5G Rollout and Hybrid Models Fuel Exponential Growth in Over-the-Top Market to $751.48 Billion by 2028

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.

Market Overview -
Over-the-top, or OTT, devices and services refer to the devices and services that transfer content through a high-speed Internet connection as opposed to the content that is shared by traditional distributors like broadcasters, cable operators, and IPTV operators. The word 'over-the-top' denotes that a content provider is providing additional services on top of those already offered via the internet.

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Surging Ott Subscriptions Fueling Growth In Over-The-Top Devices And Services Market
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.

Competitive Landscape -
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.

Innovative Solutions Drive Growth In Over-The-Top Devices And Services Market
Technological advancements are a key trend gaining popularity in the over-the-top devices and services market. Major companies operating in the over-the-top devices and services industry are focused on developing innovative solutions to strengthen their position in the market. For instance, in May 2022, Netflix, a US-based streaming media company, launched a new 'Mystery Box' feature to help kids discover new content. It is a tool made to make it easier for kids to find new movies and TV shows. This new feature aims to make getting new recommendations for youngsters more amusing and interesting. The new feature, according to the firm, will give kids a personalized experience that will let them find their next favorite movie or television show or even reconnect with a well-known character.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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