Global Over-the-Top Services (OTT) Market Outlook, 2020-2024 - Market Set to Reach $157 Billion by 2024, with VoD Growing at the Highest CAGR
DUBLIN, Jan. 14, 2020 /PRNewswire/ -- The "Over-the-Top Services (OTT) Market by Type (Online Gaming, Music Streaming, VoD and Communication), Monetization Model (Subscription-Based, Advertising-Based, and Transaction-Based), Streaming Device, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global OTT services market size is expected to grow from US$ 81.6 billion in 2019 to US$ 156.9 billion by 2024, at a CAGR of 14%.
Growth in the OTT services market with flexibility and ease-of-use to offer seamless customer experience
With the digitalization of media and entertainment mediums, the consumers' appetite for gaining access to the right information or preferred channels is growing increasingly. The players in the media and entertainment service vertical seek to interact with their consumers to achieve deeper customer engagement. Enterprises can easily communicate with their customers via messaging services. By utilizing OTT messaging services, enterprises can interact with their consumers to deliver media and advertising content via rich messaging channels.
APAC OTT services market to grow at the highest CAGR during the forecast period
Major economies in the Asia Pacific (APAC) include China, India, Australia, and Japan. The proliferation of smart devices, broadband, and internet connectivity, which is augmented by the emergence of advanced technologies, such as 5G, 4G, developed payment infrastructure, and a dynamic local content ecosystem, is driving the OTT services market forward. In APAC countries, VoD players such as YouTube, iQiyi, Tencent Video, Youku, ByteDance, Netflix, Amazon, Hotstar, and Hulu Japan, will account to a major share of revenue along with the huge penetration of instant messaging apps, such as WhatsApp, Facebook Messenger, Line, and WeChat.
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