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