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A new report published by Research Dive, said the global OTT market is envisioned to generate a revenue of $438.5 billion by 2026, growing at a noteworthy CAGR of 19.1 percent during the forecast period from 2019 to 2026.
The comprehensive report provides a brief overview of the current scenario of the over-the-top (OTT) market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period, a media statement from the research company stated.
The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
According to the report, the market is expected to rise at a CAGR of 19.1 percent during the forecast period, while it was anticipated to grow at a CAGR of 16.7 percent in the pre-pandemic scenario from 2019-2026.
Moreover, the increasing trend of online streaming channels is the major factor predicted to boost the growth of theOTT market over the forecast period. In addition, the OTT platforms deliver product services straightaway to consumers through online streaming by avoiding broadcasting cable that are expected to attract more customers to avail of OTT services.
The real-time market size reached a revenue of $155.6 billion in 2020, while its estimations were $151.5 billion in the pre-pandemic scenario. The rapidly growing online communication platforms together with progressive technologies to improve personalized and customized involvement is expected to increase the demand for OTT services.
Furthermore, the rising demand for OTT services and gaming during the COVID-19 pandemic is predicted to amplify the growth of the OTT market throughout the estimated period.
The increasing implementation of augmented reality (AR) and virtual reality (VR) on smart devices for gaming applications to deliver a real-time experience for players while playing games is expected to upsurge the demand for OTT services in the post-pandemic period.
Moreover, the rapid growth in the next generation of cellular network services such as 5G technology is predicted to foster the growth of the OTT market in the approaching years.
