China, the world's second largest economy, is forecast to reach an estimated market size of US$27.9 Billion in the year 2026 trailing a CAGR of 22.2% through the analysis.Īmong the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.8% and 16.5% respectively over the analysis period. The country currently accounts for a 33.4% share in the global market.
is estimated at US$31.1 Billion in the year 2021.
The OTT Devices and Services market in the U.S. Market is Estimated at $31.1 Billion in 2021, While China is Forecast to Reach $27.9 Billion by 2026 These advanced network services would deliver much faster and more reliable cellular data speed and enable better 4K video streaming with improved video quality. In addition, rapid growth of the next generation 5G cellular network service is expected to drive increased adoption of OTT services for consumer entertainment over the next few years. This trend would be supported by increasing implementation of virtual reality (VR) and augmented reality (AR) for gaming applications on smart devices, in order to provide players with real time experience while playing games. The significant growth of the global OTT market during the pandemic times is expected to continue post COVID-19 as well. Moreover, rapidly increasing online communication platforms with advanced technologies that provide customized and personalized consumer involvement is driving the demand for OTT services. Growing consumer inclination towards online streaming is driving product demand significantly, in turn accelerating the OTT market growth.
One of the important drivers driving the market`s growth is the developing media & entertainment industry, as well as the increasing usage of smart computing devices around the world. Currently, a significant portion of video consumption is emanating from smartphones and tablet PCs, which offer on-to-the-go video viewing at the convenience of the user. Video, one of the segments analyzed in the report, is projected to grow at a 18.7% CAGR to reach US$133.7 Billion by the end of the analysis period.Ĭonsumption of online video grew dramatically over the past few years due to availability of quality and engaging video content on highly successful video sites such as YouTube, Hulu, Vimeo and Netflix among others. Global OTT Devices and Services Market to Reach $217.5 Billion by the Year 2026Īmid the COVID-19 crisis, the global market for OTT Devices and Services estimated at US$77.1 Billion in the year 2020, is projected to reach a revised size of US$217.5 Billion by 2026, growing at a CAGR of 18.3% over the analysis period. 2, 2021 /PRNewswire/ - The "OTT Devices and Services - Global Market Trajectory & Analytics" report has been added to 's offering.