With the increasing penetration of the internet and smartphones, the popularity of over-the-top (OTT) services is soaring sharply across the world. According to the World Bank, around 49.0% of the people all over the world had access to the internet in 2017. Furthermore, the organization reported that the percentage of people all over the world who have access to the internet surged from 34.2% in 2012 to 51.1% in 2019.
The ability of smartphones and various other smart devices, such as smart televisions (TVs), tablets, laptops, gaming consoles, and set-top boxes, to access high-speed internet has brought a large number of users closer to online content. In addition, these devices provide convenience and are usually equipped with various advanced features, such as the ability to stream and download high-quality content.
OTT Services Market Recent Trends, Developments, Challenges, and Opportunities
Moreover, with smart devices becoming affordable rapidly, consumers can easily access OTT content. Additionally, the average time being spent by people on smart devices is rising sharply, as people are spending more time using different applications on various smart devices.
Furthermore, with the advent of advanced technologies, such as optical fiber, 4G/LTE, and 5G and improving network coverage, the consumption of data across the world is soaring.This is subsequently propelling the demand for OTT services, thereby causing the expansion of the global over-the-top (OTT) services market. Because of these factors, the market reached a revenue of $92 billion in 2020.
Thus, it can be said without any doubt that the demand for OTT services will surge sharply in the coming years, primarily because of the increasing penetration of the internet and the growing popularity of online video streaming across the world.
This market research report provides a comprehensive overview of the market
- The Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
