Technavio has been monitoring the over-the-top market and it is poised to grow by US$88.85 billion through 2024, progressing at a compound annual growth rate of almost 14% during the forecast period.
A OTT media service is a streaming media service offered directly to viewers via the Internet. OTT bypasses cable, broadcast, and satellite television platforms, the companies that traditionally act as a controller or distributor of such content.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied, according to Technavio. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities, the research group adds.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments, according to Technavio.