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The Over The Top Devices And Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s 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 in the historic period can be attributed to proliferation of high-speed Internet, smartphone penetration, shift in consumer behavior, globalization of content, original content production.
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 growth in the forecast period can be attributed to 5G network rollout, emergence of hybrid business models, integration with smart home ecosystems, rise in virtual and augmented reality content, 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, technological advancements and 5G impact.
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.
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The over the top devices market covered in this report is segmented –
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
Major companies operating in over the top devices and services market are adopting a strategic partnership approach to broadcast 180 live channels for free in India. Strategic partnership refers to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in October 2023, a US-based platform for streaming video content with free movies, TV shows, and documentaries announced a partnership with OTTplay, an India-based platform based on apps that offer bundled OTT subscriptions that would deliver DistroTV’s 170+ free-to-watch, live streaming channels to OTTplay consumers in India. This collaboration demonstrates OTTPlay’s dedication to providing users with the finest entertainment experience possible. OTTplay is convinced that customers will love the diverse material available on Distro TV, and they look forward to interacting with Distro TV to make it even more readily available and pleasant for viewers. This collaboration reaffirms DistroTV’s dedication to presenting diverse, global perspectives to audiences worldwide, as well as OTTplay’s commitment to assisting users in discovering new and intriguing content.
The over the top devices and services market report table of contents includes:
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
5. Global Over The Top Devices And Services Market Size and Growth
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26. South America Over The Top Devices And Services Market
27. Brazil Over The Top Devices And Services Market
28. Middle East Over The Top Devices And Services Market
29. Africa Over The Top Devices And Services Market
30. Over The Top Devices And Services Market Competitive Landscape And Company Profiles
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