Over the top Devices and Services Global Market Report 2024

The over the top devices and services market size has grown exponentially in recent years. It will grow from $254.46 billion in 2023 to $315.42 billion in 2024 at a compound annual growth rate (CAGR) of 24.0%. The growth observed in the historical period can be attributed to the proliferation of high-speed internet, widespread smartphone penetration, a shift in consumer behavior, the globalization of content, and the production of original content.

The over the top devices and services market size is expected to see exponential growth in the next few years. It will grow to $751.48 billion in 2028 at a compound annual growth rate (CAGR) of 24.2%. The anticipated growth in the forecast period can be attributed to the rollout of 5G networks, the emergence of hybrid business models, integration with smart home ecosystems, a rise in virtual and augmented reality content, and regulatory developments. Major trends in the forecast period include global partnerships and expansion, technological advancements, global expansion and localization, integration of artificial intelligence (AI) and personalization, and the impact of technological advancements and 5G.

The anticipated surge in Over-the-Top (OTT) subscriptions is set to propel the expansion of the over-the-top devices and services market. OTT technology, a method of streaming content over the internet, plays a pivotal role in providing and facilitating access to programs traditionally offered by cable TV providers. These subscription-based OTT platforms are easily accessible through any internet-connected device, gaining popularity due to their user-friendly interfaces and a vast array of available content. As of June 2022, projections from U-Screen U.S.A., Inc., a U.S.-based software company, indicated an expected OTT media revenue of $210 billion by 2026, representing a twofold increase from the $106 billion generated in 2020. In the United States, consumer trends revealed that 67% subscribed to pay-TV services in 2021, while 82% held video streaming subscriptions, averaging four subscriptions per individual. The substantial rise in OTT subscriptions underscores its pivotal role in propelling the over-the-top devices and services market's growth.

The burgeoning adoption of smart devices is poised to drive the expansion of the over-the-top devices and services market in the foreseeable future. Smart devices, characterized by embedded technology, connectivity features, and the ability to communicate with other gadgets or networks, play a pivotal role in the growth of Over-the-Top (OTT) devices and services. These devices facilitate seamless access to OTT content through advanced interaction, interactive capabilities, and personalized content delivery, thereby enhancing the overall user experience. As of October 2023, data from Enterprise Apps Today, a U.S.-based platform covering industry-leading business apps, revealed that households in the United States averaged 8 smart devices. Additionally, by the third quarter of 2022, the global supply of smart gadgets reached a staggering 874 million. Consequently, the escalating adoption of smart devices emerges as a key driver propelling the over-the-top devices and services market.

Technological advancements stand as a prominent trend gaining traction within the over-the-top devices and services market. Leading companies in this industry are diligently focused on pioneering innovative solutions to fortify their market positioning. For instance, in May 2022, Netflix, a prominent US-based streaming media company, introduced the 'Mystery Box' feature aimed at aiding kids in discovering new content seamlessly. This tool serves as a facilitator for children, streamlining the process of exploring and identifying new movies and TV shows. The primary objective of this novel feature is to transform the process of receiving recommendations into an engaging and captivating experience for young viewers. According to the company, this new addition is designed to offer kids a personalized and tailored experience, enabling them to effortlessly explore and connect with their next favorite movie or television show, or even rediscover beloved characters from previous content.

Major players in the over-the-top (OTT) devices and services market are increasingly embracing strategic partnerships to offer a broad spectrum of 180 live channels for free in India. This strategic partnership approach involves companies leveraging each other's strengths and resources to achieve mutual benefits and drive success. An illustrative example emerged in October 2023 when a US-based platform specializing in streaming video content, including free movies, TV shows, and documentaries, announced a collaborative venture with OTTplay, an India-based platform offering bundled OTT subscriptions. This partnership aims to deliver over 170 free-to-watch live streaming channels from DistroTV to OTTplay consumers in India. This strategic collaboration exemplifies OTTplay's commitment to enriching users' entertainment experiences by expanding access to an extensive range of content. OTTplay is confident in the appeal of DistroTV's diverse content offerings and eagerly anticipates enhancing accessibility and enjoyment for viewers through this collaboration. Moreover, this partnership underscores DistroTV's commitment to presenting diverse global perspectives to a worldwide audience, while also emphasizing OTTplay's dedication to assisting users in discovering captivating and novel content.

In July 2022, Synamedia Ltd., a UK-based video software vendor, successfully acquired Quortex People Ltd. for an undisclosed sum. This strategic acquisition is set to augment Synamedia's cloud video network capabilities, enhancing its VIVID Workflow as-a-Service (WaaS) with a range of new solutions for OTT video processing, disaster recovery, long-tail content processing for major service providers, and live events. Quortex, based in France, is recognized for its creation of an AI-powered video streaming service.

Major companies operating in the over the top devices and services market report are 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.

North America was the largest region in the over-the-top devices and services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global over-the-top devices and services market report during the forecast period. The regions covered in the over the top devices and services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, 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, Canada, Italy, Spain.

The primary content categories within over-the-top devices and services encompass VoIP, text, images, and video. VoIP, or voice over Internet Protocol, involves transmitting voice and multimedia over networks. Revenue sources include advertising video on demand (AVOD), subscription video on demand (SVOD), and transactional-based video on demand (TVOD), deployed via on-premise or cloud setups. These services stream across multiple platforms such as mobile devices, computers, smart TVs, set-top boxes, and gaming consoles.

The over-the-top devices and services market research report is one of a series of new reports that provides over-the-top devices and services market statistics, including over-the-top devices and services industry global market size, regional shares, competitors with an over-the-top devices and services market share, detailed over-the-top devices and services market segments, market trends and opportunities, and any further data you may need to thrive in the over-the-top devices and services industry. The over-the-top devices and services over-the-top devices and services market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The over-the-top devices and services market consists of revenues earned by entities by providing contents from different platform, such as Netflix, Disney+, Hulu, Amazon Prime Video, Peacock, CuriosityStream, and Pluto TV. The market value includes the value of related goods sold by the service provider or included within the service offering. The over-the-top devices and services market also includes sales of desktop, laptop, or mobile devices and other devices which are used in providing OTT services. The market Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.