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Global OTT subs to cross 265 mn by '22: Park Associates

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MUMBAI: The number of households worldwide with an OTT video service subscription will exceed 265 million by 2022. The popularity of over-the-top (OTT) video services, such as Netflix, Amazon, and Hulu has driven a steady increase in adoption of smart TVs and streaming media players since 2010, according to `Global Connected Living Outlook: Expanding IoT Momentum’ by Park Associates’.

“Fifty-three percent of the US broadband households own a smart TV, and both smart TVs and streaming media players are continually improving the user experience to accommodate the shifting habits of consumers, including integration with voice-based digital assistant ecosystems,” said Kristen Hanich, Parks Associates’ research analyst.

“The rise of these digital assistants is another key trend over the last few years, with Apple Siri, Amazon Alexa, Google Assistant, Microsoft Cortana, and Samsung Bixby, among others, now on the market. Both smart home and connected entertainment developers are working to integrate this functionality into their products,” Hanich was quoted in an official statement put out by Park Associates.

The `Global Connected Living Outlook: Expanding IoT Momentum’ provides a comprehensive overview and assessment of the markets serving consumers’ connected lifestyle. The report identifies key trends and market developments in service categories, including broadband, television and video, digital content, residential security, home energy management, home support services, and connected health and wellness, as well as connected consumer product categories, including home networks, smart home devices, and connected consumer electronics.

The report identifies key companies to watch in each product category and includes five-year forecasts for select product categories.

The global study reveals that consumers now own an average of 8.6 connected CE products in their home, an 87 per cent growth in the average volume of devices since 2010. Some of the highlights of the report are the following:

More than 70 per cent of the US broadband households have an internet-connected entertainment device.

17 per cent own both a smart home device and an internet-connected entertainment device.

Parks Associates estimates over 265 million households worldwide will have a total of more than 400 million OTT video service subscriptions by the end of 2022.

“With IoT expansion comes added expectations of interoperability,” said Park Associates Research Quality & Product Development director Jennifer Kent, adding, “Consumers prioritize general device interoperability over staying within a specific brand ecosystem when considering a purchase; three-fourths of consumers find it important to consider any smart home product brand that will work with other products in their home and 49 per cent find this very important.”

Also Read :

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OTT platforms discuss need for regulation

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