A newest report by Research Dive on the global over-the-top (OTT) industry divulges the impact of COVID-19 pandemic on the present and future scenario of the global industry.
The report is formulated by profoundly evaluating significant factors including major market boomers & limitations, regional market circumstances, newest trends & advances, and size & scope of the market in the course of the pandemic. The report states that the COVID-19 pandemic has made an optimistic impact on the market growth.
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Factors Impacting the Market Growth during COVID-19 Crisis
The global OTT market is anticipated to witness considerable growth and hit $438.5 billion by 2026. This growth is mostly due to growing demand for OTT services because of rising online communications and growing adoption of online streaming entertainment platforms like Amazon Prime Video, Hotstar, Netflix, and many others during the lockdown period. In addition, several industry players are keenly investing in OTT services for attracting more customers and achieving a competitive edge in the course of the crisis period.
Highlights of the Report
- The global OTT market CAGR, as anticipated before the emergence of the COVID-19 pandemic, was 16.7% in the forecast period, 2019—2026.
- The global market CAGR, as projected after the emergence of the COVID-19 pandemic, is projected to be 19.1% during the forecast timeframe, 2019—2026.
- The global over-the-top (OTT) market size in 2020, as anticipated before the beginning of the COVID-19 pandemic, was $151.5 billion.
- The current market size (2020), surviving the impacts of the COVID-19 pandemic, is $155.6 billion.
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Current Face of the Market due to COVID-19 Catastrophe:
Numerous market players are greatly investing in the development of advanced over-the-top (OTT) services for satisfying the growing needs of the consumers and surviving their business in the course of the pandemic. Moreover, government bodies are coming up with various programs to support the businesses during this time of crisis. For instance, recently, the government of Canada has presented novel film and media tax credit program. In this program, the Canada revenue agency plans to aid numerous programs such as film and media tax credits to guarantee that businesses obtain their tax-free credits all through the lockdown period.
Future Outlook of the Industry:
According to the report, the global OTT market is foreseen to observe continuous growth post-COVID-19 upheaval. This is mostly owing to growing adoption of over-the-top (OTT) services and technological advancements, such as integration of 5G technology in various smart phones, in the lockdown period.
New entrants and some of the foremost companies such as Apple Inc., Facebook, LINE Corporation, Kakapo Corp., Indieflix, Inc., VUDU, Inc., Hulu, LLC., Rakuten, Inc., Amazon Web Services, Microsoft Corporation, Tencent Holdings Ltd., Netflix, Google LLC, Telestra, and others are majorly contributing to the growth of the global OTT sector. The report offers several strategies and business plans of the leading players active in the market such as the financial performance, latest strategic plans & developments, product/service range, and SWOT analysis.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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