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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ott content includes video, audio, games, communication, and other media content that is accessible over the internet without the involvement of a multiple-system operator in the control or distribution of the content. It provides 24/7 availability, convenience, personalization of consumer choices of content, and multiple screens experience anywhere and anytime.
Market key trends:
Video on demand is witnessing significant growth owing to rising demand for consuming media content across various devices according to consumer’s convenience. Video on demand services allow the viewers to watch content according to their schedules rather than being restricted by programming schedules set by linear television channels. This is encouraging more consumers to opt for video on demand services and thereby driving the Ott content market growth.
Segment Analysis
The Global Ott Content Market Size is segmented based on platforms, models and end use. Based on platform, the Ott content market is segmented into desktop/laptop, smartphones, smart TVs, and others. The smartphones segment dominates the market and accounted for the largest share in 2022. The availability of inexpensive data plans along with the adoption of larger screens for enhanced viewing experience is driving the growth of this segment.
Key Takeaways
The global Ott content market is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, 2023 to 2030, due to increasing internet and smartphone penetration globally. Advances in network connectivity technology is also fueling the market growth.
Regional analysis:
North America dominates the Ott content market and is expected to continue its dominance over the forecast period. High spending capability of consumers and availability of high-speed internet across the region is driving the market growth. Asia Pacific exhibits the fastest growth over the forecast period owing to rising middle class population and increasing disposable incomes in countries such as India and China.
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 dominated the market due to highest subscriber base worldwide.
For More Insights, Read- https://www.newsstatix.com/ott-content-market-size-share-analysis-2023-2030/
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