The ability of smartphones and various other smart devices, such as smart televisions (TVs), tablets, laptops, gaming consoles, and set-top boxes, to access high-speed internet has brought a large number of users closer to online content. In addition, these devices provide convenience and are usually equipped with various advanced features, such as the ability to stream and download high-quality content. Moreover, with smart devices becoming affordable rapidly, consumers can easily access OTT content.
Additionally, the average time being spent by people on smart devices is rising sharply, as people are spending more time using different applications on various smart devices. Furthermore, with the advent of advanced technologies, such as optical fiber, 4G/LTE, and 5G and improving network coverage, the consumption of data across the world is soaring. This is subsequently propelling the demand for OTT services, thereby causing the expansion of the global over-the-top (OTT) services market. Because of these factors, the market reached a revenue of $92 billion in 2020.
Additionally, the average time being spent by people on smart devices is rising sharply, as people are spending more time using different applications on various smart devices. Furthermore, with the advent of advanced technologies, such as optical fiber, 4G/LTE, and 5G and improving network coverage, the consumption of data across the world is soaring. This is subsequently propelling the demand for OTT services, thereby causing the expansion of the global over-the-top (OTT) services market. Because of these factors, the market reached a revenue of $92 billion in 2020.
Additionally, 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.
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.
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.
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