The global over the top (OTT) market size is poised to grow by USD 77.73 billion during 2019-2023, according to a new report by Technavio, progressing at a CAGR of over 13% during the forecast period.
The market is driven by the increasing penetration of mobile computing devices. Also, the implementation of AI by OTT service providers is anticipated to further boost the growth of the over the top (OTT) market.
Mobile computing devices such as smartphones, laptops, and tablets have become a prominent choice for accessing OTT content. Along with accessing services such as VoIP and text and images, mobile computing devices are becoming the preferred choice for accessing audio and video content over OTT Platforms. Furthermore, these apps also record the personal information of users, which helps vendors to retain the customer through targetted advertising. The increasing penetration of mobile computing devices is expected to drive the growth of the global OTT market as the use of apps through these devices offers portability, easier accessibility, and better connectivity than websites.