Portland, OR, March 11, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global over-the-top market was pegged at $121.61 billion in 2019, and is anticipated to reach $1,039.03 billion by 2027, registering a CAGR of 29.4% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in demand for OTT services in developing regions, increase in SVoD services in emerging markets, availability of endless varieties of content, upsurge in demand for live streaming channels drive the growth of the global Over-The-Top market. On the other hand, lack of data network infrastructure and latency issues restrain the growth to some extent. However, .emergence of new OTT markets and new developments in OTT technology are expected to pave the way for lucrative opportunities in the coming years.
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Impact of Covid-19 on OTT Market:
- The demand for OTT technology experienced a steep increase during the lockdown, with more than two-fifths of the global viewers opting for online content.
- Also, there’s been a substantial increase in subscription for several OTT platforms.
- At the same time, several government agencies have been conducting programs to help enterprises deal with this unprecedented period.
The global over-the-top market is analyzed across component, device type, content type, revenue model, user type, end-user, and region. Based on component, the solution segment contributed to nearly three-fifths of the total market share in 2019, and is projected to lead the trail by 2027. The service segment, on the other hand, is anticipated to manifest the fastest CAGR of 32.0% throughout the forecast period.
Based on end user, the media & entertainment segment accounted for more than one-fourth of the total market revenue in 2019, and is expected to rule the roost by the end of 2027. Simultaneously, the IT & telecom segment would manifest the fastest CAGR of 38.9% from 2020 to 2027.
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Based on region, North America held the highest share in 2019, generating nearly half of the global market. At the same time, the market across Asia-Pacific would showcase the fastest CAGR of 37.9% throughout the forecast period. The other two provinces studied in the report include Europe and LAMEA.
The key market players analyzed in the global over-the-top market report include Netflix, Hulu, LLC, Google LLC, Apple Inc., Tencent Holdings Ltd., Amazon Web Services (AWS), Telestra, Rakuten Inc., Microsoft Corporation, and Facebook.These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media , Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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