Over the top market, 2023-2028

According to the latest report by IMARC Group, titled, “Over the Top (OTT) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global over-the-top (OTT) market size reached US$ 350.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,555.6 Billion by 2028, exhibiting a growth rate (CAGR) of 27.55% during 2023-2028. Over-the-top (OTT) refers to a streaming service that offers content to digital users directly without the need for satellite television subscriptions or cables. Unlike traditional broadcasting mediums, this solution can be downloaded and viewed on user demand on various internet-connected devices, such as consoles, tablets, smartphones, and personal computers (PCs). In addition, OTT offers unlimited data streaming and allows viewers to access the audio, video, and digital media content at their convenience. As a result, these platforms have gained momentum as they are used for watching educational channels, live broadcasting, streaming music, advertising, and communication.

Market growth:
The expanding media and entertainment industry, the escalating sales of smart computing appliances across the globe, and the rising penetration of high-speed internet are among the primary factors driving the over the top (OTT) market. Besides this, the widespread utilization of these services for high-quality streaming content over several devices, including laptops, smart televisions, smartphones, computers, and tablets, is further augmenting the market growth. Moreover, compared to the traditionally used cables and satellite television sets, devices offering OTT media benefits provide higher portability, convenience, accessibility, and connectivity, which is also catalyzing the global market. Apart from this, the elevating requirement for these services across various industry verticals, such as government, telecom, information technology (IT), banking, servicing, financing, and insurance (BSFI), etc., for advertising purposes is acting as another significant growth-inducing factor. Additionally, the development of advanced technologies by the leading players to analyze the preferences of users and offer them customized content is also stimulating the market growth. Furthermore, the growing popularity of online platforms with subscription-based narrowed podcasts, series, genres, music films, and television programs is anticipated to propel the over the top (OTT) market over the forecasted period. EIN Newswire