Global Over the Top (OTT) Services Market Size to Reach USD 293.97 Billion by 2029
The global over the top (OTT) services market size is expected to reach USD 293.97 billion by 2029, growing at a CAGR of 15.66%, according to a new report by Grand View Research, Inc. The growth of this market is attributed to the increasing demand for streaming services, such as Netflix, Hulu, and Amazon Prime Video, among others.
Rising Demand for Video Streaming Services
The rising demand for video streaming services is one of the major factors driving the growth of the global over the top (OTT) services market. OTT services provide users with access to a variety of content, including movies, TV shows, sports, and music. Furthermore, the increasing availability of high-speed internet connections has enabled users to access these services with ease. This has resulted in an increase in the adoption of OTT services, which is expected to fuel the growth of the market during the forecast period.
Growing Popularity of Social Networking Platforms
The growing popularity of social networking platforms, such as Facebook, Instagram, and Twitter, is another factor driving the growth of the global over the top (OTT) services market. These platforms provide users with access to a variety of content, including videos, photos, and music. Furthermore, these platforms also allow users to interact with each other, which has resulted in an increase in the adoption of these services. This is expected to drive the growth of the market during the forecast period.
Increasing Number of Smartphone Users
The increasing number of smartphone users is another factor driving the growth of the global over the top (OTT) services market. Smartphones provide users with access to a variety of content, including movies, TV shows, sports, and music. Furthermore, the increasing availability of high-speed internet connections has enabled users to access these services with ease. This has resulted in an increase in the adoption of OTT services, which is expected to fuel the growth of the market during the forecast period.
Summary
The global over the top (OTT) services market size is expected to reach USD 293.97 billion by 2029, growing at a CAGR of 15.66%. The growth of this market is attributed to the increasing demand for streaming services, such as Netflix, Hulu, and Amazon Prime Video, among others. The rising demand for video streaming services, the growing popularity of social networking platforms, and the increasing number of smartphone users are some of the factors driving the growth of the market.
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