The global OTT services market size is projected to reach $86.8 billion (€80.4bn) by 2026. The increasing internet penetration will open up a huge potential for the companies operating in this market.
According to a report published by Fortune Business Insights, the market was worth $30.2 billion in 2018 and will exhibit a CAGR of 14.3 per cent during the forecast period, 2019-2026.
The rising internet penetration will open up a huge potential for OTT players in the forthcoming years. Moreover, advancements in internet properties such as high speed and wider distribution will have a positive impact on the growth of the market. Increasing number of telecom providers will lead to a wider product adoption across the world. The demand for VoD services will provide impetus to market growth. The proliferation of smartphones on a global scale will create several growth opportunities.
The increasing number of OTT services by major companies across the world, will have a huge impact on the growth of the market in the coming years. Presence of large scale companies such as Apple, Amazon and Netflix have laid a huge platform for market growth.
Among all factors, the increasing smartphone penetration has provided a huge platform for OTT service providers. The advancements in digital platform and availability of numerous digital services will lead to a wider product adoption. According to the Mobile Economy Report 2018, around 61 per cent of the global population will be using mobile internet. Increasing smartphone use, coupled with the availability of high speed internet facilities, will have a positive impact on the growth of the market in the foreseeable future.