OTT devices and services market to be worth $165.13bn by 2025Monday, July 24th, 2017
OTT Devices and Services Market Size Worth $165.13 Billion By 2025: Grand View Research, Inc.
SAN FRANCISCO — The global over-the-top (OTT) devices and services market is expected to reach USD 165.13 billion by 2025, according to a new report by Grand View Research, Inc. The rising penetration of mobile devices, such as tablets and smartphones, and advancements in consumer electronics devices such as smart TVs, are estimated to drive the demand for OTT content and services amongst the masses over the forecast period.
There has been a rapid surge in the demand for OTT videos, particularly in developing economies. TV digitization initiatives by various regional governments and broadcasters across the world have enabled OTT content to emerge as the popular platform for video consumption.
Businesses across various sectors are increasingly seeking contemporary technological models to provide personalized experiences to their customers, such as TV access on smartphones, connected devices, and tablets. Content providers and broadcast service providers are leveraging the benefits of OTT technology to enhance customer engagement by gaining in-depth insights about their customer base.
Moreover, the rising demand for Video On Demand (VOD), Voice over Internet Protocol (VoIP), Subscription Video on Demand (SVOD), instant messaging services, and internet TV are expected to propel the industry growth over the forecast period. OTT service providers are increasingly focusing their efforts toward the development of various innovative features, such as Google Translate, which translates voice mail services into text, to provide convenience and enhance customer value.
Further key findings from the report suggest:
- Content providers such as DISH Network, Comcast, AT&T, and DIRECTV, are paving their way into the SVOD domain to expand their presence and capture a larger market share by providing various offerings within the domain
- OTT service providers across the globe are focusing their efforts on the development of the three key streaming technologies that include High-Dynamic Range (HDR),1080p content, 4K streaming, and Virtual Reality (VR) video
- Players such as WhatsApp, Tencent QQ, Apple FaceTime, Skype, and Google Hangouts, are upgrading their processes with new innovative technologies and offerings to provide advanced communication and messaging services
- The proliferation of hybrid models combining Subscription VOD (SVOD) with Advertising VOD (AVOD) coupled with the increasing penetration of fiber broadband and 4G internet services are expected to propel the demand for OTT content across developing nations such as China
- Growing proliferation of Smart TVs is expected to provide increasing opportunities for advertisers to become content providers and offer a wide plethora of services to consumers through various platforms such as Hulu, Netflix, and YouTube.
Grand View Research has segmented the global OTT devices and services market on the basis of content, revenue source, device, deployment, and region.