Over The Top (OTT) Devices and Services Market to Hit $1,079.1 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, July 26, 2023 /PRNewswire/ -- The global over the top devices and services market size is expected to reach USD 1,079.1 billion by 2030, expanding at a CAGR of 24.3% from 2023 to 2030, according to a new study by Grand View Research, Inc. The rollout of high-speed broadband internet has resulted in a rising inclination toward online streaming platforms, thereby fueling the growth of the OTT devices and services market.

Key Industry Insights & Findings from the report:

• Based on type, the OTT services segment is anticipated to grow at the highest rate of 24.4% due to the rising penetration and consumption of the Internet with unlimited data plans
• Based on device, the streaming media players segment led the market in 2022 with a higher share, as a result of a wide range of compatibility with TVs and other displays
• In terms of service type, the OTT media services segment accounted for the dominant market share of more than 86.0% in 2022, due to the high penetration of smartphones, tablets, and other advanced electronic handheld gadgets that offer an interactive display
• With regard to OTT business models, the SVOD segment is expected to expand at a substantial CAGR of 23.6% due to value for money and ad-free content
• Based on platform, the smartphones segment is expected to expand at a substantial CAGR of 24.7% during the forecast period, as a result of the ease of downloading applications that offer OTT services and media
• Based on geography, North America dominated the market in 2022 due to reliable IT infrastructure, coupled with the high disposable income of consumers in the region

Read 160-page market research report, "Over The Top Devices And Services Market Size, Share & Trends Analysis Report By Type, By Device, By Service Type, By OTT Business Models, By Platform, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Over The Top Devices And Services Market Growth & Trends

Moreover, the proliferation of technologies such as high bit-rate streaming, pause & rewind controls, and more, in live streaming and Video on Demand (VOD) has contributed to the increasing number of OTT subscriptions, thus creating a positive outlook for the market. The industry is witnessing an influx of new players, with major platforms such as Netflix facing intense competition from competitors, including Disney+ and Apple TV+.

OTT service providers are increasingly offering premium content for paying customers to gain optimum customer engagement. Although OTT platforms have been successfully making their way into developing markets such as India, the coronavirus crisis has undoubtedly given a push to the viewers' appetite for digital content. As per estimations, OTT devices and services have now become a popular mode of entertainment for a sizeable audience base due to the inaccessibility of outdoor entertainment and the unavailability of fresh content on television channels.

The industry has revolutionized the ways of content creation and distribution, along with streaming. Market participants are constantly adding engaging content to cater to the rising demand of customers for content variety. The pandemic resulted in rising interest among consumers to move towards entertainment offered by OTT service providers, which has led to a significant shift in content consumption. The market is expected to evolve continuously in the coming years, owing to the enormous potential for customized and consumer-centric content made available on demand.

North America is anticipated to hold a significant share of the OTT devices and services market over the forecast period, owing to the presence of key OTT service providers in the region. Additionally, the presence of major content production houses is also one of the major factors for regional market growth. Moreover, the high level of internet and smartphone penetration in the region has added to the market advancement in recent years.

Over The Top Devices And Services Market Report Scope 

Over The Top Devices and Services Market Segmentation 

Grand View Research has segmented the global over the top devices and services market based on type, device, service type, OTT business models, platform, and region

Over The Top Devices and Services Type Outlook (Revenue, USD Billion, 2018 - 2030)

• OTT Services
• OTT Devices

Over The Top Device Outlook (Revenue, USD Billion; Volume, Million Units, 2018 - 2030)

• Streaming Media Players
• Streaming Sticks

Over The Top Device Service Type Outlook (Revenue, USD Billion, 2018 - 2030)

• OTT Media Services
• OTT Communication Services

Over The Top Devices and Services Market - OTT Business Model Outlook (Revenue, USD Billion, 2018 - 2030)

• AVOD (Ad-based Video on Demand)
• SVOD (Subscription Video on Demand)
• TVOD (Transactional Video on Demand)

Over The Top Devices and Services Market - Platform Outlook (Revenue, USD Billion, 2018 - 2030)

• Smart Phones
• Smart TVs & Set-top Box
• Desktop & Laptop
• Others

Over The Top Devices and Services Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
•  Europe
• UK
• Germany
• France
• Spain
• Italy
• Netherlands
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• South Africa
• Saudi Arabia

List of Key Players in the Over The Top Devices And Services Market

• Akamai Technologies
• Amazon.com, Inc.
• Apple Inc.
• Brightcove Inc.
• Disney + Hotstar
• Google LLC
• Hulu LLC
• Limelight Networks Inc.
• Microsoft Corporation
• Netflix Inc.
• PCCW Enterprises Limited
• Roku, Inc.
• Tencent Holdings Ltd.
• WarnerMedia Direct, LLC (HBO Max)

Check out more market research studies published by Grand View Research:

• Enterprise Streaming Media Market - The global enterprise streaming media market size is expected to reach USD 57.57 billion by 2025, expanding at a CAGR of 17.8% from 2018 to 2025, according to a new study conducted by Grand View Research, Inc. Increase in internet penetration has enabled multi-national companies (MNCs) to adopt streaming media solutions as an effective alternative tool for conducting meetings, conferences, product presentations, client interactions, and other corporate communication. Thus, facilitating content delivery with a customized and interactive approach.
• Live Streaming Pay-Per-View Market - The global live streaming pay-per-view market size is expected to reach USD 2.3 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.0% from 2020 to 2027. The rising demand for online Transactional Video-on-Demand (TVoD) propels the growth of the market.
• Digital Rights Management in Media & Entertainment Market - The global digital rights management in media & entertainment market is expected to reach USD 6.12 billion by 2028, expanding at a CAGR of 16.5% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. Rapid growth in digital media and internet connectivity globally have created immense opportunities for content publishers and content distribution partners to grow their creative media content. However, with the boost in digital technologies, digital piracy and illegal distribution of content have significantly increased, negatively affecting the monetization opportunities for content distributors and content owners. These challenges are compelling content owners to seek and exercise control over the unauthorized access and distribution of content.

Browse through Grand View Research's Digital Media Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.