The global over the top devices and services market size was valued at USD 56.40 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 18.6% from 2020 to 2027. The substantial growth of the media and entertainment industry and the increasing demand for high-quality streaming content over smart devices are some of the critical factors driving the industry. The OTT media services offer higher accessibility, connectivity, convenience, and portability compared to traditional cable and satellite services. Additionally, the deployment of advanced technologies by service providers and the provision of customized content has created immense attractiveness for the industry and is expected to accelerate revenue generation over the next seven years.
Since the onset of the COVID-19 pandemic, strict lockdowns imposed by various government authorities led to people being confined to their homes, which significantly increased online video streaming and led to a notable increase in the demand for over the top devices and services. However, key manufacturers had suspended their manufacturing operations in countries across the Asia Pacific and Europe, drastically impacting the production of new devices. Besides, the pandemic has also affected consumer purchase behavior, with spending patterns focused on essential goods rather than luxury items, which is hampering market growth to a certain extent, specifically in the emerging and underdeveloped nations.
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Over The Top Devices and Services Market Highlights
- On the basis of content, the OTT video segment accounted for the largest revenue share of 49.4% in 2019 and is projected to maintain its lead over the forecast period. The increasing number of OTT subscriptions have majorly driven the segment’s revenue.
- On the basis of revenue source, the Ad-based Video on Demand (AVOD) segment accounted for the largest revenue share of 38.8% in 2019. AVOD OTT platforms have attracted substantial attention over the past years, which has supported revenue generation.
- On the basis of platform, the mobile devices & computers segment accounted for the largest revenue share of 55.7% in 2019 and is expected to maintain its lead over the forecast period. Continuous innovations in mobile devices and computers have resulted in the development of advanced apps that allow easy downloads, access to live videos and music, and streaming of live content.
- On the basis of deployment, the on-premise deployment segment accounted for the largest revenue share of 57.8% in 2019 owing to the high dependency on streaming infrastructure and equipment over the past decades.
- On the basis of device type, streaming sticks accounted for the largest demand share of 53.4% in 2019 and is expected to maintain its lead over the forecast timeframe. Streaming sticks have gained immense popularity over the past few years due to their compact size and cost-effectiveness.
- On the basis of geography, North America accounted for the largest revenue share of 46.2% in 2019 and is expected to maintain its lead over the forecast period. The region is home to prominent verticals capable of making necessary investments in advanced and reliable IT infrastructure for the continuously growing data traffic. Moreover, due to higher disposable income levels, the consumer willingness to pay for premium content or a subscription is much higher in the region, which is supporting the regional market growth.
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Over The Top Devices and Services Market Segmentation
Grand View Research has segmented the global over the top devices and services market on the basis of content, revenue source, platform, deployment, device type, and region:
Over The Top Devices and Services Content Outlook (Revenue, USD Billion, 2016 – 2027)
- Text & Images
Over The Top Devices and Services Revenue Source Outlook (Revenue, USD Billion, 2016 – 2027)
Over The Top Devices and Services Platform Outlook (Revenue, USD Billion, 2016 – 2027)
- Mobile Devices & Computers
- Smart TVs & Set-top Box
- Gaming Console
Over The Top Devices and Services Deployment Outlook (Revenue, USD Billion, 2016 – 2027)
Over The Top Devices and Services Device Type Outlook (Revenue, USD Billion, 2016 – 2027)
- Streaming Media Players
- Streaming Box
- Connected Gaming Console
- OTT Set-top Box
- Streaming Sticks
Over The Top Devices and Services Regional Outlook (Revenue, USD Billion, 2016 – 2027)
- North America
- Asia Pacific
- Southeast Asia
- South Korea
- Latin America
- Middle East & Africa
List of Key Players in the Over the top Devices and Services Market
- Akamai Technologies Bayer AG
- Apple Inc.
- Brightcove Inc.
- Disney + Hotstar
- Google Inc.
- Limelight Networks Inc.
- Microsoft Corporation
- Netflix Inc.
- Roku, Inc.
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