The over-the-top devices and services market has shown exponential growth, rising from $254.46 billion in 2023 to $315.42 billion in 2024, with a CAGR of 24.0%. This growth is fueled by the availability of high-speed internet and increased smartphone usage. The market is projected to reach $751.48 billion by 2028, with a CAGR of 24.2%. Trends include the integration of AI, global partnerships, and the rise of virtual and augmented reality content, supported by the rollout of 5G networks.
Major Driver In The Over The Top Devices And Services Market
The rise in OTT subscriptions is set to fuel the growth of over-the-top devices and services. OTT technology revolutionizes content delivery over the internet, offering programs previously accessible only through cable TV subscriptions. Subscription-based OTT platforms, accessible from any internet-connected device, gain popularity due to their accessibility and diverse content offerings. Projections from U-Screen U.S.A., Inc. forecast OTT media revenue to reach $210 billion by 2026, doubling the revenue generated in 2020. Notably, 67% of US consumers had a pay-TV subscription in 2021, with 82% subscribing to video streaming services, averaging four subscriptions per user. Thus, the increasing number of OTT subscriptions drives the expansion of the over-the-top devices and services market. Understanding market sizes for 2023, 2024, and 2028 aids in forecasting future trends and market potentials.
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Over The Top Devices And Services Market Competitive Landscape
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.
Key Over The Top Devices And Services Market Trend
Technological advancements are a key trend gaining popularity in the over-the-top devices and services market. Major companies operating in the over-the-top devices and services industry are focused on developing innovative solutions to strengthen their position in the market. For instance, in May 2022, Netflix, a US-based streaming media company, launched a new ‘Mystery Box’ feature to help kids discover new content. It is a tool made to make it easier for kids to find new movies and TV shows. This new feature aims to make getting new recommendations for youngsters more amusing and interesting. The new feature, according to the firm, will give kids a personalized experience that will let them find their next favorite movie or television show or even reconnect with a well-known character.
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Over The Top Devices And Services Market Segmentation
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
By Geography:The regions covered in the over the top devices and services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the over-the-top devices and services market in 2023.
The Over The Top Devices And Services Global Market Report 2024 furnishes information about the global over the top devices and services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
