Over-the-top or OTT market is a television and film content platform that is telecast over high-speed internet connectivity in place of satellite-based platforms or cable wires. The rising adoption of OTT devices and services is credited to the packaging flexibility, focused genre choices, and wider availability of devices, overall reduced cost, penetration of the internet, on-the-go service. In addition, increased demand for customized media content is also foreseen to fuel the global over-the-top devices and services market in the forecast period.
There has been a change in outlook in the OTT devices and services market inferable from huge accessibility of choices, mobility, network, technological advancement, convenience, and change in way of life. Rising usage of AI, cloud services, and organization trend-setting innovations have prompted an incredible jump in market growth. Increased utilization of online media among customers has made them more aware of the latest creations and fostered a demand for them bolstering the market growth.
The expanding willingness among the people to pay for premium content has invigorated OTT service providers to present “freemium” models, which give free access for the selected contents to certain kind of subscribers. Furthermore, the developments in the communication framework and easy access to the internet globally have brought about gigantic demand for such services. This is relied upon to expand the business development in the forthcoming years. Apart from giving informing services, some OTT applications likewise give the functionalities that a transmission channel gives to its clients. With a high selection rate, viewers broadcast engaging music, videos, regional or global news to an enormous group of other clients. This wide scope of pertinence is speeding up the market development.
The global over-the-top devices and services market is segregated broadly into content, revenue source, streaming platform, and region. In terms of content, the market is segmented into video, text & images, and VoIP. Based on revenue source, the market is classified into SVOD, TVOD, and AVOD. On the basis of the streaming platform, the global market is split into gaming consoles, set-tops, smart TVs, computers, and mobile devices.
Geographically, the global over-the-top devices and services market is likely to be led by North America with the highest market revenue within the forecast period. This is majorly attributed to the well-established nations in the region, like the U.S., that are investing significantly in advanced technologies. Moreover, the consistently increasing data traffic and increasing investments in a credible IT infrastructure are also contributing to the regional growth. Besides, increased disposable income and willingness to pay for premium subscriptions are also expected to propel market growth in the future.
The region is further trailed by Asia Pacific with the rising number of international service providers banking upon the rising traction of OTT subscriptions.
The leading players operating in the global over-the-top devices and services market include Amazon.com, Netflix, Hulu LLC, Facebook Inc., Apple Inc., Roku Inc., Mi, Disney+ Hotstar, Nimbuzz, Indieflix, and others. To cite, Disney+ Hotstar started live cricket streaming in India that made it a successfully leading digital platform. Moreover, last year, Netflix Inc. collaborated with Microsoft in order to help the developers to learn AI and data science.