OTT market worth $54.00 billion by 2019
April 29, 2014 07.20 Europe/London By Robert Briel
vintage_tv-setUS research form MarketsandMarkets forecasts the over the top market to grow from $25.33 billion in 2014 to $54.00billion in 2019.
In terms of geographies, North America and Asia-Pacific is expected to be the biggest market in terms of revenue contribution, while Latin America and Europe are expected to experience increased market traction, during the forecast period.
With the increased growth in internet technology, all major players in OTT space, such as Akamai, Apple, Facebook, Google, Limelight, Microsoft, Netflix, Nimbuzz, Tencent Holding and Yahoo among various others are expecting huge opportunities in future.
“OTT service is available on various devices including smart phones, tablet, desktops, laptops, smart TV, and gaming consoles. These services are widely used by users and hence OTT market is expected to grow at a healthy rate in coming years,” according to the research.
“The essentialities of today’s business communications include continuous connectivity, internet service and speedy data sharing. The major driving factors for OTT market are increasing penetration of smart devices, better broadband connectivity, cheaper services, socially adoption of OTT services etc. OTT service providers are facing challenges in terms of dependency on internet networks, monetisation of user base, and fierce competition.”