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A new market study, titled “Discover Global OTT Video Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
The OTT video market hit a significant figure in the year 2018 and is expected to grow further at an astounding compound annual growth rate. The OTT video market refers to the use of streaming channels to deliver content. Unlike traditional television, one can binge-watch videos anytime he or she wants. The rise of such media houses has surged in the recent past and is ruled by the likes of major platforms like Netflix and Hulu. This, in turn, has promoted major companies to develop their solutions.
When it comes to OTT video Market, there are tons of factors that come into existence. The growth of the smartphone industry, coupled with cheaper data rates even in the most remote corners of the world, has helped the industry flourish all across the globe. On the other hand, “millennials” have developed a different taste for how content is consumed. The flexibility and easy access to content have given a significant boost to the industry, which is reflected by the growth opportunities of the industry.
However, there are a few constraints that limit the growth opportunity of the OTT video Market. The intense competition, coupled with the price war, has affected the growth opportunities negatively. On the other and, the quality of content, tricky partnership norms, and the quantity of content has transformed the growth prospects too. This has forced the significant service providers to personalize their offerings according to the demand of the geography and the position of local competitors. However, despite the hiccups, the industry is poised to grow further in the next decade, on account of several factors.
When it comes to the OTT video market, the industry can be segmented based on several factors. Each segmentation plays a crucial role and allows one to have a view of the industry from a different range. Some of the prominent factors based on which the industry can be segmented into are the component, device type, and revenue model. Based on the component type, the industry is segmented into solutions and services. On the other hand, based on the device type, the industry can be categorized into smartphones, set-up boxes, smart TVs, laptops, tablets, and desktops. On the other hand, based on the revenue model, the OTT video market is segmented into the subscription, advertisement, and hybrid models.
The OTT video market has a global presence with North America leading the race. Established players like Netflix have been in the industry for decades and know the market inside out. However, there exists a fierce competition between the players for the lion share in the region. On the other hand, the Asia Pacific region also shows some significant signs of growth, with the emergence of indigenous platforms and the impending growth rates of other global giants. The vast market potential has troubled the traditional media, and hence the traditional media houses have come up with their platforms.
In a recent news, analyst claim that the Indian Video OTT market is expected to be among the top 10 markets all across the globe. The industry is expected to cross $823 million by the year 2022 and is expected to grow at a compound annual growth rate of 22.6 percent during the period 2017-2022.
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