Global OTT Devices and Services Market to Reach US$467.9 Billion by 2030

The global market for OTT Devices and Services estimated at US$147.4 Billion in the year 2023, is expected to reach US$467.9 Billion by 2030, growing at a CAGR of 17.9% over the analysis period 2023-2030. Video, one of the segments analyzed in the report, is expected to record a 18.3% CAGR and reach US$252.9 Billion by the end of the analysis period. Growth in the Text & Images segment is estimated at 16.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$45.0 Billion While China is Forecast to Grow at 21.0% CAGR

The OTT Devices and Services market in the U.S. is estimated at US$45.0 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$61.1 Billion by the year 2030 trailing a CAGR of 21.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 14.8% and 15.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 15.8% CAGR.

Global OTT Devices and Services Market - Key Trends and Drivers Summarized

Over-the-top (OTT) devices and services refer to any type of video or streaming media that provides viewer access to movies or TV content bypassing traditional cable, broadcast, and satellite television platforms. These services are delivered directly over the internet to connected devices such as smartphones, tablets, computers, and smart TVs. OTT platforms include well-known streaming services like Netflix, Hulu, and Amazon Prime Video, which offer a diverse library of films, TV shows, documentaries, and original programming on-demand. OTT devices, such as Roku, Amazon Fire TV, and Apple TV, facilitate the consumption of streaming content by acting as a bridge between the internet connection and the user`s television, enhancing the user experience with features like search functionality, app integration, and voice control.

The rise of OTT services is reshaping the entertainment and media landscapes by offering consumers more control over what, when, and how they watch. Unlike traditional TV, OTT platforms provide a flexible viewing experience with the ability to stream content anytime and from anywhere, on multiple devices. This shift has led to the phenomenon known as "cord-cutting," where viewers are abandoning traditional cable TV subscriptions in favor of streaming services that often offer more tailored content at a lower cost. The trend towards personalized content has been further propelled by advances in data analytics, allowing OTT services to recommend content based on individual viewing habits and preferences. Moreover, the availability of high-quality, original content that can`t be found on conventional TV channels is drawing more viewers to these platforms, changing the dynamics of viewer engagement and content consumption.

The growth in the OTT devices and services market is driven by several factors, including technological advancements, changes in consumer behavior, and regulatory shifts. Rapid improvements in broadband infrastructure and increasing internet speeds have made streaming high-quality video more accessible than ever, supporting the widespread adoption of OTT services globally. Consumer demand for convenience, coupled with a growing preference for binge-watching and on-demand content, continues to propel the market forward. Additionally, the introduction of mobile-first streaming options caters to a demographic that increasingly relies on smartphones for entertainment. Regulatory changes, such as net neutrality rules and data privacy laws, also influence market dynamics by affecting how services are delivered and how data is used to enhance customer experiences.