The global Ott Content Market is estimated to be valued at US$ 132.68 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Ott Content Market consists of over-the-top (OTT) content services that deliver film, television shows, news and sports to connected devices like smart TVs, Desktops/Laptops, Tablets, Smartphones and Consoles bypassing multiple system operators or cable networks. Ott services offer on-demand and live streaming content to viewers with improved user experience, personalized recommendations and flexible subscription options. Popular OTT platforms provide a variety of content including movies, TV shows, documentaries, short videos and live TV in multiple languages. The easy availability of high-quality content on mobile devices has boosted the growth of the Ott Content Market.
Market key trends:
One of the key trends in the Ott Content Market is the growing adoption of AI and machine learning technologies by OTT platforms. Major players are integrating AI capabilities to better understand user behavior and enhance content discovery and personalized recommendations. AI helps in customizing UI/UX, targeted advertising, subscription management, content filtering as well as curating playlists and videos based on viewer preferences. Furthermore, AI is enabling more immersive experiences like virtual assistants, personalized subtitles and translations. The integration of AI is allowing OTT platforms to offer a more engaging, seamless and customized experience to users, thereby driving the market growth over the forecast period.
Threat of new entrants: The threat of new entrants is moderate as the market has high initial capital requirements and established players have strong brand presence and economies of scale. However, entry barriers are gradually lowering due to availability of cost-effective technologies.
Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of a large number of established players offering substitute products. However, brand loyalty and switching costs increase buyer dependence on few major players.
Bargaining power of suppliers: The bargaining power of suppliers is low as the market has access to a large number of component providers globally. Suppliers do not have pricing leverage over the industry participants.
Threat of new substitutes: The threat of new substitutes is high as there is potential for substitute products and technologies to enter the market. Established players constantly invest in R&D to develop new solutions before substitutes dominate.
Competitive rivalry: The competitive rivalry in the market is high among major players to increase their market share.
The Global Ott Content Market Size is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing media consumption and demand for personalized content.
Regional analysis: North America dominated the market in 2023 with a share of over 35%, followed by Asia Pacific. Asia Pacific is expected to witness the highest CAGR during the forecast period due advances in telecommunication infrastructure and increasing disposable incomes in the region.
Key players: Key players operating in the Ott Content Market are Akamai Technologies, Apple Inc., Google Inc., LeEco, Netflix, Microsoft Corporation, Amazon, Inc., Facebook, Inc., IBM Corporation, and Limelight Networks. Akamai Technologies and Netflix together accounted for over 30% share of the global market in 2023. Major players are investing in enhancing user experience through exclusive content and technological advancements.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it