The number of households worldwide with an over-the-top (OTT) video service subscription is set to exceed 265 million by 2022, according to a report from international research firm Parks Associates, making up 400 million individual subscriptions.
The report, titled Global Connected Living Outlook: Expanding IoT Momentum, also details that consumers now own an average of 8.6 connected CE products in their home. This represents an 87% growth in the average volume of devices since 2010. In the US 53% of broadband households now own a smart TV, further increasing demand.
The increase in demand reflects the growing popularity of OTT video services, such as Netflix, Hulu and Amazon.
"With IoT expansion comes added expectations of interoperability," said Jennifer Kent, director of 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."