The global Hybrid TV and Over the Top (OTT) TV market, indicating that it is projected to increase from USD 59.67 billion in 2020 to USD 168.81 billion by 2028, at a compound annual growth rate (CAGR) of 14%. This growth is attributed to several factors, including the ubiquity of on-demand viewing and the convergence of linear TV with internet connectivity. These advancements have led to significant developments in hybrid TV and the OTT TV market. Additionally, the expansion of internet penetration has played a crucial role in facilitating this growth.
One of the driving factors behind the growth of the hybrid and OTT TV market is the continuous advancement of TV-enabled devices. As technology progresses, there is a wide range of devices available that can support hybrid and OTT TV services. This includes smart TVs, streaming devices, game consoles, smartphones, and tablets, among others. The increasing popularity and accessibility of these devices contribute to the expansion of the hybrid and OTT TV market.
However, there are also challenges and potential limitations to the growth of the OTT market. The availability of substitute services by telecom operators, such as video streaming and unlimited voice services with Voice over LTE (VoLTE) technology, can pose competition to OTT services. Additionally, low awareness among consumers regarding the benefits offered by OTT services may hinder the market’s growth.
Overall, while the hybrid TV and OTT TV market is expected to experience substantial growth due to factors like internet penetration and technological advancements, challenges such as competition from substitute services and limited awareness about OTT benefits may affect its expansion.
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The Hybrid TV and Over the Top (OTT) TV market is experiencing significant growth and is projected to reach USD 168.81 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 14% from 2020. This growth can be attributed to the increasing ubiquity of on-demand viewing and the convergence of linear TV with internet connectivity. The market is also driven by advancements in internet penetration, which have facilitated the expansion of hybrid TV and OTT TV services.
Regarding deployment models, the on-premise-based deployment of Hybrid TV and OTT TV is expected to maintain its dominance, with a market size of USD 18.4 billion in 2020. However, due to the high adoption rate of cloud technologies, the cloud deployment model is projected to exceed on-premise deployment during the forecast period. This indicates a shift towards cloud-based infrastructure, likely driven by its scalability, flexibility, and cost-effectiveness.
The main players in this market are focusing on providing convenient and easily accessible platforms. This is driven by the increasing number of smartphone users and the rise of the mobile workforce. By offering user-friendly interfaces and optimized experiences for mobile devices, these players aim to capture the growing demand for streaming services on smartphones and tablets.
Overall, the growth of the Hybrid TV and OTT TV market is fueled by factors such as the convergence of TV and internet, advancements in internet penetration, and the adoption of cloud technologies. The market players recognize the importance of catering to the needs of mobile users and are striving to provide seamless and accessible platforms to enhance the viewing experience.
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Major Regions Highlighted in the Global Hybrid TV and Over the TOP TV Market Report:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Top Companies Profiled in the Report:
Hisense Group (China), Apple (US), Hitachi (Japan), Koninklijke Philips N.V. (Netherlands), Lenovo Group Ltd., (Hong Kong), LG Electronics Inc. (south Korea), Sharp Corporation (Japan), Panasonic (Japan), Samsung Electronics (South Korea) , Mitsubishi Electric (Japan), Sony Corporation (Japan), and ZTE Corporation (China) and among others.
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