded tracks. Thus, the growth in adoption of cloud streaming services will drive the growth of the over the top (OTT) market during the forecast period.
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As per Technavio, the integration of advanced technologies in OTT services will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Over The Top (OTT) Market: Integration of Advanced Technologies in OTT Services
The integration of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) has become necessary for end-users, primarily online retailers and online streaming content providers; for example, OTT services generate more than 15% revenue of Amazon.com. Thus, major market vendors are integrating advanced technologies, such as AI and ML, in OTT services. AI technology enables OTT services to understand customer behavior and provide relevant content in real-time. Using AI, a viewer's preference can be recognized, and an advertisement relevant to that preference can be used, thereby creating a maximum impact. On the other hand, ML algorithms are used to analyze the history of the user and provide relevant content. This will accelerate the growth of the market in focus during the forecast period.
"Growing wearables with music streaming and the increasing number of partnerships and acquisitions will have a positive impact on the growth of the over the top (OTT) market value during the forecast period," says a senior analyst at Technavio.
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Over The Top (OTT) Market: Segmentation Analysis
This market research report segments the over the top (OTT) market by content type (video, text and images, VoIP and music streaming), screen type (mobile devices, desktop/laptops, and TVs), and geography (APAC, Europe, MEA, North America and South America).
The North American region led over the top (OTT) market in 2019, followed by Europe, APAC, South America, and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the presence of key market players and the launch of smart speakers integrated with streaming platforms.
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Some of the key topics covered in the report include:
- Text and images
- Music streaming
- Mobile devices
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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