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
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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)
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)
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)
Over The Top Devices and Services Regional Outlook (Revenue, USD Billion, 2016 – 2027)
List of Key Players in the Over the top Devices and Services Market
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