The global over-the-top (OTT) services market has been projected in a report by Transparency Market Research (TMR) to witness a rising count of players focusing on inorganic growth strategies such as acquisition of smaller players to gain a competitive edge. However, some of them could also concentrate on improving their product portfolio to attain a position of strength in the market.
Google, Apple, and Netflix are among the leading players of the industry. Other strategies anticipated to be practiced in the market are winning price advantages and providing products with high-quality features. The regional and global demand in the market could be catered to by a significant count of players operating in the industry.
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The analyst of this business intelligence study has also detected that developing a sense of brand image is essential to maintain a stronghold over the over the top services market. “A strong percentage of customers are repeated, and hence developing a loyalty among them will go a long way in sustaining in-flow of demand,” says the analyst.
TMR report has estimated the global OTT services market to collect mega revenue worth a US$3,538.04 billion by 2025, while gaining an increment in demand at a 16.4% CAGR during the completion of the forecast tenure 2017-2025. In 2017, the market has been evaluated to have had a valuation of US$1,049.21 billion. By business model, premium and subscriptions have been foreseen to continue with their dominance taking cue from their close to a 48.5% share fetched in 2017. On the regional front, Asia Pacific is projected to exhibit a greater CAGR of 16.1% between 2017 and 2025.
Growing Production of In-house Web Series to Bolster Demand
The demand in the world OTT services market has been predicted to gain strength with the personalization of technology in almost every industry. Rising need for infrastructure and compliance, swelling application of OTT services in mobile devices, and escalating demand for time-shifted television could also help the market to create growth opportunities in the coming years. Yet, there could be more factors prognosticated to support market growth: rising production of in-house web series, extensive availability of broadband infrastructure, and snowballing adoption of device-based computing.
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Reluctance of Customers to Spend on OTT Services to Forestall Growth
The international OTT services market has been prophesied to be hampered by low scope of customer retention, reluctance of customers to make purchases, lack of procedure to curb or identify piracy, and growing popularity of free online video streaming. However, players could find lucrative prospects birthing on the back of the rising usage of digital rights management (DRM) in web browsers, amplified adoption of real-time bidding (RTB), and the advent of video streaming services. More opportunities have been envisaged to come by as OTT services and platforms charge customers affordably.
- Brand-image a crucial aspect that can help the companies gain shares over their competitors in the global over the top services market.
- The vendors of the OTT market are suggested to increment their focus on APAC, which is emerging as region with proliferating prospects on the back of mushrooming of small and medium businesses (SMBs)
- The global OTT market is estimated to be worth US$3,538.04 billion by the end of 2025, with the demand surging as a CAGR of 16.4% during the forecast period of this report, which is 2017 to 2025