Global OTT video subscriptions to pass 400 million in 2022

More than 265 million households worldwide will have more than 400 million OTT video service subscriptions by 2022

A new industry report from international research firm Parks Associates shows that 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’.

“Fifty-three percent of U.S. 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, Research Analyst, Parks Associates. “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.”

‘Global Connected Living Outlook: Expanding IoT Momentum’ also reveals that consumers now own an average of 8.6 connected CE products in their home, an 87% growth in the average volume of devices since 2010. Additional research from the report shows:

• More than 70% of U.S. broadband households have an internet-connected entertainment device.
• 17% 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 Jennifer Kent, Director, Research Quality & Product Development, Parks Associates. “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% find this very important.”

‘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.