New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Over The Top Devices And Services Global Market Report 2023" - https://www.reportlinker.com/p06464193/?utm_source=GNW
, Brightcove Inc., and EchoStar Corporation.
The global over the top devices and services market is expected to grow from $204.70 billion in 2022 to $250.11 billion in 2023 at a compound annual growth rate (CAGR) of 22.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The over the top devices and services market is expected to reach $569.11 billion in 2027 at a CAGR of 22.8%.
The over-the-top devices and services market consists of revenues earned by entities by providing contents from different platform, such as Netflix, Disney+, Hulu, Amazon Prime Video, Peacock, CuriosityStream, and Pluto TV.The market value includes the value of related goods sold by the service provider or included within the service offering.
The over-the-top devices and services market also includes sales of desktop, laptop, or mobile devices and other devices which are used in providing OTT services.The market Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the over the top devices and services market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in over-the-top devices and services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of contents of over-the-top devices and services are VoIP, text and images, and video.VoIP (voice over Internet Protocol) is a method of transmitting voice and multimedia over a network.
The various sources of revenue are advertising video on demand (AVOD), subscription video on demand (SVOD), transactional based video on demand(TVOD), which can be deployed through on premise and cloud deployment. The multiple streaming platforms involved are mobile devices, computers, smart TVs and set-top boxes, and gaming consoles.
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.
In July 2022, Synamedia Ltd., a UK-based video software vendor, acquired Quortex People Ltd. for an undisclosed sum. With this acquisition, Synamedia will expand its cloud video network capabilities supplementing its VIVID Workflow as-a-Service (WaaS) with a set of new solutions for OTT video processing, disaster recovery, long-tail content processing for major service providers, and live events. Quortex is a France-based company that creates an AI-powered video streaming service..
The countries covered in the over-the-top devices and services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the chain or as part of other products.
The over-the-top devices and services market research report is one of a series of new reports that provides over-the-top devices and services market statistics, including over-the-top devices and services industry global market size, regional shares, competitors with an over-the-top devices and services market share, detailed over-the-top devices and services market segments, market trends and opportunities, and any further data you may need to thrive in the over-the-top devices and services industry. This over-the-top devices and services over-the-top devices and services market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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