The global OTT Content Market is estimated to be valued at US$ 132.68 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: OTT content refers to movies, tv shows, videos and other digital media delivered and consumed online through the over-the-top (OTT) model. OTT content is accessible via devices like smart phones, tablets, computers and smart TVs. OTT content provides advantages like wide availability of content choices, on-demand viewing and low subscription costs to viewers.
Market key trends: One of the key trends in the OTT content market is the rise of augmented reality (AR) technology. Major players in the market are increasingly adopting AR technology to enhance viewer experience. For example, some OTT players have launched AR features that allow viewers to place virtual objects from movies and games in real world spaces. This brings characters and scenes to life and offers an immersive experience. AR assisted content is gaining popularity among younger viewers and is expected to be a major driver of growth in the OTT content market over the forecast period.
Here is the segment analysis and key takeaways for the given OTT Content Market:
Segment Analysis
The global OTT Content market is segmented on the basis of content type, platform and revenue model. Based on content type, the market is segmented into video, audio/voice, games, communication and others. Video content is the dominating segment as it holds around 65% of the market share. Video content includes movies, TV shows, web series and news which attracts more audiences.
Key Takeaways
The global OTT Content Market Share is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing internet and smartphone penetration. Asia Pacific region is expected to be the fastest growing market for OTT content during the forecast period. Countries like China, India and Japan are dominating the APAC OTT content market due to rising youth population, increasing disposable income and availability of high speed internet.
Regional analysis
The North America region currently dominates the OTT content market holding around 30% share of the global market. US and Canada are major markets in North America due to high smartphone and internet penetration. However, Asia Pacific region is expected to witness highest CAGR over the forecast period owing to increasing adoption of digital services in emerging economies of India, Indonesia and Vietnam.
Key players
Key players operating in the OTT Content market are Akamai Technologies, Apple Inc., Google Inc., LeEco, Netflix, Microsoft Corporation, Amazon, Inc., Facebook, Inc., IBM Corporation, and Limelight Networks. Netflix is currently dominating the global OTT content market with around 25% market share. It offers wide range of movies, TV shows, web series and documentaries across various genres with affordable subscription plans. Other major players include Amazon Prime Video, Hulu, Youtube and Disney+ who are expanding their OTT content libraries globally.
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https://www.insightprobing.com/ott-content-market-trends-size-and-share-analysis/
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