As per a new report by Grand View Research, Inc, the global (over-the-top) OTT services market is estimated to reach upto US $165.13 billion by 2025. The increasing penetration of mobile devices including smartphones and tablets and technological advancements in consumer electronics devices like smart TVs are factors that are expected to propel the OTT content and services demand amongst people.
Another factor contributing to the growth of OTT videos especially in developing countries is the TV digitization initiatives by various regional government and broadcasters across the world. Businesses offering the most personalized experiences to consumers, like, TV access on smartphones, connected devices and tablets are also contributing to the rise in OTT video consumption.
Some other findings from the report include:
- DISH Network, Comcast, AT&T and DIRECTV amongst others are venturing into the SVOD segment to capture a larger market and increase their presence.
- Whatsapp, Tencent QQ, Skype, Google Hangouts to name a few are offering innovative technologies and offerings to provide advanced communication and messaging services.
- Hybrid models that combine Subscription VOD (SVOD) with Advertising VOD (AVOD) along with rising penetration of fiber broadband and 4G internet are going to increase the demand for OTT content in developing nations like China.
- More Smart TV’s means more opportunities for advertisers to become content providers and offer a wide array of services to consumers via platforms like Hulu, Netflix and YouTube. Read More