Overview and Scope
Over-the-top, or OTT, devices and services refer to the devices and services that transfer content through a high-speed Internet connection as opposed to the content that is shared by traditional distributors like broadcasters, cable operators, and IPTV operators. The word ‘over-the-top’ denotes that a content provider is providing additional services on top of those already offered via the internet.
Sizing and Forecast
The over the top devices and services market size has grown exponentially in recent years. It will grow from $254.46 billion in 2023 to $315.42 billion in 2024 at a compound annual growth rate (CAGR) of 24.0%. The growth in the historic period can be attributed to proliferation of high-speed Internet, smartphone penetration, shift in consumer behavior, globalization of content, original content production.
The over the top devices and services market size is expected to see exponential growth in the next few years. It will grow to $751.48 billion in 2028 at a compound annual growth rate (CAGR) of 24.2%. The growth in the forecast period can be attributed to 5G network rollout, emergence of hybrid business models, integration with smart home ecosystems, rise in virtual and augmented reality content, regulatory developments. Major trends in the forecast period include global partnerships and expansion, technological advancements, global expansion and localization, integration of artificial intelligence (AI) and personalization, technological advancements and 5G impact.
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Segmentation & Regional Insights
The over the top devices market covered in this report is segmented –
1) By Content: VoIP, Text And Images, Video
2) By Revenue Source: Advertising video on demand (AVOD), Subscription video on demand (SVOD), Transactional based video on demand(TVOD)
3) By Deployment: On-Premise, Cloud
4) By Streaming Platform: Mobile Devices, Computers, Smart TVs and Set Tops, Gaming Consoles
North America was the largest region in the over-the-top devices and services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global over-the-top devices and services market report during the forecast period. The regions covered in the over the top devices and services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing number of OTT subscriptions is expected to propel the growth of the over the top devices and services market going forward. Over-the-top, or OTT, technology is a term for a method of streaming content over the internet. It is responsible for offering and making available programs used to broadcast on the cable TV provider, which customers paid for when they subscribed for it. All OTT platforms are subscription-based services that can be accessed from any internet-connected device and are frequently utilized because of their ease of use and availability of content. For instance, in June 2022, according to U-Screen U.S.A., Inc., an US-based software company, it was predicted that OTT media revenue would amount to $210 billion by 2026. This is roughly twice the amount of revenue that was generated in 2020 ($106 billion). In the US, 67% of consumers had a pay-TV subscription in 2021, and 82% of them had a video streaming subscription, with an average of 4 subscriptions. Therefore, the increasing number of OTT subscriptions is driving the growth of the over-the-top devices and services market.
Key Industry Players
Major companies operating in the over the top devices and services market report are Amazon.com Inc., Apple Inc., Alphabet Inc. Microsoft Corporation, The Walt Disney Company, Tencent Holdings Limited, Discovery Inc., Netflix Inc., ViacomCBS Inc., Sling TV, Tubi Inc. Hulu LLC, Twitter Inc., Roku Inc., EchoStar Corporation, fuboTV Inc., Pluto TV Peacock LLC, Sony Pictures Networks India Private Limited, HBO Max, Vimeo Inc. Disney+ Hotstar, Brightcove Inc., Haivision Inc., Rakuten Viki Inc. CuriosityStream Inc., Philo LLC, Kanopy Inc., Acorn TV Quibi Holdings LLC, Shudder LLC Bell Media Inc.
The over the top devices and services market report table of contents includes:
1. Executive Summary
2. Over The Top Devices And Services Market Characteristics
3. Over The Top Devices And Services Market Trends And Strategies
4. Over The Top Devices And Services Market – Macro Economic Scenario
5. Global Over The Top Devices And Services Market Size and Growth
…
32. Global Over The Top Devices And Services Market Competitive Benchmarking
33. Global Over The Top Devices And Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Over The Top Devices And Services Market
35. Over The Top Devices And Services Market Future Outlook and Potential Analysis
36. Appendix
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