The global over the top devices and services market size is expected to reach USD 220.54 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 18.6% from 2020 to 2027. The rollout of high-speed broadband internet has resulted in a rising inclination toward online streaming platforms, thereby fueling industry growth. Moreover, the proliferation of technologies underlying live streaming and Video on Demand (VOD) has significantly contributed to the increasing number of OTT subscriptions, thus creating a positive outlook for the market.
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The industry is witnessing an influx of new players, with major platforms, such as Netflix, facing intense competition from OTT providers, such as Disney+ and Apple TV+. The service providers are increasingly offering premium content for paying customers to gain comprehensive customer engagement. Additionally, although OTT platforms had 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 the estimations, OTT has now become a go-to mode for a sizeable audience base due to the inaccessibility of outdoor entertainment and the unavailability of new content on television channels.
The industry has revolutionized the ways of content creation and distribution, along with streaming. The market participants are making perennial additions of engaging content to cater to the rising demand of customers for variety in the content. The ongoing pandemic has resulted in more consumers inadvertently realizing the convenience offered by OTT services, which has led to a significant shift in content consumption. The market is expected to evolve continuously over the coming years owing to the enormous potential for customized and consumer-centric content made available on demand.
Key suggestions from the report:
- Apart from the increasing subscriptions, OTT is also becoming a crucial avenue for advertising. AVOD revenues are also witnessing a gradual increase with the expanding user base of these services
- By device type, streaming sticks are expected to witness the fastest growth from 2020 to 2027 owing to their rising popularity, especially in developing countries across the globe. Their popularity can be attributed to the cost-effectiveness and compact design of such devices
- North America dominated the market in 2019 and is expected to maintain its lead throughout the forecast period owing to the already established acceptance of OTT services and the increasing number of smartphone and internet users across the region
- By platform, gaming consoles are increasingly becoming a preferred platform to access the OTT service, resulting in the accelerated growth of the segment
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Grand View Research has segmented the global OTT devices and services market on the basis of content, revenue source, platform, deployment, device type, and region:
OTT Devices and Services Content Outlook (Revenue, USD Billion, 2016 – 2027)
- Text & Images
OTT Devices and Services Revenue Source Outlook (Revenue, USD Billion, 2016 – 2027)
OTT Devices and Services Platform Outlook (Revenue, USD Billion, 2016 – 2027)
- Mobile Devices & Computers
- Smart TVs & Set-top Box
- Gaming Consoles
OTT Devices and Services Deployment Outlook (Revenue, USD Billion, 2016 – 2027)
OTT Device Type Outlook (Demand, Thousand Units; Revenue, USD Million, 2016 – 2027)
- Streaming Media Players
- Streaming Box
- Connected Gaming Console
- OTT Set-top Box
- Streaming Sticks
OTT Devices and Services Regional Outlook (Demand, Thousand Units; Revenue, USD Billion, 2016 – 2027)
- North America
- Asia Pacific
- Southeast Asia
- South Korea
- Latin America
- Middle East & Africa
List of Key Players of Over The Top Devices And Services Market
- Hulu LLC
- Apple Inc.
- Facebook Inc.
- Roku Inc.
Find more research reports on Digital Media Industry, by Grand View Research:
Gaming Market – The global gaming market size was valued at USD 97.80 billion in 2016 and is expected to witness remarkable growth over the next eight years.
Digital Camera Market – This research report analyzes the digital camera industry, which does not include digital cameras in mobile phones and tablets.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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