May 2024 | Report Format: Electronic (PDF)
Over The Top Devices And Services Market Growth & Trends
The global over the top devices and services market size is expected to reach USD 1,079.1 billion by 2030, expanding at a CAGR of 24.3% from 2023 to 2030, according to a new study by Grand View Research, Inc. The rollout of high-speed broadband internet has resulted in a rising inclination toward online streaming platforms, thereby fueling the growth of the OTT devices and services market.
Moreover, the proliferation of technologies such as high bit-rate streaming, pause & rewind controls, and more, in live streaming and Video on Demand (VOD) has contributed to the increasing number of OTT subscriptions, thus creating a positive outlook for the market. The industry is witnessing an influx of new players, with major platforms such as Netflix facing intense competition from competitors, including Disney+ and Apple TV+.
OTT service providers are increasingly offering premium content for paying customers to gain optimum customer engagement. Although OTT platforms have been successfully making their way into developing markets such as India, the coronavirus crisis has undoubtedly given a push to the viewers’ appetite for digital content. As per estimations, OTT devices and services have now become a popular mode of entertainment for a sizeable audience base due to the inaccessibility of outdoor entertainment and the unavailability of fresh content on television channels.
The industry has revolutionized the ways of content creation and distribution, along with streaming. Market participants are constantly adding engaging content to cater to the rising demand of customers for content variety. The pandemic resulted in rising interest among consumers to move towards entertainment offered by OTT service providers, which has led to a significant shift in content consumption. The market is expected to evolve continuously in the coming years, owing to the enormous potential for customized and consumer-centric content made available on demand.
North America is anticipated to hold a significant share of the OTT devices and services market over the forecast period, owing to the presence of key OTT service providers in the region. Additionally, the presence of major content production houses is also one of the major factors for regional market growth. Moreover, the high level of internet and smartphone penetration in the region has added to the market advancement in recent years.
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Over The Top Devices and Services Market Report
Over The Top Devices And Services Market Report Highlights
- Based on type, the OTT services segment is anticipated to grow at the highest rate of 24.4% due to the rising penetration and consumption of the Internet with unlimited data plans
- Based on device, the streaming media players segment led the market in 2022 with a higher share, as a result of a wide range of compatibility with TVs and other displays
- In terms of service type, the OTT media services segment accounted for the dominant market share of more than 86.0% in 2022, due to the high penetration of smartphones, tablets, and other advanced electronic handheld gadgets that offer an interactive display
- With regard to OTT business models, the SVOD segment is expected to expand at a substantial CAGR of 23.6% due to value for money and ad-free content
- Based on platform, the smartphones segment is expected to expand at a substantial CAGR of 24.7% during the forecast period, as a result of the ease of downloading applications that offer OTT services and media
- Based on geography, North America dominated the market in 2022 due to reliable IT infrastructure, coupled with the high disposable income of consumers in the region
