OTT Services Market Size, Status, Top Players, Trends in Upcoming Years
Posted by Devanshu Shrivastava on January 4th, 2022
In recent years, players of the OTT services market have launched numerous platforms and services and engaged in mergers and acquisitions to stay ahead of their competitors. Some of the major players involved in product launches, and mergers and acquisitions are Kakao Corp., Netflix Inc., Google LLC (YouTube), Apple Inc., Amazon.com Inc., Telstra Corporation Ltd., Facebook Inc., The Walt Disney Company, Roku Inc., and Rakuten Inc.
For example, in July 2020, The Walt Disney Company announced the acquisition of Hotstar, an Indian OTT giant, and renamed Hotstar to Disney+ Hotstar to compete against Amazon Prime Video and Netflix. Globally, the North American OTT services market generated the highest revenue in 2020, due to the high internet penetration and extensive use of smart devices, such as tablets, laptops, smart TVs, and smartphones, in the region.
For instance, the World Bank stated that 89.43% of the U.S. population were internet users in 2019. Additionally, the intense competition among market players, owing to the availability of flexible packages and regional content, is also a key contributor to the market growth in the U.S. and Canada. Whereas, the Asia-Pacific (APAC) OTT services market is expected to display the fastest growth during the forecast period.
This will be on account of the booming population, surging number of internet users, and expanding smartphone user base in developing countries, such as China and India. According to the United Nations Population Fund (UNFPA), the APAC region is home to nearly 4.3 billion people, accounting for around 60% of the global population. Furthermore, the World Bank estimated that 86.545% of the people in Australia were using the internet in 2017.
Therefore, the escalating popularity of VoD services and the growing usage of smart devices will catalyze the market growth in the upcoming years. This market research report provides a comprehensive overview of the market
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About the AuthorDevanshu Shrivastava
Joined: January 31st, 2020
Articles Posted: 105
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