Rapid technological advancements in smart devices, such as iOS and Android mobile devices, set-top boxes, tablets, smart TVs, gaming consoles, laptops, and desktops, have resulted in the reduction of their prices, owing to which they are penetrating people’s lives at a significant rate. Customers can access over-the-top (OTT) content through these devices due to their ability to access high-speed internet. Thus, the rising penetration of smart devices owing to the soaring disposable income of people and the former’s reducing cost will attract more users toward OTT platforms.
Moreover, the increasing deployment of the 5G network will help the OTT services market grow during 2021–2030. According to P&S Intelligence, the market generated $92 billion revenue in 2020. As 5G networks provide increased data speeds at a low cost, the commercial, entertainment, finance, and healthcare sectors are increasingly deploying them to meet their high-speed internet demand and use state-of-the-art applications. Countries such as the U.S., the U.K., Australia, Japan, Germany, Taiwan, and South Korea have already started the deployment of the 5G network, owing to which they have a large number of OTT platform users.
Moreover, the increasing deployment of the 5G network will help the OTT services market grow during 2021–2030. According to P&S Intelligence, the market generated $92 billion revenue in 2020. As 5G networks provide increased data speeds at a low cost, the commercial, entertainment, finance, and healthcare sectors are increasingly deploying them to meet their high-speed internet demand and use state-of-the-art applications. Countries such as the U.S., the U.K., Australia, Japan, Germany, Taiwan, and South Korea have already started the deployment of the 5G network, owing to which they have a large number of OTT platform users.
All these services are offered via the subscription-based, transaction-based, and advertising-based models. In the coming years, the transaction-based model will be adopted at the highest rate as it enables service providers to generate revenue by selling the license of a software product to a single or multiple users. Moreover, the increasing customer preference for purchasing whole content, such as full-license videogames with all the features, will fuel the shift toward transaction-based OTT platforms.
Globally, North America led the OTT services market in the recent past due to the deep penetration of tablets, smartphones, TVs, and the internet in the region. According to the World Bank, around 89% of the U.S. populace and 97% of the Canadian populace was an internet user in 2019. Moreover, the accelerating digitalization rate in North American countries owing to continuous technological advancements is adding to the popularity of OTT platforms here.
Therefore, the surging use of smart devices and expanding 5G network infrastructure will fuel the adoption of OTT platforms in the upcoming years.
Globally, North America led the OTT services market in the recent past due to the deep penetration of tablets, smartphones, TVs, and the internet in the region. According to the World Bank, around 89% of the U.S. populace and 97% of the Canadian populace was an internet user in 2019. Moreover, the accelerating digitalization rate in North American countries owing to continuous technological advancements is adding to the popularity of OTT platforms here.
Therefore, the surging use of smart devices and expanding 5G network infrastructure will fuel the adoption of OTT platforms in the upcoming years.
The global Printed Electronics Market is projected to reach USD 23.0 billion by 2026 from an estimated USD 9.9 billion in 2021, at a CAGR of 18.3% from 2021 to 2026.
ReplyDeleteGrowth of the consumer electronics industry and increased adoption of IoT by end-use industries are among the factors driving the growth of the printed electronics market.