OTT Market to Surpass $64 Billion by 2021, says TechSci Research

OTT Market to Surpass $64 Billion by 2021, says TechSci Research Image Credit: XStream

According to TechSci Research report, global OTT(over-the-top) market is projected to surpass $67 billion by 2021, on account of rising adoption for online media content over various platforms such as smart devices, laptops, smart TVs, expanding smartphone & tablet user base, growing demand for instant messaging services, and internet based voice and video services. 

All this, with the increasing internet penetration are opening up of new revenue streams for content providers, and coupled with growing technological advancements will drive global OTT market during the period. Moreover, growing customer inclination towards online audio and videos, increasing adoption of cloud computing, coupled with expanding online gaming user base is expected to further propel growth in global OTT market in the coming years.

Growing global cloud computing market, which is forecast to increase from $255 billion in 2015 to $466 billion by 2021, is also expected to have a positive impact on the global OTT market over the next five years, said the market research firm.

North America dominated global OTT market in 2015, and the region is expected to maintain its dominance through 2021, owing to expanding internet and mobile internet user base in the region, increasing internet penetration, rising online gaming market, coupled with growing demand for VoIP, web conferencing, online content exchange, etc., by individuals, SMEs as well as large enterprise. 

Karan Chechi, Research Director with TechSci Research
Rapid growth in media & entertainment sector across the world is boosting growth in online content exchange such as online videos, online music streaming services and downloads, internet radio, online games, etc. Moreover, expanding smartphone & tablets user base, improving broadband and telecom network infrastructure, and wider content availability on the internet such as TV shows, movies, etc., are expected to continue driving the global OTT market over the next five years.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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