The growing popularity of video-on-demand (VoD) services in developing countries is also predicted to drive the advancement of the market between 2021 and 2030. Depending on type, the market is divided into VoD, music streaming, online gaming, and communication categories. Out of these, the online gaming category is predicted to dominate the market in the coming years.
Internet-connected gaming consoles, such as Xbox One, Wii U, and Playstation 4, allow users to play games online. The high costs of these games are responsible for the high revenue generation of the online gaming category. Geographically, the OTT services market was dominated by North America in 2020. This was because of the high disposable income of people, which enabled them to purchase subscriptions of premium content.
Additionally, the high penetration of the internet in Canada and the U.S. also contributed toward the surging popularity of OTT services in the region during the last few years. In the coming years, the demand for these services will soar at the fastest pace in the Asia-Pacific (APAC) region, as per the forecast of the market research company, P&S Intelligence.
This will be because of the presence of a large population, ballooning smartphone user base, and increasing penetration of the internet in emerging economies, such as China and India. In order to cater to the soaring requirement for OTT services, many companies operating in the OTT services market are announcing mergers and acquisitions and they are also focusing on service launches.
For example, The Walt Disney Company completed the acquisition of Hotstar, an Indian OTT giant, in July 2020. The OTT company was subsequently renamed to Disney + Hotstar. Thus, it can be said without any doubt that the demand for OTT services will surge sharply in the coming years, primarily because of the increasing penetration of the internet and the growing popularity of online video streaming across the world.
This market research report provides a comprehensive overview of the market
Internet-connected gaming consoles, such as Xbox One, Wii U, and Playstation 4, allow users to play games online. The high costs of these games are responsible for the high revenue generation of the online gaming category. Geographically, the OTT services market was dominated by North America in 2020. This was because of the high disposable income of people, which enabled them to purchase subscriptions of premium content.
Additionally, the high penetration of the internet in Canada and the U.S. also contributed toward the surging popularity of OTT services in the region during the last few years. In the coming years, the demand for these services will soar at the fastest pace in the Asia-Pacific (APAC) region, as per the forecast of the market research company, P&S Intelligence.
This will be because of the presence of a large population, ballooning smartphone user base, and increasing penetration of the internet in emerging economies, such as China and India. In order to cater to the soaring requirement for OTT services, many companies operating in the OTT services market are announcing mergers and acquisitions and they are also focusing on service launches.
For example, The Walt Disney Company completed the acquisition of Hotstar, an Indian OTT giant, in July 2020. The OTT company was subsequently renamed to Disney + Hotstar. Thus, it can be said without any doubt that the demand for OTT services will surge sharply in the coming years, primarily because of the increasing penetration of the internet and the growing popularity of online video streaming across the world.
This market research report provides a comprehensive overview of the market
- The Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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