Rapid growth forecasted with a projected market volume of $5.81 billion by 2029: According to statista
India’s Over-the-Top (OTT) video streaming market is poised for significant growth, with projections indicating a substantial rise in revenue in the coming years. According to recent industry analysis, the revenue in the OTT video market in India is expected to reach an impressive US$4.06 billion by the end of 2024, marking a substantial increase from previous years.
The OTT video market in India has been witnessing a steady rise in popularity, fuelled by factors such as increasing internet penetration, affordable data plans, and the rising demand for on-demand content. With a diverse range of platforms offering a plethora of content choices spanning movies, web series, documentaries, and more, consumers are increasingly turning to OTT platforms for their entertainment needs.
The projected market volume reflects the robust growth anticipated in the sector, with an annual growth rate (CAGR 2024-2029) of 7.43%. This growth trajectory is expected to propel the market to a projected volume of US$5.81 billion by 2029, showcasing the immense potential and opportunities within the Indian OTT landscape.
Also Read: Streaming Live – The rise in usage of OTT platforms
The surge in revenue and market volume is also attributed to the expanding user base in India. As per industry forecasts, the number of OTT video users in the country is expected to reach a staggering figure of US$5.81 billion by 2029, highlighting the widespread adoption of OTT platforms across various demographics.
Industry experts believe that factors such as the increasing availability of original and regional content, the proliferation of affordable smartphones, and the convenience of accessing content anytime, anywhere are driving the growth of the OTT market in India.
Leading OTT platforms in the country are continually innovating and investing in content creation and technology to cater to the evolving preferences of consumers. From exclusive releases to personalised recommendations, these platforms are focused on enhancing the user experience and retaining their subscriber base amidst growing competition.
The surge in revenue projections underscores the immense potential of the Indian OTT market, making it an attractive destination for both domestic and international players looking to capitalise on the burgeoning digital entertainment landscape. With continued investments and strategic initiatives, the Indian OTT industry is poised for dynamic growth in the years to come.
