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Over The Top Devices And Services Global Market Report 2024 Market Size, Growth Drivers, Trends And Analysis 2024-2033
Over The Top Devices And Services Global Market Report
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Over The Top Devices And Services Market 2024 Key Insights:
• 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%.
• Surging Ott Subscriptions Fueling Growth In Over-The-Top Devices And Services Market
• Innovative Solutions Drive Growth In Over-The-Top Devices And Services Market
• North America was the largest region in the over-the-top devices and services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
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Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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