Pune, India, Aug. 17, 2021 (GLOBE NEWSWIRE) -- The global over the top services market is set to gain traction from the increasing demand for smart TVs because of their possession of a wide range of advanced functions and features. In April 2021, for instance, Samsung Electronics joined hands with MediaTek to unveil Wi-Fi 6E enabled 8K TV. The 8K QLED Y21 smart TV by Samsung will include MediaTek MT7921AU chipset. This information is given by Fortune Business Insights™ in a published report, titled, “Over The Top (OTT) Services Market Size, Share & COVID-19 Impact Analysis, By OTT Service (Online Services, and Managed Services), By Type (OTT Communication services, OTT Media services, and OTT Applications services), By Platform (Smartphones, Smart TVs, Laptops Desktops & Tablets, and Others), and Regional Forecast, 2021-2028.” As per the report, the market size was USD 38.77 billion in 2020. It is projected to grow from USD 44.54 billion in 2021 to USD 139.00 billion in 2028 at a CAGR of 17.7% in the forecast period during 2021-2028.
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COVID-19 Pandemic: Lockdown Measures Have Surged the Number of Subscribers
The temporary shutdown of entertainment zones, box-offices, and multiplexes have accelerated the demand for over the top services worldwide because of the COVID-19 pandemic. Nationwide lockdown measures have also raised the number of subscribers. The India Brand Equity Foundation, for instance, declared that in 2020, in just four months, the paid subscription of OTT video platforms surged by 31%. We are providing in-depth research reports to help you find the best strategy to take your business to a whole new level amid the pandemic.
Segments-
Media Services Segment to Dominate Stocked by Surging Number of Live-streaming Platforms
By type, the market for OTT services is divided into applications services, media services, and communication. Out of these, the media services segment is likely to remain at the forefront because of the rising number of platforms providing live-streaming, such as music, online games, sports, and concerts. The communication services segment generated 45.2% in terms of the OTT services market share in 2020. It is estimated to grow significantly backed by the emergence of i-message and WhatsApp.
Report Coverage-
The report delivers an elaborate assessment of numerous customers’ journeys related to this industry, regions, and segments. It also provides various customer impressions about over the top services and their applications. The business intelligence and consultation solutions would aid interested stakeholders, such as chief experience officers to enhance customer experience maps catered to their requirements. They can transform customer experience and engagement with their own brands.
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Report Scope and Segmentation:
Regional Insights-
Asia Pacific Stood at USD 15.93 Billion in 2020: Fortune Business Insights™
Geographically, in 2020, North America procured USD 15.93 billion in terms of revenue. It is expected to dominate in the near future because of the rising investments by companies in the content creation sector. In the U.S., the presence of prominent OTT service providers, namely, Apple TV, Peacock, HBO Max, Quibi, and Disney+ would accelerate growth. On the other hand, Asia Pacific would grow exponentially backed by the presence of a well-established broadcaster sector in the region.
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Competitive Landscape-
Key Players Focus on Launching Innovative Platforms to Compete with Their Rivals
The global market for over the top services contains a large number of companies that are majorly aiming to cater to the needs of people across the globe. That is why they are developing cutting-edge platforms to compete with their rivals. Below are the two latest industry developments:
A list of renowned over the top services providers operating in the global market:
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