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(Wireless-NewsWire.Com, November 20, 2018 ) According to new market research report "Over the Top Market by Content Type, by Platform (Smart Devices, Laptops, Desktops, and Tablets), by Service (Consulting, Installation, and Maintenance), by Revenue Model, by Deployment Model, by Vertical, by User Type, by Region - Global Forecast to 2020", The market is estimated to grow from USD 28.04 Billion in 2015 to USD 62.03 Billion by 2020, at an estimated CAGR of 17.2%. The availability of high speed internet has opened up new avenues for OTT applications. The rising demand for improved automation of business processes and their execution in compliance with business and government policies are the driving forces of the OTT market.
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The biggest challenge for OTT is the diversified governmental regulations and policies present across domestic and international borders, which continually are subjected to variation. The vendors in the OTT market are continuously innovating and remodeling their present revenue model and technology to develop more proficient and advanced platforms.
Increase in wide availability of broadband infrastructure
A considerable part of OTT services are delivered over smart devices. So, countries such as the U.S. and Canada, which have better connectivity, can have a wide circulation of OTT apps. Furthermore, the broadband connectivity has increased its footprints globally. Due to this, the other Internet-enabled devices including Smart TVs, STBs, and gaming consoles can also be used for the provision of OTT services. The advantage of using OTT service is that it is less costly in contrast to other traditional modes.
The North American region is expected to contribute the maximum market share to the overall OTT market.
This market is in the growing stage in Asia-Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America, therefore OTT platforms in these regions have immense scope for enhancement. Moreover, there is huge return on investment in the OTT market as opportunities for augmented performance are always increasing, hence OTT platform vendors continue to visualize more effectively on the need for platform and services across all regions.
Some of the key players of the OTT market are Microsoft Corporation, Apple, Inc. Google, Inc., Yahoo, Inc., Facebook, Inc., Netflix, and Limelight Networks among others.
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OTT market has been segmented into following types. Content type of OTT includes Voice over IP, Text and Messages, and Video. Platforms of OTT include Smart devices, Laptops, Desktops, and tablets, Gaming Consoles, and Set Top Box. Deployment models are segmented into cloud and on-premise. Service types are consulting; installation and maintenance; training and support; and managed service. Revenue Model of OTT includes subscription, advertisement, rental, and procurement. User types are segmented into Small Office Home Office (SOHO), Small and Medium Enterprises (SMEs), and large enterprises. Industries are further classified into Banking, Financial Services and Insurance (BFSI); Media and Entertainment; healthcare; IT and telecommunication; retail; education; government; and others. Furthermore, the report classifies the market according to the regions of North America, Europe, APAC, MEA, and Latin America.
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