The global over-the-top (OTT) devices and services market is expected to reach $165 billion by 2025, according to new data from Research and Markets (www.researchandmarkets.com).
The rising penetration of mobile devices, such as tablets and smartphones, and advancements in consumer electronics devices such as smart TVs, are estimated to drive the demand for OTT content and services amongst the masses over the forecast period, adds the research group.
There has been a rapid surge in the demand for OTT videos, particularly in developing economies. TV digitization initiatives by various regional governments and broadcasters across the world have enabled OTT content to emerge as the popular platform for video consumption.
Businesses across various sectors are increasingly seeking contemporary technological models to provide personalized experiences to their customers, such as TV access on smartphones, connected devices, and tablets, according to Research and Markets. Content providers and broadcast service providers are leveraging the benefits of OTT technology to enhance customer engagement by gaining in-depth insights about their customer base.
What’s more, the rising demand for Video On Demand (VOD), Voice over Internet Protocol (VoIP), Subscription Video on Demand (SVOD), instant messaging services, and internet TV are expected to propel the industry growth over the forecast period. OTT service providers are increasingly focusing their efforts toward the development of various innovative features, such as Google Translate, which translates voice mail services into text, to provide convenience and enhance customer value, notes the research group.