In the past few years, information technology and the production of electronic devices has been growing at an exponential speed. Advancements in the very large scale integration (VLSI) technologies have a huge role to play in this advancement. The result of this growth is evident across different industrial verticals. Added advantages like internet connectivity, gesture recognition, increased storage capacities, and such other are offered by VLSI. The over-the-top content or OTT delivers audio visual data over the internet without using multiple system operators. The global over the top market is growing with tremendous rise in the demand for smartphones and continual technological advancements in the existing applications. As a result of these factors, businesses in the industry are growing at a healthy growth rate.
Segmentation in OTT Market
The over the top market is segmented on the basis of the types of applications, access, and demand from various industrial verticals and geographic regions. Following are the details of the sub-segmentation in the OTT industry:
- Access Type: Desktop, laptop, smart devices, set top box, gaming consoles, and smart TVs
- Applications: Audio, voice, text, images, and video
- Industries: BFSI, IT & telecom, household, media, academia, healthcare, and so on
- Geography: North America, Europe, Latin America, Asia Pacific, and Middle East and Africa
Trends, Drivers, Segments and Prospects
The global Over The Top Market is gaining momentum with rising use of smart devices and applications of technology across various industrial verticals as well as day-to-day life. Majority of businesses make use of internet for business purpose, which gives added advantage to the over-the-top technology. Changing essentialities of modern-day life has its significance over the global OTT market. Technological advancements, growing applications, rising demand and the rapidly improving rate of adoption are some of the crucial drivers for the global market. The ability of the market to provide a large variety of multimedia services is proving to be essential for the current growth rate of the industry.
Detailed analysis of all the aforementioned segment and trends in the industry provide clear picture of the future growth prospects for the OTT industry. According to the latest market research reports, the global over the top markets is expected to grow at an anticipated CAGR of over 16% from 2014 to 2019. At the projected compound annual growth rate, the industry is estimated to cross $54 billion by the end of the year 2019, which is currently poised at $25.33 billion (in 2014). During the forecasting period, the market is expected to be dominated by North America. Growth in the emerging countries is also expected to be exponential during the forecasting period.