The surging penetration of the internet and smart devices, increasing average internet speeds, and soaring use of video on demand (VoD) services are the major factors fueling the expansion of the global over-the-top (OTT) services market. The market generated revenue of $91,881.6 million in 2020 and is predicted to surge sharply during 2021–2030, according to P&S Intelligence.
The COVID-19 pandemic has positively impacted the growth of the OTT services market. The announcement of multiple lockdowns and stringent social distancing protocols has brought the cinema and theatre industry to a halt. This was because cinema halls and theatres all over the word were shut down because of the lockdowns, thereby halting the release of movies. Similarly, many major sports events were postponed, canceled, or were organized behind closed doors, which caused a sharp fall in revenue generation. However, the OTT platforms benefited from these measures, as they were able to show sporting events and movies under the pay-per-view model. Further, the lockdowns gave people time to consume online content and thus, the viewership rates of major streaming platforms increased massively during the pandemic.
The OTT services market is divided into music streaming, online gaming, and VoD communication, depending on type. Out of these, the online gaming category is expected to dominate the market during the forecast period. Internet connected gaming consoles such as Xbox One, Wii U, and Sony PlayStation 4, enable online gaming. Furthermore, these games are usually very expensive, which massively contributes to the high revenue generation of the online gaming category in the market.
The surging use of tablets and smartphones and the increasing internet penetration are the main factors propelling the expansion of the smartphones and tablets category, under the streaming device segment of the OTT services market. For instance, as per the World Bank data, the share of internet users in the global population grew from 34.2% in 2012 to 51.1% in 2019. Further, the usage convenience offered by these products and their portability and their ability to allow users to download and stream high-quality content as per their choice are also driving the growth of this category in the market.
Globally, North America held the largest share in the OTT services market in 2020. This is ascribed to the fact that the people in this region extensively avail OTT services and consume content provided by OTT platforms, on account of their high disposable income. Additionally, the high penetration of the internet is also fueling the popularity of OTT services in the region.
During the forecast period, the Asia-Pacific (APAC) region is predicted to be the fastest-growing market for OTT services. This is attributed to the presence of a large population, growing smartphone user base, and surging internet penetration in the developing countries such as China and India.
The players operating in the OTT services market are focusing on mergers and acquisitions and service launches for bolstering their position in the industry. For example, The Walt Disney Company completed the acquisition of the Indian OTT giant Hotstar in July 2020 and renamed it to Disney + Hotstar. This acquisition took nearly one year to materialize and The Walt Disney Company predicts to compete with various regional video streaming platforms such as Amazon Prime Video and Netflix.
Likewise, telecom operator Jio announced in July 2020 that it will introduce 12 OTT apps, such as Amazon Prime, Voot, Disney + Hotstar, SonyLiv, Netflix, Zee5, YouTube, JioSaavn, and JioCinema under its application Jio TV+, which will make these services available on a single platform that can be viewed on TVs.
Some of the major OTT services market players are Roku Inc., Netflix Inc., Amazon.com Inc., Apple Inc., The Walt Disney Company, Facebook Inc., Google LLC (YouTube), Kakao Corp, Rakuten Inc., and Telstra Corporation Ltd.
KaarTech , a global Digital Transformation Consulting company, is excited to announce its latest strategic move in the world of digital transformation. The company has broadened its’ capabilities and geography by successfully acquiring Dunn Solutions Group Inc. , a leading Customer Experience Solutions Consultancy headquartered in Chicago, Illinois.
Founded in 2006, KaarTech has solidified its position as a key player within the SAP ecosystem. With a proven track record of delivering digital transformation success across various sectors, including Discrete Manufacturing, Process Manufacturing, and Consumer Packaged Goods, KaarTech has carved a niche for itself. The company has also developed proprietary intellectual property, KEBS for Professional Services and KTern.AI for SAP Digital Transformation , reinforcing its reputation as a formidable force in the Digital Transformation Arena.
Founded in 1988, Dunn Solutions is headquartered outside of Chicago and has offices both in Minneapolis and Bengaluru. The company has carved its niche as a Digital Commerce and Business Transformation Consultancy. Their core mission revolves around delivering unmatched velocity and transformative solutions to their clients.
This strategic acquisition facilitated by Eiliant Advisors, a Bangalore based Investment Banking Firm, marks a watershed moment for KaarTech as it combines its extensive SAP domain expertise, especially in SAP S/4HANA, with Dunn Solutions’ prowess in Digital Customer Experience.
Speaking about the acquisition, Mr. Maran Nagarajan, CEO of KaarTech, says, “We are excited to join forces with Dunn Solutions to accelerate our vision of redefining Digital Transformation. This partnership brings together the best of both worlds – our SAP expertise and Dunn Solutions’ prowess in Customer Experience – to create a transformative force that will deliver exceptional value to our clients.”
This union not only broadens the horizontal scope of KaarTech’s services but also strengthens its commitment to providing cutting-edge digital solutions that drive business growth and competitiveness. With this partnership, KaarTech solidifies its position as a true leader in the Digital Transformation Arena.
Mr. Bill Dunn, CEO of Dunn Solutions, says “KaarTech has earned a reputation as a key driver of SAP innovation across a number of verticals over the years globally, and we are excited to join them as we look to leverage the assets and experience of Dunn Solutions to continue building on KaarTech’s success in the Digital Transformation Space.”
Prestigious InsurTech100 List for 2023 Recognizes the Austrian AI Pioneer’s Contribution to Transforming Insurance Processes
Cortical.io today announced that they have been named to FinTech Global’s Sixth Edition of its prestigious InsurTech100 list for 2023. The ranking celebrates the groundbreaking tech companies that are developing solutions to the insurance industry’s most daunting challenges.
Our approach to intelligent document processing paves the way for insurers to explore a wealth of new opportunities, differentiating them from competitors in the digital transformation journey.
Over the last couple of years, insurance firms have faced an uphill battle to rapidly digitize their services and meet the evolving customer demands, nurturing a competitive landscape of Insurtech companies. This meant this year’s battle to earn a spot amongst the 100 InsurTech visionaries was intense. A select group of analysts and seasoned industry specialists sifted through a list of over 1,900 contenders presented by FinTech Global. The chosen few were acknowledged for their inventive technological applications either to solve a major industry challenge or to bolster efficiency throughout the insurance value chain.
“FinTech Global acknowledges for the second consecutive time Cortical.io’s role in revolutionizing document-centric processes within the insurance sector,” said Rainer Kegel, CEO of Cortical.io. “It’s incredibly gratifying to be recognized for our efforts in addressing a significant industry challenge, namely reducing the need for human intervention in the document review process. Our approach to intelligent document processing paves the way for insurers to explore a wealth of new opportunities, differentiating them from competitors in the digital transformation journey.”
Quoting group benefits is probably one of the most challenging insurance processes as it requires the analysis of many documents of variable types and structures. Cortical.io’s intelligent document processing solution extracts, interprets and classifies complex information found in terms and provisions and is for example able to detect the best plan matching a competitor’s policy. “Large insurance carriers employ hundreds of people to manually review policies before submitting a quote for group benefits,” said Kegel. “Our solutions help them prepare more accurate quotes faster, and consequently close more deals.”
Cortical.io’s Intelligent Document Processing (IDP) solutions leverage a unique approach to natural language understanding called Semantic Folding to reach unmatched levels of accuracy with unstructured text. Cortical.io’s solutions automatically search, extract and classify complex information from various documents such as insurance policies and emails with attachment, helping insurance companies eliminate quoting errors, improve customer response times and reduce labor intensive processes.
FinTech Global director Richard Sachar said, “The widespread availability of generative AI capabilities has opened the doors for even greater innovation within insurance. We’re entering a new wave of digitalization and insurance firms need to be prepared. The InsurTech100 will help top-level insurance executives in discerning the tech pioneers revolutionizing key areas like underwriting, pricing, distribution, and data analytics.”
About Cortical.io
Cortical.io delivers highly efficient AI-based solutions that help enterprises unlock the value of unstructured text by leveraging a game-changing approach to Natural Language Understanding (NLU). Cortical.io SemanticPro is an intelligent document processing solution that accurately extracts, analyzes and classifies information based on meaning and builds the basis for document workflow automation. With more than 10 years expertise in implementing NLU solutions in the enterprise, Cortical.io has demonstrated its ability to solve the challenges of language ambiguity and variability across many use cases and verticals for Fortune 500 companies.
Cortical.io has offices in the U.S. (New York and San Francisco) and Europe (Vienna).
Converting to sustainable energy can be a costly and confusing process for consumers. Mona Lee is moving the clean energy industry forward with its innovative and customer-centric approach, allowing homeowners to install solar panels and storage for 40-50% lower costs than what the competition offers.
Mona Lee, a Boston-based startup founded by former Tesla employee Walid Halty, has announced the successful closure of a $3.25 million seed funding round. The round included investments from prominent players in the technology and consumer sectors, such as Ludlow Ventures, Shrug VC, Palm Tree Crew (founded by Norwegian DJ Kygo), Coalition Operators, Plug and Play Ventures, and The Pags Group, owned by Boston Celtics’ owner Steve Pagliuca.
“Residential clean energy is a massive opportunity and we are excited to be redefining the buying and installation experience for eager consumers,” said CEO and Cofounder Walid Halty.
Mona Lee is on a mission to make solar, storage and EV charging installation for homes affordable and hassle-free. Since its launch, the company has experienced remarkable growth, installing in over 7 states with over 150 new customers per month and an average cost-per-order of $28,000.
The potential for growth in the home solar and storage industry is staggering, with an estimated $250 billion opportunity over the next six years alone. With 142 million homes in the U.S. and only 2 million having switched to solar in the past two decades, Mona Lee aims to tap into the remaining 140 million homes expected to adopt solar power alone by 2029.
The passage of the Inflation Reduction Act has fueled consumer interest in clean energy in recent years and Mona Lee has met the moment. The company’s unique selling proposition lies in its AI-powered buying experience. Mona Lee’s technology demystifies the process of designing and purchasing a complete solar panel and storage system for homes, while cutting costs for consumers by 40-50%.
Mona Lee’s CEO, Walid Halty, shared his excitement about the company’s recent funding success, stating, “This funding round is a testament to the need for Mona Lee’s innovative approach in the home solar and storage industry. We are committed to making solar and storage installation a no-brainer for all homeowners, and this investment will allow us to further accelerate our growth and expand our reach.”
With its innovative technology and commitment to bringing affordable and seamless solar and storage installation to homes across the country, Mona Lee is poised to redefine the clean energy experience for consumers.
About Mona Lee
Mona Lee is a Boston-based startup co-founded by Walid Halty, an ex-Tesla employee. The company is focused on making solar installation affordable and hassle-free for homeowners. With its AI-powered design and buying experience, Mona Lee aims to simplify the process of purchasing and installing a complete solar panel system–enabling every home to fulfill its own energy needs, while contributing to a more sustainable future.