Adoption of device-based computing, growth in demand for content, personalisation of technology and an increase in broadband availability are boosting significantly over-the-top (OTT) video uptake, says RnRMarketResearch.
Its report found that the global OTT market was primed to grow from $28.04 billion in 2015 to $62.03 billion by 2020, at an estimated CAGR of 17.2%. The rising adoption of device-based computing and connectivity of broadband across regions and demand across large enterprise systems was giving a particular push to OTT in the Asia-Pacific region which was projected to have the highest CAGR for OTT services.
On-premise based OTT was found to be the largest contributor than the cloud-based services but RnR suggests that the latter is expected to surpass the former due to the higher adoption rate of cloud technologies. Managed services in the services segment is expected to grow at the highest CAGR during the forecast period.
The report found that easy accessibility of broadband technology is contributing to the increasing popularity of OTT, with considerable parts of services delivered over smart devices. So, said the analyst, countries such as the US and Canada, which have better connectivity, can have a wide circulation of OTT apps. Furthermore, it added that broadband connectivity has increased its footprints globally and that due to this, the other Internet-enabled devices including smart TVs, set-top boxe, and gaming consoles can also be used for the provision of OTT services.