Over the Top Services Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Over the Top Services Market
The global over the top services market size was valued at USD 59.00 billion in 2023 and is projected to grow from USD 70.08 billion in 2024 to USD 229.97 billion by 2032, exhibiting a CAGR of 16.0% during the forecast period of 2024-2032.
OTT services have grown more rapidly because of the COVID-19 pandemic. When the lockdowns happened, people had to keep themselves busy at home, and this is how Netflix and Disney Plus saw a rise in the number of users and subscribers. This shift put pressure on traditional media as they had to improve their digital services, thus increasing competition in the media market and creating a new outlook for consumers, affecting over the top services market growth.
Some of the issues that characterize the OTT services market are as follows. The internet speed and the various smart devices have also made it easier to stream at home. Furthermore, the desire of subscribers to access video on their terms at the time they want it without the need for a cable subscription has also contributed to the rise of OTT.
OTT content is critical. Customers leave paid TV in droves to stream videos online with massive content catalogs. OTT platforms stream theater hits, television series, and documentaries and produce shows that are only accessible if users request them, impeding a global rise in over the top services market share. They also boast of this variety, which is the reason for their increasing popularity.
Comprehensive Analysis of Over the Top Services Market
The OTT services market is divided by services, type, and platform. Services are offered as managed services, whereby a trusted, controlled network and online services are operated through the public internet. Internet-based services are on the rise based on broadband availability and increased access to smartphones, as well as the major players’ prioritizing original content creation; meanwhile, managed services are also thriving based on the ubiquity of high-speed internet and the rapid proliferation of devices like PCs and smart speakers. Types include communication, media, and application services, with media services dominating due to the mass live streaming and Video-on-demand popularity. Products in this industry, such as communication, are also increasing due to the rising use of instant messaging. Platforms are smartphones, SmartTVs, and PCs/tablets; smartphones are prevalent due to 5G and new releases, and SmartTVs and PCs/tablets also experience growth in streaming movies.
The North American region led the medical devices market by benefitting a size of USD 22.78 billion in 2023 due to massive investments and content production, hence the continued growth in the market.
The leading players in the OTT services market significantly influence its growth trajectory and set industry standards. These key players, including Amazon.com, Inc. (U.S.), Netflix, Inc. (U.S.), Hulu, LLC (U.S.), Google LLC (U.S.), Apple, Inc. (U.S.), Facebook, Inc. (U.S.), Telstra Corporation Ltd. (Australia), Rakuten, Inc. (Japan), Roku, Inc. (U.S.), and AT&T TV (WarnerMedia HBO) (U.S.), contribute to a competitive landscape, driving innovation and market advancement.
In October 2023, Prasar Bharati implemented the new initiative of developing an over-the-top platform that provides various services with other reputable market players.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 16.0% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By OTT Service
Online Services
Managed Services
By Type
OTT Communication services
OTT Media services
OTT Applications services
By Platform
Smartphones
Smart TVs
Laptops Desktops and Tablets
Others (gaming consoles)
By Region
North America (By OTT Service, By Type, By Platform, and By Country)
- United States (By Type)
- Canada (By Type)
Europe (By OTT Service, By Type, By Platform, and By Country)
- UK (By Type)
- Germany (By Type)
- France (By Type)
- Spain (By Type)
- Rest of Europe
Asia Pacific (By OTT Service, By Type, By Platform, and By Country)
- China (By Type)
- Japan (By Type)
- India (By Type)
- Southeast Asia (By Type)
- Rest of Asia Pacific
The Middle East & Africa (By OTT Service, By Type, By Platform, and By Country)
- GCC (By Type)
- South Africa (By Type)
- Rest of the Middle East & Africa
Latin America (By OTT Service, By Type, By Platform, and By Country)
- Brazil (By Type)
- Mexico (By Type)
- Rest of Latin America
Please Note: It will take 5-6 business days to complete the report upon order confirmation.