According to Technavio Research Report, “Over the Top (OTT) Market by content type (video, text and images, VoIP, and music streaming) and geography (APAC, Europe, MEA, North America, and South America) is witnessed to grow USD 77.73 Billion, at a CAGR of 13% from 2019 to 2023.”
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Technavio has published a new market research report on the global over the top (OTT) market from 2019-2023. (Graphic: Business Wire)
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Implementation of AI by OTT service providers
To remain competitive in the market, many OTT service providers are adopting advanced technologies such as Al technology to improve customer experience and expand their customer base. The implementation of Al technology is largely observed in video content in the global OTT market. Al is implemented into multiple aspects in the market, starting right from creation and production to post-production, marketing, and advertisement and distribution. Although the implementation of Al is still in its early stage, it’s implementation in OTT services is expected to create greater customer experience during the forecast period.
According to a senior analyst at Technavio, “The growing investment in communication network infrastructure in developing countries, the increasing number of partnerships and acquisitions and the rising popularity of direct carrier billing in OTT market are some other major aspects that are expected to boost market growth during the forecast period.”
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Increasing penetration of mobile computing devices
Mobile computing devices such as smartphones, laptops, and tablets have become a prominent choice for accessing OTT content. Along with accessing services such as VoIP and text and images, mobile computing devices are becoming the preferred choice for accessing audio and video content over OTT Platforms. Furthermore, these apps also record personal information of users, which helps vendors to retain the customer through target advertising. The increasing penetration of mobile computing devices is expected to drive the growth of the global OTT market as the use of apps through these devices offer portability, easier accessibility, and better connectivity than websites.
Concerns pertaining to audio/video piracy
The growth of the global OTT market is hindered by the increasing number of audio/video piracy activities and unauthorized downloads. One of the major threats is the growing popularity of torrent markets. The market has the presence of various online video streaming platforms, which leads to the generation of a considerable amount of exclusive content. Since it is difficult for a user to get a subscription for all these services, torrents make it easier by offering a single-source download for all this content. Also, the content shared through torrents is mostly ad-free, providing an advantage over AVOD streaming services and posing as a significant challenge to the growth of the global OTT market. However, due to the increasing penetration of mobile computing devices and growing investment in communication network infrastructure in developing countries, the demand for OTT will have a positive outlook during the forecast period.
Top players in the global over the top (OTT) market:
- Alphabet Inc.
- Amazon.com Inc.
- Microsoft Corp.
- Netflix Inc.
- The Walt Disney Co.
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