Rising disposable income, reducing smartphone prices, increasing internet penetration and availability of exclusive regional content on OTT platforms to drive OTT video services market in India through 2023
According to TechSci Research report, “India OTT Video Services Market By Streaming Type, Competition Forecast & Opportunities, 2017-2023”, India OTT video services market is projected to register robust double-digit growth at a CAGR of more than 30%. Growth in the market is expected to be driven by growing internet penetration, rising trend of Bring Your Own Device (BYOD) and increasing adoption of cloud computing, in addition to reducing prices of smartphones and data packs. Booming youth population, improving broadband network infrastructure and growing number of platforms to access online video content such as smartphones, tablets, desktops, laptops and smart TVs are also anticipated to drive the market in the coming years. Over The Top (OTT) is a solution that enables an individual or an enterprise to transfer content such as audio, video, text and images over the internet, without the involvement of any system operator or provider for distribution of content. According to a survey conducted by TechSci Research, on an average, 73 minutes are being spent by an Indian viewer per day on an OTT video platform.
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“India OTT Video Services Market” https://www.techsciresearch.com/report/india-ott-video-services-market/3164.html
Ease of use and availability of exclusive and original content, especially regional content, by OTT video services players upon subscription is propelling the demand for OTT video services among the youth. Moreover, the mindset of Indian consumers is changing, and they have started subscribing on OTT platforms by paying subscription fees rather than merely enjoying free OTT video services. Rising demand for Video on Demand (VOD), Subscription Video on Demand (SVOD), Internet TV, expanding online user base and introduction of new technologies, etc., are also resulting in significant growth in online video viewers’ traffic, thus propelling the demand for live streaming of video content on the OTT video services platforms. Moreover, increasing consumer inclination towards online media content access over multi-screen platforms along with rising Watch-on-the-Go trend is further anticipated to drive India OTT video services market through 2023. YouTube, Hotstar, Amazon Prime, Sony LIV and Netflix are the five major companies operating in India OTT video services market.
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“Rapid growth in media & entertainment sector in India is driving growth in online content exchange such as online videos, online music streaming services and downloads, online games, etc. Rising penetration of smartphones, smart TVs and other handheld devices, availability of exclusive and original regional content and wider content availability on the internet such as TV shows, movies, live sports, etc., is positively impacting the market for OTT video services in the country. Moreover, OTT video services players’ tie-ups with telecom operators is creating an attractive collection of video content across various genres for the customers. Furthermore, it is anticipated that the average revenue per user (ARPU) will increase steadily during the forecast period and further propel the video streaming market, which in turn would aid India OTT video services market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India OTT Video Services Market By Streaming Type, Competition Forecast & Opportunities, 2017-2023” has evaluated the future growth potential of India OTT video services market and provides statistics and information on market size, structure and future market growth. The report intends to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by India OTT video services market.
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