OTT streaming market growth sees rate of 15% with changing customer behavior

The global OTT streaming market size is expected to grow from $129.67 billion in 2021 to $149.34 billion in 2022 at a compound annual growth rate (CAGR) of 15.2%. According to the global OTT streaming market forecast, the growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $262.28 billion in 2026 at a CAGR of 15.1%.

With the increasing change in customers’ social behavior, which is shifting from traditional subscriptions to broadcasting services and to over-the-top (OTT) on-demand video and music subscriptions every year, OTT streaming in the forecast period is expected to grow at a very fast pace and also increase the OTT streaming market opportunity. Various segments of the population have started using video streaming services instead of regular television for entertainment due to added benefits such as on-demand services and ease of access. Countries such as India and China are expected to see an exponential rise in the number of content streaming users in a video on streaming and pay-per-view services. In 2020, OTT content streaming service, Netflix, expects to close the year with 4.6 million paid customers. According to TBRC’s OTT streaming industry growth analysis, an increase in customer base is expected to boost the growth of the OTT streaming market during the forecast period.

Asia Pacific was the largest region in the OTT market in 2021. The Middle East is expected to be the fastest growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

OTT streaming market strategies is to stream on 4K televisions, a key trend in the market. A 4K resolution is typically 3,840x 2,160 pixels and is also known as UHD or Ultra-High Definition. This is the highest level of high-definition video quality available to film, television, and sports viewers these days. Nowadays most of the latest TVs are 4K compliant. They are extremely costly but for under $1,000 (or even under $500) we can find a decent 4K TV. Major streaming services such as Netflix, Disney+, and Amazon Prime Video have included premium 4K and 4K content in their services. FuboTV launched its first live- TV to provide coverage in 4K with HDR. The only sports that take advantage of this improved visual quality were World Cup matches, but later the company added some NCAA football matches in 4K.

Major players covered in the global OTT streaming industry are Facebook, Netflix, Amazon, Microsoft, Google, Apple, Hulu, Tencent, Rakuten, and YouTube.

TBRC’s global OTT Streaming market report is segmented by device type into smartphones, smart TVs, laptops, desktops and tablets, gaming consoles, set-top box, others, by revenue source into AVOD, SVOD, TVOD, others, by user type into commercial, personal, by end-user into e-commerce, media and entertainment, education and training, it and telecom, health and fitness, others.

OTT Streaming Global Market Report 2022 – By Device Type (Smartphones, Smart TV’s, Laptops, Desktops and Tablets, Gaming Consoles, Set-Top Box), By Revenue Source (AVOD, SVOD, TVOD), By User Type (Commercial, Personal), By End User (E-commerce, Media And Entertainment, Education And Training, IT And Telecom, Health And Fitness) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a OTT streaming market overview, OTT streaming market forecast, OTT streaming market size and OTT streaming market growth for the whole market, OTT streaming market segments, geographies, OTT streaming market trends, OTT streaming market drivers, restraints, leading competitors’ revenues, profiles, and market shares. EIN Newswires