In a recent published report, Kenneth Research has updated the market report for Over-The-Top Devices And Services Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Over-The-Top Devices And Services Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Over-The-Top Devices And Services Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Over-The-Top Devices And Services Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
Over-The-Top Devices and Services market is anticipated to reach around USD 202 billion by 2026. In 2017, the video content segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.The growing penetration of broadband infrastructure, and increasing adoption of device-based computing have boosted the adoption of Over-The-Top Devices and Services market. Increasing disposable incomes, and growth in media & entertainment industry further support the growth of this market. Availability of low cost OTT services and rising need for a personalized experience has accelerated the adoption of Over-The-Top Devices and Services. Increasing investments by vendors in technological advancements coupled with increasing demand from emerging economies further boost the market growth.
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The growing disposable income has encouraged consumers to buy technologically advanced OTT devices for a personalized experience. Moreover, consumers are opting for video and audio services along with the ability to connect to the internet. Thus, lofty living standards and increasing media consumption, would contribute to the growth of the Over-The-Top Devices and Services market, thereby positively affecting the Over-The-Top Devices and Services market growth.
The North America Over-The-Top Devices and Services market generated the highest revenue in 2017, and is expected to lead the global market throughout the forecast period. The high disposable incomes in the region, and growing media and entertainment industry drive the market growth in the region. There has been a significant increase in the consumption of online video and audio content in the region.
Favorable government regulations in the region boost the market growth in the region. Local players are introducing low cost Over-The-Top Devices and Services with advanced technologies to cater to the growing demand of consumers. Numerous key players have adopted partnership and expansion strategies to increase their market share in Over-The-Top Devices and Services markets of the North American region.
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The leading companies profiled in the Over-The-Top Devices and Services market report include Microsoft Corporation, Yahoo Inc., Amazon.com, Google Inc., Netflix Inc., Roku, Inc., Hulu, Apple, Inc., Akamai Technologies, Facebook, Inc., Limelight Networks, Inc., and Tencent Holdings Ltd. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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