The global OTT devices and services market accounted for USD 65,633.6 Million in 2020 and is expected to reach USD 254,118.2 Million by 2028, growing at a CAGR of 18.7% from 2021 to 2028.
Over-The-Top Devices And Services Market
The global Over-The-Top Devices And Services Market accounted for USD 65,633.6 Million in 2020 and is expected to reach USD 254,118.2 Million by 2028, growing at a CAGR of 18.7% from 2021 to 2028.
Over the top (OTT) market is a film and television content platform provided via a high-speed internet connection instead of a cable or satellite provider-based platform. Presently, the OTT devices and services aid the video, music, podcast, and audio streaming category significantly. Increasing adoption can be attributed to the narrow genre choices, packaging flexibility, wider device availability, Mobility, and on-the-go facilities, internet penetration, and overall lower costs. Moreover, the rising demand for customized content led to significant adoption rates of OTT devices.
The onset of the COVID-19 pandemic created a positive impact on the OTT landscape, with audiences consuming more content at home via OTT devices. There has been a crippling effect of traditional media commutation but OTT platforms flourished like never before during the lockdown of the entire world. The digitally-driven industry is becoming more consumer-centric and is emerging as one of those sections of the entertainment arena that has performed exceptionally well even in the current situation. The need for social distancing and the non-availability of traditional media platforms like cinema halls, new TV episodes and shows, and other entertainment avenues resulted in an exponential surge in viewership of major streaming platforms.
There has been a paradigm shift in the OTT devices and services market owing to the large availability of options, connectivity, portability, convenience, advancement in technologies, and change in lifestyle. The surge in implementation of Artificial Intelligence, cloud services, and deployment of advanced technologies have led to a great hike in the market and is expected to accelerate further in the projected 7 years. Increasing use of social media among consumers has made them more aware of recent productions and developed an interest in them which in turn demands for higher OTT subscriptions. Many of the conventional media houses, which own vast archives of television content and legacy movies, are intensifying and reviving their growth via OTT-based distribution models.
The increasing readiness of subscribers to pay for premium content has stimulated OTT service players to introduce “freemium” models, which provide free access to the selected content to grab the selected subscriber base. Furthermore, the innovations in the communication infrastructure and snowballing internet penetration globally have resulted in huge demand for such services. This is expected to expand the industry growth over the forecast period. Along with providing messaging services, some OTT apps also provide the functionalities that a broadcast channel provides to its customers. With a high adoption rate, users broadcast entertaining videos, music, and local or international news to a large group of other users. This wide range of applicability is accelerating its adopted growth.
|Historic Years||2018 - 2022|
|Forecast Years||2023 - 2030|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2023 to 2030|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
The VoIP segment is expected to exhibit the highest growth of around 25% during the forecasted period. A substantial hike in smartphone users globally has led to the increased popularity of mobile VoIP, with users across regions subscribing to VoIP services and apps offered by OTT service players. VoIP has witnessed substantial growth in developed countries as well as in emerging economies, such as India. VoIP's cost-saving rewards and abilities over conventional telecom are driving its prompt acceptance as a modern standard for voice communications.
SVOD is a video monetization strategy based on recurring revenue, usually monthly or annual subscriptions. TVOD is usually a supplement to an SVOD strategy. YouTube is the most well-known AVOD platform for most creators. The SVOD market is expected to grow significantly owing to a high number of content providers in this segment like Amazon Prime, Disney+Hotstar, and others.
North America held a share of over 30% in 2020. This is due to the presence of major market players such as Amazon and Netflix.
The Asia Pacific region is projected to grow at a CAGR of around 20% over the forecast period. Asia Pacific is the highest growing region owing to the growing number of mobile phone users and increase in adoption of the internet of things in various industries and the shift of consumer preference towards OTT platforms.
Some of the key players in the OTT devices and service market are Netflix, Amazon.com, Hulu LLC, Apple Inc., Facebook Inc., Roku Inc., Disney+ Hotstar, Mi, Indieflix, and Nimbuzz, among others. The market is becoming extremely competitive companies are focusing on product innovation to gain consumer attention. The OTT platform providers have taken charge of catering to the increasing entertainment needs of the audience to keep consumers hooked. In, October 2020 - Netflix Inc. partnered with Microsoft to help coders in their learning journey of Data Science and AI.
The global OTT devices and service market is segmented as follows:
The global OTT devices and services market was valued at USD 65,633.6 Million in 2020.
The global OTT devices and services market is expected to reach USD 254,118.2 Million by 2028, growing at a CAGR of 18.7% between 2021 to 2028.
Some of the key factors driving the global OTT devices and services market growth are increasing number of smartphone users, rising demand for technologically advanced devices, growing consumer preference for OTT media.
North America region held a substantial share of the OTT devices and services market in 2020. This is attributable to the presence of major players such Netflix, Amazon and HULU among others. Asia Pacific region is projected to grow at a significant rate owing to the rising demand for OTT devices and services in developing economies such as China and India.
Some of the major companies operating in the OTT devices and services market are Netflix, Amazon.com, Hulu LLC, Apple Inc., Facebook Inc., Roku Inc., Disney+ Hotstar, Mi, Indieflix, and Nimbuzz, among others.
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