The global over the top devices and service market size is expected to reach $1,42-trillion by 2033 – expanding at a CAGR of 18,6% from 2025 to 2033 – according to the latest research from Grand View Research.
The rollout of high-speed broadband Internet has resulted in a rising inclination toward online streaming platforms, thereby fueling the growth of the OTT devices and services market.
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, 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 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 revolutionised 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 customised 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 market advancement in recent years.
Additional highlights of the OTT devices and services report include:
- Based on type, the OTT services segment is anticipated to grow at the highest rate of 93% due to the rising penetration and consumption of the Internet with unlimited data plans.
- Based on device, the streaming media players segment led the market in 2024 with a higher share as a result of a wide range of compatibility with TVs and other displays.
- In terms of service type, the OTT media services segment accounted for the largest market share in 2024 due to the high penetration of smartphones, tablets, and other advanced electronic handheld gadgets that offer an interactive display.
- The subscription video-on-demand (SVOD) segment accounted for the largest market share in 2024.
- Based on platform, the smartphones segment is expected to witness a significant CAGR from 2025 to 2033 as a result of the ease of downloading applications that offer OTT services and media.
- Based on geography, North America dominated the market in 2024 due to reliable IT infrastructure, coupled with the high disposable income of consumers in the region.