Over-the-Top Services (OTT) Market by Type, Monetization Model , Streaming Device, Vertical, and Region - Global Forecast to 2024

The global Over-The-Top (OTT) Services Market size projected to grow from USD 81.6 billion in 2019 to USD 156.9 billion by 2024, at a CAGR of 14.0% during the forecast period. The major growth factors for the OTT Services Market include the growth of smart devices and internet proliferation according to a new report from MarketsandMarkets.

Online gaming to hold the largest market size during the forecast period

Online gaming is one of the highly growing application areas. Companies operating in this segment utilize OTT services to release and deliver games online successfully, with scalability for multiple users across different locations. Users prefer HD quality for gaming content. A lack of good quality gaming content coupled with poor web performance, slow frame rates, poor graphics, and unwanted webpage lag times can lead to a drop in the number of online customers for gaming companies.

Transaction-based online gaming segment to record the fastest growth rate during the forecast period

The online gaming segment will be more transactional-based compared to subscription-based in the OTT services market. The transaction-based monetization model will grow at a fast rate as users want to experience content ownership when it comes to online gaming. They want to purchase the entire content so that it can facilitate flexibility and comfort of usage at any point of time.

APAC to record the highest growth rate during the forecast period

The proliferation of smart devices, broadband, and internet connectivity, which is augmented by the emergence of advanced technologies, such as 5G, 4G, developed payment infrastructure, and a dynamic local content ecosystem, is driving the OTT services market forward. Countries of Asia Pacific (APAC), such as China and Japan, are home to major companies, such as Sega and Namco, which contribute hugely to Pesonal Computer (PC) gaming revenues. The mobile games segment is the fastest-growing segment, as well as the biggest revenue generator. The major revenue contributors include China and India, which represent 2 of the most populous markets with huge potentials for growth.

(You can find more information, including the full report, by clicking here: https://www.marketsandmarkets.com)