America and Europe markets, entry of new players in the U.S., and the consolidation of the Asian market.
Post COVID-19 outbreak, over-the-top market has witnessed noteworthy growth, and is projected to continue the trend. Major factors contributing toward the growth of this market include integration of augmented reality (AR) and virtual reality (VR) on smart devices for gaming application, which provides real-time experience to users while playing games. Moreover, rapid adoption in next-generation cellular network services such as 5G technology in some of the developed economies such as the U.S. is expected to boost the adoption of OTT services for entertainment during the forecast period. 5G network will deliver more reliable and faster cellular data speed to provide better streaming video quality.
The global over-the-top market witnesses competitive environment with the originality of content and innovation in services being some of the key differentiating factors. This has led to the growth of in-house
produced content across various platforms.
Original in-house web series across genres such as drama, sitcoms, action, comedy, talk shows, and documentaries are some of the highest viewed digital videos on OTT platforms such as Netflix and YouTube. The market is highly fragmented, as it comprises several international and regional vendors. The global players further focus on increasing their presence in many regions. This increases the competition in terms of quality, safety, features, and price for local vendors.
Many international players are expected to increase their presence during the forecast period by acquiring domestic players who will increase their market shares by expanding their respective product portfolios. Some of the key players profiled in the report include Amazon Web Services (AWS), Netflix, Hulu, LLC, Google LLC, Apple Inc., Facebook, Telestra, Rakuten Inc., Microsoft Corporation, and Tencent Holdings Ltd. These players have adopted various strategies to enhance their service offerings and increase their market penetration. For instance, in November 2017, Amazon Web Services (AWS) launched a suite of products geared specifically to OTT video providers, hoping to expand its foothold in the OTT video space. The company launched five products in the AWS Elemental Media Services suite, each targeting a different piece of the OTT puzzle. Moreover, in March 2019, Apple Inc. announced Apple TV Plus video subscription featuring Apple’s original programming alongside a redesigned, more advanced Apple TV app.