DUBLIN--(BUSINESS WIRE)--The "OTT Devices and Services - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global OTT Devices and Services Market to Reach $217.5 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for OTT Devices and Services estimated at US$77.1 Billion in the year 2020, is projected to reach a revised size of US$217.5 Billion by 2026, growing at a CAGR of 18.3% over the analysis period. Video, one of the segments analyzed in the report, is projected to grow at a 18.7% CAGR to reach US$133.7 Billion by the end of the analysis period.
Consumption of online video grew dramatically over the past few years due to availability of quality and engaging video content on highly successful video sites such as YouTube, Hulu, Vimeo and Netflix among others. Currently, a significant portion of video consumption is emanating from smartphones and tablet PCs, which offer on-to-the-go video viewing at the convenience of the user.
One of the important drivers driving the market`s growth is the developing media & entertainment industry, as well as the increasing usage of smart computing devices around the world. Growing consumer inclination towards online streaming is driving product demand significantly, in turn accelerating the OTT market growth.
Moreover, rapidly increasing online communication platforms with advanced technologies that provide customized and personalized consumer involvement is driving the demand for OTT services. The significant growth of the global OTT market during the pandemic times is expected to continue post COVID-19 as well.
This trend would be supported by increasing implementation of virtual reality (VR) and augmented reality (AR) for gaming applications on smart devices, in order to provide players with real time experience while playing games. In addition, rapid growth of the next generation 5G cellular network service is expected to drive increased adoption of OTT services for consumer entertainment over the next few years. These advanced network services would deliver much faster and more reliable cellular data speed and enable better 4K video streaming with improved video quality.
The U.S. Market is Estimated at $31.1 Billion in 2021, While China is Forecast to Reach $27.9 Billion by 2026
The OTT Devices and Services market in the U.S. is estimated at US$31.1 Billion in the year 2021. The country currently accounts for a 33.4% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$27.9 Billion in the year 2026 trailing a CAGR of 22.2% through the analysis.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.8% and 16.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16.5% CAGR while Rest of European market (as defined in the study) will reach US$33 Billion by the year 2027.
The ever-increasing penetration of high-speed Internet connectivity, unlimited wireless data plans, and the widespread availability of public Wi-Fi have proven to be the driving force behind the rise in OTT demand in developing countries. Developing countries, which previously lagged in the earlier network deployments in the past, are also making development of 5G network infrastructure a national priority now, despite their difficulties in terms of affordability over the near-term. These initiatives play a vital role in the success of the OTT video market.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Pandemic Brings Significant Changes for the OTT and Streaming Media Industry
- Amidst Pandemic, OTT Players to Expand Content Libraries
- OTT Subscriptions in India Benefit from the COVID-19 Outbreak
- An Introduction to OTT Devices and Services
- Types of OTT Content
- Types of OTT Content Viewers/Users
- Advantages of OTT Services
- Global Market Prospects & Outlook
- Competition Gets Tough in OTT Hosting Market Amidst Pandemic
- World Brands
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 95 Featured)
- Akamai Technologies, Inc.
- Amazon.com, Inc.
- Apple, Inc.
- Brightcove, Inc.
- Google, Inc.
- Hulu LLC
- Limelight Networks, Inc.
- Microsoft Corporation
- Netflix, Inc.
- Roku, Inc.
- Tencent Holdings Ltd.
3. MARKET TRENDS & DRIVERS
- Rapid Growth of Media & Entertainment Industry & Rise in Demand for High-Quality Streaming Content to Drive Market Gains
- OTT Platforms Disrupt the Entertainment Industry
- Sustained Increase in Internet Video Consumption Spurs Growth in OTT Video Market
- COVID-19 Pandemic Fuels Growth in OTT Video Business
- Notable Trends in Over-The-Top Streaming
- Use of Advanced technologies by Service Providers to Propel Market Growth
- Artificial Intelligence (AI) Emerges as a Key Technology to Induce Market Growth
- Conventional Media Houses Look to OTT Distribution to Enhance Revenue Generation Potential
- Growing Sales of Connected & Internet-Enabled Devices in Rise in Multiscreen Viewing Expand Market Potential
- Smartphones & Tablets Emerge as a High Growth Devices to Access OTT Services
- Market Benefits from the Rising Sales of Smart TVs
- OTT Video Services Expand to Smart Displays
- Rise in Internet Penetration and Availability of High-Speed Broadband Networks to Spur Opportunities
- Rise in High-Speed 5G Network Technology to Transform OTT Devices & Services Market
- Ad-Supported VOD Platforms Gain Prominence During COVID-19 Pandemic
- SVOD Market Poised for High Gains in the Future
- Customized Content Provision: A Lucrative Revenue Generation Opportunity
- Consumer Preference for Premium Content Augurs Well for OTT Services and Devices Market
- OTT Streaming Devices Benefits Market Growth
- Growing Importance of Content Delivery Networks for OTT Players
- Content Discovery & Recommendation Tools Come to the Aid of OTT Players
- Big Data Plays a Part in Strengthening Accuracy of Content Recommendations
- OTT and VOD Services Emerge to Fight Against Media Piracy
- Advanced Features of Modern Connected Devices Enhance Appeal & Image of OTT Services
- Cloud Streaming Gathers Pace in OTT Market
- Opportunities for VOD Services in Non-Entertainment Sectors to Fuel Future Growth
- Challenges Confronting OTT Devices & Services Market
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/i7bemr