Over the Top Devices and Services Market

Over the Top Devices and Services Market Size & Growth (2022 - 2027)

The Over the Top Devices and Services Market was worth US$ 81.6 billion in the year 2021, and it is estimated to reach a valuation of US$ 156.9 billion by the end of 2026, expanding at an annual growth rate of 14% between 2021 and 2026. The increasing demand for high quality streaming content over smart devices is a factor that is expected to lead the OTT Devices and Services market during the outlook period.

The Over the Top Devices and Services refers to the movies and TV shows that are delivered directly to the digital users without the requirement of cable or satellite television subscription which can be downloaded directly and also can be viewed on user’s demand which consists of movies and TV services which can be delivered directly over the internet to connected devices such as smartphones and consoles, PCs, and tablets.

Market Drivers

Several benefits such as substantial growth of media and entertainment industry is expected to play an essential role in the growth of market of Over the Top Devices and Services across the globe. Another factor such as deployment of advanced technologies by service providers and the provision of customized content has created immense attractiveness for the industry which influence the growth of OTT Devices and Services market during the outlook period. Implementation of Artificial Intelligence by various service providers, utilization of such enhanced technologies for enhanced technologies for analysing customer preferences, continued innovations in the communication infrastructure, increasing willingness of subscribers to pay for premium content which has encouraged OTT service providers to introduce fermium models which provides free access to the selected content for acquiring new subscribers are some of the major driving factors which promotes the growth of the revenue rate of Over the Top Devices and Services market during the forecast period.

Market Restraints

Competition from various market players acts as an important deterrent to the growth of the Over the Top Devices and Services market.

OVER THE TOP DEVICES AND SERVICES MARKET REPORT COVERAGE:

Market Segmentation

The Over the Top Devices and Services market is segmented based on:

• Content
• Revenue
• Platform
• Deployment
• Device

Over the Top Devices and Services Market - By Content:

the Over the Top Devices and Services Market is segmented into VoIP, text and images and Video. The OTT Video segment held the prominent share and is predicted to remain at the forefront throughout the forecast period owing to the increasing number of OTT subscriptions. Furthermore, breakthroughs in broadcasting technologies which have resulted in the development of innovative video streaming devices also promotes the growth of the market. The VoIP segment is expected to increase the market value due to the significant upsurge in smartphone users which has led to an increased popularity of mobile VoIP with the users subscripting to VoIP services and offers by OTT service providers.

Over the Top Devices and Services Market - By Revenue:

the Over the Top Devices and Services Market is divided into AVOD, SVOD, TVOD and other types of revenues. The AVOD (Ad based Video on Demand) segment holds the major share of the market and this segment is expected to hold the dominance during the forecast period as these AVOD OTT platforms have attracted substantial attention over the past years to support the revenue generation. The SVOD segment is also expected to increase the market value owing to the factors such as the provision of an optimal balance of value to both the customer and the company.

Over the Top Devices and Services Market - By Platform:

the Over the Top Devices and Services Market is bifurcated into mobile devices and computers, smart TVs and set top box, gaming console. Among these segments, the mobile devices and computers segment held the prominent share and it is predicted to remain at the forefront in the upcoming years due to the factors such as continuous innovations in mobile devices and computers which have resulted in the development of advanced apps that allow easy downloads, access to live videos and music, streaming of live content on laptops, tablets, smartphones, computers.

Over the Top Devices and Services Market - By Deployment:

the Over the Top Devices and Services Market is divided into two types, on cloud deployment mode and on premises deployment mode. Among these segments, the on premises deployment segment holds the major share of the market due to the factors such as high dependency on streaming infrastructure and also the equipment.

Over the Top Devices and Services Market - By Device:

the Over the Top Devices and Services Market is divided into streaming media players and streaming sticks. The streaming media players segment is again bifurcated into streaming box, connected gaming console, OTT set top box and other segments. The streaming sticks segment held prominent share of the market among the other segments since this segment have gained immense popularity over the past decades due to the compact size and cost effectiveness.

Regional Analysis

On the basis of region, the Over the Top Devices and Services market is segmented into North America region, Asia Pacific region, Europe region, Latin America region and Middle East and Africa region.

North America region hold the prominent share of the market due to the factors such as well-established economies such as US and Canada which are making huge investments in new and advanced technologies. Furthermore, increasing of disposable income and increasing of consumer willingness to pay for premium content or a subscription promotes the growth of the market. The North America region is expected to hold the dominance during the forecast period.

Asia Pacific region is also expected to increase the market growth since this region has witnessed an influx of international service providers capitalizing on the international traction of subscription OTT, growing of localization initiatives across the southeast Asian countries promotes the growth of the market.

Europe region is also expected to increase the market rate due to the increasing of number of OTT users across the region.

Following Europe, Latin America and Middle East & Africa are anticipated to witness huge growth opportunities in the coming period.

Leading Company

Netflix Company from US is the leading company in Over the Top Devices and Services market.

Key Players

Key market participants of Over the Google (US), YouTube (US), Apple (US), Home Box Office (US), Roku (US), Facebook (US), Netflix (US), Amazon (US), Microsoft (US), IndieFlix (US), Vudu (US), Hulu (US), Tencent (China), Rakuten (Japan), Kakao (South Korea), and Line (Japan).

Impact of COVID-19 on Over the Top Devices and Services Market

There is a rapid increase in the OTT platforms due to the imposition of lockdown due to the corona virus leads to the shift across the media and entertainment. Due to this, the OTT service providers have taken charge of increasing entertainment needs of the audience. Furthermore, these OTT platforms are extending a relief for the film makers by offering them enormous reach and also allowing them to keep their business running even in these tough conditions.