The outbreak of COVID-19 has had a positive impact on the growth of the global over-the-top (OTT), owing to the increasing internet penetration, prevalence of advanced technologies, and a personalized experience offered by various OTT platforms. The leading players of the market are focusing on developing strategies to revive the market growth in the post-pandemic market.
New York, USA, Sept. 08, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global over-the-top (OTT) market is expected to generate a revenue of $438.5 Billion by 2026 , exponentially growing at a CAGR of 19.1% during the forecast period. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Influencing the CAGR Figures Pre and Post COVID-19 Outbreak
The report reveals the real-time CAGR expected to be registered by the market during the pandemic. According to the report, the market is predicted to grow at a CAGR of 19.1% during the forecast period, while it was anticipated to be 16.7% in the pre-pandemic scenario from 2019-2026. There has been an increasing trend among people inclining towards streaming platforms, owing to the prevalence of enhanced technologies among online communication platforms to provide a seamless and personalized experience to the consumers. In addition, increased efficiency provided by various digital media and broadcasting service platforms in downloading various types of music and videos for consumers are further expected to propel the growth of the global market during the forecast period.
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Factors Influencing the Market Size Pre and Post COVID-19 Outbreak
According to the report, real-time market size has substantially increased compared to the pre-pandemic apprehensions.
Redundant lockdowns enforced people to stay at home, enabling more and more people especially, younger adults to incline towards various streaming and OTT platforms in order to kill their leisure time. In addition, rising internet penetration, and innovative customizable features provided by OTT platforms for consumers are further expected to accelerate the growth of the market during the forecast period.
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Persistent technological advancements are expected to pave the way for the growth of the market in the coming years. Increasing prevalence of augmented reality (AR) and virtual reality (VR) on smart devices for an enhanced gaming experience among players while playing games is expected to create massive opportunities for the growth of the market during the forecast period. In addition, growth in advanced cellular network services like 5G technology might significantly increase the video streaming quality and speed. This factor is further expected to widen investment opportunities for the growth of the market during the forecast period.
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Key Players of the Market
1. LINE Corporation
3. Hulu, LLC
4. Kakapo Corp.
5. Indieflix, Inc.
6. VUDU, Inc.
7. Amazon Web Services
9. Apple Inc.
10. Tencent Holdings Ltd.
12. Rakuten, Inc.
13. Microsoft Corporation
14. Google LLC.
For instance, in November 2019, Disney ended its distribution deal with Netflix and launched its own video streaming platform called Disney+, in order to provide supreme and exclusive content like Star Wars, Game of Thrones, Marvel movies, and many more for its subscribers.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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