Market Research News Federation Board

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 ...

The ability of smartphones and various other smart devices, such as smart televisions (TVs), tablets, laptops, gaming consoles, and set-top boxes, to access high-speed internet has brought a large number of users closer to online content. In addition, these devices provide convenience and are usually equipped with various advanced features, such as the ability to stream and download high-quality content. Moreover, with smart devices becoming affordable rapidly, consumers can easily access OTT content. Additionally, the average time being spent by people on smart devices is rising sharply, as people are spending more time using different applications on various smart devices. Furthermore, with the advent of advanced technologies, such as optical fiber, 4G/LTE, and 5G and improving network coverage, the consumption of data across the world is soaring. This is subsequently propelling the demand for OTT services, thereby causing the expansion of the global over-the-top (OTT) services marke...

The growing popularity of video-on-demand (VoD) services in developing countries is also predicted to drive the advancement of the market between 2021 and 2030. Depending on type, the market is divided into VoD, music streaming, online gaming, and communication categories. Out of these, the online gaming category is predicted to dominate the market in the coming years. Internet-connected gaming consoles, such as Xbox One, Wii U, and Playstation 4, allow users to play games online. The high costs of these games are responsible for the high revenue generation of the online gaming category. Geographically, the OTT services market was dominated by North America in 2020. This was because of the high disposable income of people, which enabled them to purchase subscriptions of premium content. Additionally, the high penetration of the internet in Canada and the U.S. also contributed toward the surging popularity of OTT services in the region during the last few years. In the coming years, th...