India OTT Video Services Market to Grow at 29.52% CAGR: Report
According to TechSci Research report, “India OTT Video Services Market By Streaming Type (Video-on-Demand and Live), By Region, Competition, Forecast & Opportunities FY2016-FY2026”, India OTT Video Services Market is expected to reach USD5.12 billion by FY2026, growing at a CAGR of 29.52% during the forecast period.
This growth can be attributed to the rapid rise in online video content viewed by a large number of people in the country following the COVID-19 outbreak, as they were getting bored sitting at home due to lockdown restrictions and required some sort of entertainment. However, the lack of efficient telecom infrastructures and high-speed data services, along with the increasing piracy of the content are posing a serious challenge to the growth of the OTT Video Services Market in India. Additionally, the rigidity of the consumers towards online video and content sharing services can further restrict the growth of the market.
The Indian OTT Video Services Market is segmented based on streaming type, region and company. Based on the region, the market is further segmented into North, West, South and East. North region dominated the India OTT Video Services Market with a share of 30.08% in FY2020 and is expected to continue dominance in the market during the forecast period as well. This growth is due to the rise in the usage of smartphones, tablets and laptops to fulfill the demand for video streaming services at any location along with the expansion of urbanization in the region.
Based on the streaming type, the market is segmented into video-on-demand and Live OTT video services. The video-on- demand segment is the market leader and had a major market share of 86.38% in FY2020 and is expected to achieve a momentous growth during the forecast period as well. This growth can be contributed to increasing number of subscribers of video-on-demand services on OTT platforms all over the country. The increase in the online sources is due to the advancements in the online networks, stronger internet connectivity and multimedia service-capable mobiles across the country. Additionally, the filmmakers also started taking new releases to OTT platforms as the lockdowns hindered the theatrical experience which resulted in increase in demand for the video-on-demand segment in FY2020 and this trend is expected to continue in the forecast period as well.
Novi Digital Entertainment (Disney+Hotstar), Amazon Development Center India,(Amazon Prime), Netflix Entertainment Services India (Netflix), Zee Entertainment Enterprises (Zee 5), Sony Pictures Networks India, (Sony Liv), Reliance Jio Infocomm (Jio Cinema & JioTV), Times Group (MX Player), Eros International (Eros Now), ALT Digital Media Entertainment (ALT Balaji), Viacom18 Media (Voot) are some of the leading players operating in India OTT Video Services Market. The companies operating in the market are using organic strategies such as local content creation, high quality streaming, and collaborations to boost their shares in the market. Most of these companies are using various pricing packages for the distribution of all the products which is a strong driving force for the growth of the market.
“India is a country with diverse and multiple languages therefore demand for regional and local content is increasing. Based on regional influence, users are opting for the OTT platforms which offer sufficient regional content at competitive prices. Especially users look for movies, web series in the regional language or in a local content. Some major regional languages which are popular and in demand are Telugu, Tamil, Marathi, Gujrati, Bhojpuri, Bengali,
Punjabi, etc. Hence, OTT providers must target these regional content in their packaging options. Therefore, companies are recommended to invest in producing local content.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India OTT Video Services Market By Streaming Type (Video-on-Demand and Live), By Region, Competition, Forecast & Opportunities FY2016-FY2026” has evaluated the future growth potential of India OTT Video Services Market and provides statistics & information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India OTT Video Services Market
