LONDON, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the OTT streaming market forecasts, the global OTT streaming market size will grow from $149.34 billion in 2022 to $171.99 billion in 2023 at a compound annual growth rate (CAGR) of 15.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global OTT streaming market size is expected to grow to $302.67 billion in 2027 at a CAGR of 15.2%.
With the increasing change in customers’ social behavior, which is shifting from traditional subscriptions to broadcasting services and to over-the-top (OTT) on-demand video and music subscriptions every year, OTT streaming in the forecast period is expected to grow at a very fast pace. Various segments of the population have started using video streaming services instead of regular television for entertainment due to added benefits such as on-demand services and ease of access. Countries such as India and China are expected to see an exponential rise in the number of content streaming users in a video on streaming and pay-per-view services. Thus, an increase in customer base is expected to boost the growth of the OTT streaming market during the forecast period.
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Asia-Pacific was the largest region in the OTT market in 2022. Middle East is expected to be the fastest-growing region in the global OTT streaming market during the forecast period. The regions covered in the over the global OTT streaming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Streaming on 4K televisions is a key trend in the OTT (Over-The-Top) streaming market. A 4K resolution is typically 3,840x 2,160 pixels and is also known as UHD or Ultra-High Definition. This is the highest level of high-definition video quality available to film, television, and sports viewers these days. Nowadays most of the latest TVs are 4K compliant. They are extremely costly but for under $1,000 (or even under $500) we can find a decent 4K TV. Major streaming services such as Netflix, Disney+, and Amazon Prime Video have included premium 4K and 4K content in their services.
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Major players in the OTT streaming market are Facebook, Netflix, Amazon, Microsoft, Google, Apple, Hulu, Tencent, Rakuten, and YouTube.
The global OTT streaming market is segmented by device type into smartphones, smart TV's, laptops, desktops and tablets, gaming consoles, set-top box, other devices; by revenue source into AVOD, SVOD, TVOD, other revenue sources; by user type into commercial, personal; by end user into e-commerce, media and entertainment, education and training, IT and telecom, health and fitness, other end users.
OTT Streaming Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032 by The Business Research Company provides insights on the OTT streaming market size, OTT streaming market segments, OTT streaming market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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