Global OTT TV and Video Forecasts Market - 2023-2030
Global OTT TV and Video Forecasts Market reached US$ 154.2 billion in 2022 and is expected to reach US$ 231.1 billion by 2030, growing with a CAGR of 7.9% during the forecast period 2023-2030.
The availability of high-speed internet connectivity across the nation has enabled more consumers to access OTT content and visualize video forecasts. As internet connectivity improves, more users are able to stream video content without any network issue or buffering issues. According to enterpriseapps, in India there is 55% of users that resides over top 5 metro stations. In the end of 2022 the user involvement is 28.2% of the OTT platform which will increase upto 36% at the end of 2027.
North America is among the growing regions in the global OTT TV and video forecasts market covering more than 1/3rd of the market. The region has the highest penetration level of the internet, which increases demand for consumers to stream OTT content seamlessly. Consumers choose on-demand content which they can watch at their own convenience. The growing adoption of smart TVs and connected devices such as Amazon Fire TV and Apple TV made it easier for consumers to access OTT platforms.
Increasing Demand for Video Content
Modern audiences prefer flexibility and convenience in their entertainment choices. OTT platforms allow viewers to access a wide variety of video content on their own schedule, without the limitations of traditional TV schedules. OTT platforms can reach a global audience without the limitations of geographical boundaries and this enables content creators to target diverse markets and demographics.
For instance, on 02 August 2023, NASA introduced a new streaming platform called NASA+, aiming to provide accessible and engaging space-related content to the public. Unlike traditional cable TV NASA+ offers on-demand streaming similar to services like Netflix, allowing viewers to choose what they want to watch and this move reflects NASA's effort to adapt to changing viewer preferences and cater to a tech-savvy audience.
Rising Online Streaming Platform
The growing demand for on-demand content viewers access their convenience. Online platforms provides easy access to various devices that includes smartphones, tablets and smart Tvs. As consumers can view there favorite shows and some platforms offers ad-free channels which can access globally. Online streaming platforms can be accessed globally, allowing content creators to reach audiences beyond their local markets and this global reach expands revenue potential for both content creators and platforms.
For instance, on 27 November 2022, World Archery is partnering with technology company StreamViral to launch an online streaming platform called ""archery+"" in early 2023. The platform aims to broadcast international archery events to audiences in regions not covered by World Archery's existing rights deals. It will feature major events such as the Hyundai Archery World Cup, the Hyundai World Archery Championships, qualifiers for the Paris 2024 Olympic Games and second-tier world ranking tournaments.
The availability of high-speed internet connections like broadband and 5G networks, significantly improved the streaming quality and experience for users. High-speed internet enables seamless playback of high-definition and even 4K content, which is crucial for attracting and retaining viewers. AI-driven recommendation algorithms analyze user behavior and preferences to provide personalized content recommendations.
For instance, on 27 April 2022, Max Velocity was a browser-based video storytelling tool designed to transform the broadcast industry. It enables media clients to efficiently create high-quality digital content from any environment, making it easier to publish content across platforms. Max Alert Live is the latest addition to The Weather Company's alerting platform and this solution is designed to keep audiences informed and safe by notifying them of disruptive weather events.
High Streaming Cost
The availability of high-speed internet infrastructure varies from region to region and the areas where limited access to the internet is there users face many difficulties in streaming the high-quality content that hinder the growth of the market. Streaming video content consumes a significant amount of data that leads to have higher use of data which increases the cost of the plans.
Not all devices are compatible with every OTT platform. Users might face limitations in accessing certain platforms on their preferred devices, affecting their overall viewing experience. Regulatory frameworks around content, data protection and net neutrality can impact how OTT services operate in different regions. Compliance with varying regulations can be complex and costly.Segment Analysis
The global OTT TV and video forecasts market is segmented based type, platform, service, application and region.
Rising Adoption of VoIP Platform
VoIP is expected to hold a significant share of around 1/3rd of the global market in 2022. VoIP services typically offer lower costs for voice communication compared to traditional telephony. As OTT platforms continue to gain popularity for video content, users might also be attracted to the cost savings of using VoIP for voice communication. Integrating VoIP into the OTT platforms can offer a convenient and seamless experience for users, allowing them to access both video content and voice communication from a single app or platform.
For instance, on 14 October 2022, ONEDigital, the media and communications vertical of the global Hinduja Group, introduced its integrated offering called ""ONEDigital"" and this comprehensive solution provides customers with a range of digital services, including broadband, digital TV, OTT content, Voice over Internet Protocol (VoIP)/Intercom, home and building WiFi, as well as CCTV solutions.Geographical Penetration
Rising Internet Penetration and Digitalization in Asia-Pacific
Asia-Pacific is expected to be the fastest growing region in the global OTT TV and video forecasts market covering about 1/4th of the market. The region has witnessed a significant increase in internet penetration, driven by expanding connectivity in both urban and rural areas and this widespread access to high-speed internet enables consumers to stream OTT content seamlessly. Urbanization and increased urban lifestyles drive demand for entertainment options accessible through mobile devices.
For instance, on 29 August 2023, TV9 Network, India's largest news network, is once again disrupting the industry with the launch of News9 Mediaverse, India's first fully integrated digital-first English news brand and this revolutionary move combines three components: News9 Plus, the world's first news OTT News9 Live, India's only 24/7 digital exclusive news stream and News9Live.com, a rapidly growing English text platform.Competitive Landscape
The major global players in the market include Apple, Airtel, Amazon Prime, Globacom, Iflix, Netflix, MTN, HBO, Tigo and Vodafone.
COVID-19 Impact Analysis
OTT platforms with a global presence benefitted from their ability to reach audiences in different regions simultaneously, this global reach was advantageous as different regions experienced lockdowns and restrictions at various times. While OTT platforms focused on delivering content, there were challenges in content production due to restrictions on filming and social distancing measures and this led to delays in the release of some content and a shift in content release schedules.
Some OTT platforms adopted hybrid release strategies, combining theatrical releases with digital premieres and this approach allowed them to cater to different audience preferences and maximize revenue. While the pandemic initially disrupted production schedules, many OTT platforms quickly adapted by investing in the creation of original content, this not only ensured a steady stream of new content but also allowed platforms to differentiate themselves and attract subscribers.
AI-powered recommendation engines analyze user preferences, viewing history and behavior to provide personalized content suggestions and this enhances user engagement by ensuring that viewers are presented with content that aligns with their interests, increasing the likelihood of longer viewing sessions and reduced churn rates. AI algorithms enable improved content discovery by categorizing and tagging content based on its themes, genres and metadata.
AI-driven ad insertion helps tailor advertisements to individual viewers based on their demographics, interests and online behavior and this enhances the ad viewing experience by presenting more relevant and engaging ads, leading to more click-through rates and ad revenue. AI-powered video analytics provide valuable insights into viewer behavior, such as engagement patterns, drop-off points and content preferences, this data helps content creators and providers make informed decisions about content production, licensing and marketing strategies.
For instance, on 16 August 2023, Sabio Holdings Inc., a prominent provider of connected TV (CTV) and over-the-top (OTT) advertising platforms, announced a new AI feature within its App Science Insights analytics dashboard and this feature utilizes Natural Language Processing to automate the analysis of metrics within the dashboard, facilitating easier data interpretation for media agencies and brands.
Russia- Ukraine War Impact
The conflict may lead to disruptions in content availability and distribution. Depending on the severity of the conflict and related sanctions, content creators, distributors and platforms operating in the affected regions might face challenges in delivering content to audiences, potentially affecting the variety and availability of content on OTT platforms. The conflict may impact consumer behavior and preferences in the regions directly affected by the crisis.
Advertisers might reevaluate their advertising strategies and budgets in light of the geopolitical situation. Advertisers may choose to reallocate budgets to target specific regions or demographic segments, impacting the revenue streams for OTT platforms that rely on advertising as a revenue source region where the conflict is more intense, there could be disruptions in internet infrastructure and connectivity.
• Text & Image
• Smart TVs
• Live Streaming
• North America
Rest of Europe
• South America
Rest of South America
Rest of Asia-Pacific
• Middle East and AfricaKey Developments
• On 27 July 2023, Indian startup Excitel introduced a new home internet plan named the 'Cable Cutter' plan, aimed at enhancing the home entertainment experience for its customers. The plan offers impressive speeds of up to 400 Mbps and includes 12 over-the-top (OTT) channels, featuring a selection of over 550 Live TV channels.
• On 30 August 2022, Sports betting company FanDuel Group is launching a new linear TV network and a standalone OTT platform in September. FanDuel TV and FanDuel+ will become the first linear/digital network dedicated to sports wagering content. The content includes more than 3,000 hours of live sports, with well-known pundits hosting programming to engage sports fans and integrate with FanDuel's mobile app.
• On 25 August 2023, World Rugby is introducing its own free-to-air streaming platform called RugbyPass TV, which will provide international rugby matches to global fans. The OTT platform, powered by Endeavor Streaming, is set to launch with the Rugby World Cup 2023 on September 8. RugbyPass TV will cover both men's and women's tournaments, offering more than 1,000 hours of historic matches and behind-the-scenes content.Why Purchase the Report?
• To visualize the global OTT TV and video forecasts market segmentation based on type, platform, service, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of OTT TV and video forecasts market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global OTT TV and video forecasts market report would provide approximately 69 tables, 72 figures and 212 pages.Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies