India OTT Services Market, By Service Application (Media and Entertainment, Education and Learning, Gaming, Others); By Device Type (Smartphones/Tablets, TVs, Gaming Consoles, Others); By Revenue Type (Subscription, Advertisement, Hybrid, Others); By User Type (Personal, Commercial); By End User (Residential, Education & Training, Health & Fitness, IT & Telecom, BFSI, Government, Others); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2018–2028
India OTT Services Market Size Zooming to Cross USD 2.4 billion by 2028
India OTT Services Market is flourishing owing to an increasing demand for live streaming channels, OTT services, and online gaming since COVID-19 lockdown; innovations in OTT technology; and the emergence of new OTT markets in the country.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the size of India OTT services market to grow at an impressive CAGR of 22.5% during the forecast period between 2022 and 2028, reaching a value of USD 2.41 billion by 2028. A major growth driver for India OTT services market is the deepening penetration of smart phones and digital device networks that spurs the demand for OTT services. Across India, smartphones and consumer electronics are becoming increasingly popular. The sector has aided in the transformation of the primary B2B and B2C businesses. Mobile internet and high-speed broadband ranges are gaining popularity. Growing demand for over-the-top (OTT) equipment and services in densely populated areas gained increased investments in various wireless sectors. High adoption of emerging technologies, such as Artificial intelligence (AI), data mining, internet of things (IoT), and 5G technology are expected to drive demand for OTT applications and services, as is research in e-commerce and internet-based financial services.
India OTT Services Market – Overview
Over-the-top (OTT) coverage describes the transmission of movies and TV shows to digital subscribers without the need for a cable or satellite television connection. The user can download and directly access OTT content. Due to the widespread use of smartphones, smart TVs, and gaming consoles, India OTT services market has the potential to expand at a high growth rate. The distribution of audio and video content over the internet used to be accomplished by OTT services. However, the use of technology for video and gaming console applications has increased because of technology advancements. The adoption of OTT services along with the use of cloud services and cloud technology made it possible for OTT service providers to offer portable services. OTT service providers enable data uploading and online content access from any location and on any device. The main factor driving India OTT services market is the growing use of smart phones and other digital devices, which increases demand for OTT services.
India OTT Services Market – Technology Advancements
Modern lifestyle and rapid technology advancements are accelerating the use of OTT services. In March 2021, Netflix Inc., began testing a new plan in India for INR 299 per month, which will be called mobile+ allowing members to stream the content in 720p HD quality on smartphones and computers. The mobile+ plan will not be accessible on TVs or support multiple screens simultaneously.
India OTT Services Market – Segmental Information
India OTT services market has segments, such as Media and Entertainment, Education and Learning, Gaming, and Others based on service applications; Subscription, Advertisement, Hybrid, and Others based on device type; Subscription, Advertisement, Hybrid, and Others based on revenue type; and Personal and Commercial based on user type. The commercial segment is projected to dominate India OTT services market, accounting for most of the market share.
Impact of COVID-19 on India OTT Services Market
The demand for online streaming services significantly increased during COVID-19, due to the temporary closure of theatres, box offices, and entertainment venues. The number of users who subscribe to online video-on-demand (VoD) services increased rapidly throughout the countrywide lockdown. For instance, the India Brand Equity Foundation reports that paid subscriptions to video platforms increased by 13% in just four months in 2020. COVID-19 pandemic accelerated the move from pay-tv to OTT video streaming services. The OTT market in India is expected to expand significantly over the next few years, and this growth trend is forecast to last even after the COVID-19 pandemic.
Prominent players in India OTT services market include Amazon Web Services, Inc. (Prime Video), Apple Inc., Facebook, Inc., Google, LLC., Netflix Entertainment Services India LLP (Netflix), Zee Entertainment Enterprises (Zee 5), Sony Pictures Networks India Pvt Ltd (Sony Liv), Reliance Jio Infocomm Limited (Jio Cinema & JioTV), Times Group (MX Player), Eros International plc (Eros Now), ALT Digital Media Entertainment Limited (ALT Balaji), Viacom18 Media Pvt. Ltd. (Voot), and Microsoft Corporation. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in India OTT services market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India OTT Services Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India OTT Services Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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