The emergence of the live streaming trend and virtual reality technology is a great opportunity for major players to develop innovative offerings in the OTT content market. An increase in the adoption of high speed broadband, along with the increasing demand for smart phones and smart televisions is contributing to the growth of the OTT content market. Players in the market are constantly upgrading their product portfolios to meet the increasing demands in the global competitive OTT content market .
The presence of multiple regional and global players has resulted in fragmentation over the years, and vendors are focusing on differentiating their content and platform offerings to retain competitive edge. The impact of government regulations is moderate and the demand for regional content is comparatively high. OTT content while the main strategy of distributors is OTT content. As the demand for the most trending content, distributors need to buy content from content providers, which lets the content providers have an upper hand, limiting the bargaining power of distributors.
According to a market research report published by Future Market Insights (FMI), the global OTT content market is expected to foresee a strong CAGR of 17.4% from 2018 to 2028. In 2017, the market was worth US $ 44,391.0 Mn and is projected to Rise to a valuation of $ 245,814.4 Mn by the end of 2028.
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Proliferating Penetration of Mobile and Other Connected Devices to Push Market Revenue in the Coming Years
Smartphones and tablets have become the first go-to devices for communication and content consumption. Additionally, with the rapid adoption of 4G services in developing countries and the First World moving towards advanced telecommunications technologies, mobile internet diffusion is anticipated to accelerate in the coming years. Optimal pricing of 4G enabled phones has led to increasing smartphone penetration in various regional consumer markets, leading to a surge in demand for OTT content.
At present, OTT content and related services are attractive and feasible alternative to traditional entertainment channels. Growing preference for OTT content can be attributed to expanding content libraries and affordability relative to conventional TV subscriptions. For instance, subscription video on demand (SVOD) services led by Netflix, Amazon, and Hulu, are very popular among users owing to the affordable pricing structure.
Limited Offline Availability May Create a Roadblock to Market Growth
A disruption in the internet connection when a user or subscriber avails VoD services generally results in the re-streaming of the video. This can lead to the dissatisfaction caused by the loss of time and data in the content. Offline offline downloads create a poor customer experience. These factors may lead to restrictive adoption of OTT content services
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