The global over the top devices and services market is expected to grow from $204.70 billion in 2022 to $250.11 billion in 2023 at a compound annual growth rate (CAGR) of 22.2%. The over the top devices and services market is expected to reach $569.11 billion in 2027 at a CAGR of 22.8%.
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.
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.
In July 2022, Synamedia Ltd., a UK-based video software vendor, acquired Quortex People Ltd. for an undisclosed sum. With this acquisition, Synamedia will expand its cloud video network capabilities supplementing its VIVID Workflow as-a-Service (WaaS) with a set of new solutions for OTT video processing, disaster recovery, long-tail content processing for major service providers, and live events. Quortex is a France-based company that creates an AI-powered video streaming service..
North America was the largest region in the over the top devices and services market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in over-the-top devices and services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries 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.
Executive Summary:
Over The Top Devices And Services Global Market Report 2023 provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on over the top devices and services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description:
Where is the largest and fastest growing market for over the top devices and services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The over the top devices and services market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope Markets Covered:
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
Key Attributes:
Report Attribute
Details
No. of Pages
275
Forecast Period
2023 - 2027
Estimated Market Value (USD) in 2023
$250.11 billion
Forecasted Market Value (USD) by 2027
$569.11 billion
Compound Annual Growth Rate
22.8%
Regions Covered
Global
Key Topics Covered:
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 4.1. COVID-19 Impact On Over The Top Devices And Services Market 4.2. Ukraine-Russia War Impact On Over The Top Devices And Services Market 4.3. Impact Of High Inflation On Over The Top Devices And Services Market
5. Over The Top Devices And Services Market Size And Growth 5.1. Global Over The Top Devices And Services Historic Market, 2017-2022, $ Billion 5.1.1. Drivers Of The Market 5.1.2. Restraints On The Market 5.2. Global Over The Top Devices And Services Forecast Market, 2022-2027F, 2032F, $ Billion 5.2.1. Drivers Of The Market 5.2.2. Restraints On the Market
6. Over The Top Devices And Services Market Segmentation
7. Over The Top Devices And Services Market Regional And Country Analysis
A selection of companies mentioned in this report includes
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