The number of households worldwide with an OTT video service subscription will exceed 265 million by 2022, according to Parks Associates. The popularity of 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.
Parks Associates’ analyst Kristen Hanich commented:
“53% of 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.
The rise of these digital assistants is another key trend over the last few years, with Siri, Alexa, Google Assistant, Cortana and Bixby, among others, now on the market. Both smart home and connected entertainment developers are working to integrate this functionality into their products”.
The report 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 shows that more than 70% of US broadband households have an internet-connected entertainment device and 17% own both a smart home device and an internet-connected entertainment device.
Parks Associates estimates that over 265 million households worldwide will have a total of more than 400 million OTT video service subscriptions by the end of 2022.
Parks Associates’ Jennifer Kent said:
“With IoT expansion comes added expectations of interoperability. Consumers prioritise general device interoperability over staying within a specific brand ecosystem when considering a purchase.
Three-quarters of consumers find it important to consider any smart home product brand that will work with other products in their home and 49% find it very important”.
