Over The Top Services Market to Reach USD 145.94 Billion in 2028; Emergence of Smart TVs by Various Companies to Bolster Growth, states Fortune Business Insights™

 

The global over the top services market is set to gain traction from the increasing demand for smart TVs because of their possession of a wide range of advanced functions and features. In April 2021, for instance, Samsung Electronics joined hands with MediaTek to unveil Wi-Fi 6E enabled 8K TV. The 8K QLED Y21 smart TV by Samsung will include MediaTek MT7921AU chipset. This information is given by Fortune Business Insights™ in a published report, titled, “Over The Top Services Market, 2021-2028.” As per the report, the over the top services market size was USD 38.77 billion in 2020. It is projected to grow from USD 44.54 billion in 2021 to USD 139.00 billion in 2028 at a CAGR of 17.7% in the forecast period during 2021-2028.

A List of Renowned Players in the Global Market:

• Amazon.com, Inc. (Washington, U.S.)
• Netflix, Inc. (California, U.S.)
• Hulu, LLC (California, U.S.)
• Google LLC (California, U.S.)
• Apple, Inc. (California, U.S.)
• Facebook, Inc. (California, U.S.)
• Telstra Corporation Ltd. (Melbourne, Australia)
• Rakuten, Inc. (Tokyo, Japan)
• Roku, Inc. (California, U.S.)
• Kakao Corp. (Jeju-si, South Korea)
• Vimeo Live (New York, U.S.)
• The Walt Disney Company (California, U.S.)
• Sling TV (Colorado, U.S.)
• AT&T TV (WarnerMedia HBO) (California, U.S.)

 

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Report Coverage-

The report delivers an elaborate assessment of numerous customers’ journeys related to the over the top services industry, regions, and segments. It also provides various customer impressions about over the top services and their applications. The business intelligence and consultation solutions would aid interested stakeholders, such as chief experience officers to enhance customer experience maps catered to their requirements. They can transform customer experience and engagement with their own brands.

 

Drivers & Restraints-

Expansion of Online Media and Entertainment Market to Boost Growth

Several international and local companies are entering the OTT services industry because of the expansion of the online media and entertainment market. They are majorly focusing on subscription-based content streaming services instead of conventional media services, such as connectivity providers, rights holders, electronic device providers, network providers, and broadcasters. They are also bypassing paid TV and cable solutions. NBCUniversal Media, for instance, launched its dedicated streaming platform for live streaming and original content.

In April 2021, ScreenHits TV, a platform and content aggregator of Amazon Prime and Netflix unveiled its first OTT application for smart TV and tablets. However, due to the increasing number of service providers, people are shifting from one platform to another at a fast pace. Low-quality content and expensiveness may hamper the over the top services market growth in the upcoming years.

Read a Detailed Summary of this Report: https://www.fortunebusinessinsights.com/industry-reports/over-the-top-services-market-100506

 

COVID-19 Pandemic: Lockdown Measures Have Surged the Number of Subscribers

The temporary shutdown of entertainment zones, box-offices, and multiplexes have accelerated the demand for over the top services worldwide because of the COVID-19 pandemic. Nationwide lockdown measures have also raised the number of subscribers. The India Brand Equity Foundation, for instance, declared that in 2020, in just four months, the paid subscription of OTT video platforms surged by 31%. We are providing in-depth research reports to help you find the best strategy to take your business to a whole new level amid the pandemic.

Regional Insights-

Asia Pacific Stood at USD 15.89 Billion in 2020: Fortune Business Insights™

Geographically, in 2020, North America procured USD 15.93 billion in terms of revenue. It is expected to dominate in the near future because of the rising investments by companies in the content creation sector. In the U.S., the presence of prominent OTT service providers, namely, Apple TV, Peacock, HBO Max, Quibi, and Disney+ would accelerate growth. On the other hand, Asia Pacific would grow exponentially backed by the presence of a well-established broadcaster sector in the region.

Competitive Landscape-

Key Players Focus on Launching Innovative Platforms to Compete with Their Rivals

The global market for over the top services contains a large number of companies that are majorly aiming to cater to the needs of people across the globe. That is why they are developing cutting-edge platforms to compete with their rivals. Below are the two latest industry developments:

·        May 2021: Kakao Entertainment acquired a video streaming technology provider named I&Soft worth USD 25 billion. This would enable the former to expand its OTT service business.

·        May 2021: Amazon India introduced an ad-supported, free video streaming service called miniTV available in Amazon shopping app. It has professionally curated and created content across fashion, comedy shows, beauty, web-series, and tech news.

Read Press Release: https://www.fortunebusinessinsights.com/industry-reports/over-the-top-services-market-100506