Mumbai: ResearchAndMarkets.com has published its 'over the top (OTT) market: global industry trends, share, size, growth, opportunity and forecast 2022-2027' report.
The global over-the-top (OTT) market reached a value of $265.1 billion in 2021. Looking forward, the publisher expects the market to reach $1,251 billion by 2027, exhibiting a CAGR of 29.51 per cent during 2021–2027.
The growing media and entertainment industry, along with the rising sales of smart computing devices across the globe, is one of the key factors driving the growth of the market. In line with this, widespread adoption of OTT services and high-quality streaming content over devices, such as smartphones, laptops, smart televisions, computers and tablets, is further contributing to the market's growth. In comparison to the traditionally used cables and satellite television sets, devices offering OTT media services provide higher portability, convenience, accessibility and connectivity.
Furthermore, the deployment of artificial intelligence (AI) by OTT service providers is also providing a boost to market growth. Service providers are increasingly utilising advanced technologies to analyse users' preferences and offer them customised content. This improves the overall experience of the user, thus favouring the adoption rates of OTT.
Additionally, significant developments in the communication infrastructure and increasing penetration of high-speed internet across emerging nations are also creating a positive outlook for the market. Other factors, including rapid urbanisation, inflating disposable incomes, and increasing consumer expenditure on entertainment and related services, along with extensive research and development (R&D) activities, are expected to drive the market in the upcoming years.
