SEATTLE—The global OTT market is set to continue its rapid growth, jumping from $101.2 billion in 2021 to more than $276 billion by 2028, according to a new report from Coherent Market Insights.
It has predicted that the global OTT market will grow by a CAGR of 14.5 % over the forecast period from 2021 to 2028.
Key drivers for the growth will be: increasing adoption of smart devices; greater access to high speed internet service; and the growth of more flexible OTT services that are easier to use.
The researchers noted that the rising adoption of subscription-based video on demand (SVOD) in emerging economies will present lucrative growth opportunities and that mergers and acquisitions will create additional business opportunities.
“Key companies in the over-the-top content services are focused on mergers and acquisitions, in order to expand their presence and gain a competitive advantage in the market,” the researchers said, pointing to Amazon’s proposed deal to acquire MGM Studios for US$ 8.45 billion and the $43 billion WarnerMedia, Discovery merger as examples of the trend.
