The Video on Demand Market was valued at USD 56.55 billion in 2019?and is expected to reach USD 120.91 billion by 2025, at a CAGR of 13.5% over the forecast period 2020?- 2025. Video on Demand (VoD) offers a wide array of video programs that include entertainment, films, sports, and educational programs. Although VoD was initially in demand for movie access, with the changing customer preferences boosting the demand for TV programs and other content, VoD service providers had to expand their offerings to other content programmers.
- Content-wise, Internet Protocol Television (IPTV) possesses high growth in the market, owing to the latest technological innovations in the domain. The rising availability of broadband internet services helps in increasing the demand for IPTV when compared to conventional television services. IPTV uses various servers for delivering streaming content to viewers, which minimizes the latency issues and optimizes the delivery speed by maximizing the available bandwidth.
- Several service providers are providing advanced content delivery networks, considering the increasing demand for advanced media content, in order to gain a competitive advantage. The IPTV market is expected to grow rapidly during the forecast period with the growing technological advancements, along with the emergence of infrastructure.
Scope of the Report
Video on Demand (VoD) gives viewers, the liberty to accessing video content on computers, televisions and mobile devices, irrespective of time, where, various providers help in making the content available to the customers. Some of these providers are retailers and technological outfits, TV providers and movie studios.
Key Market Trends
Enhanced Customer Viewing Experience Drives the Growth for Video on Demand Services
- The primary reason behind watching video content is that it allows multiple users at the same place to watch distinct programs on various devices at the same time. The popularity of binge-watching enhanced customer viewing experience.
- The other factor that has improved the viewing experience is convenience. The continuous integration of various contents across different devices is critical due to increasing customer preferences to watch the content anywhere and anytime on every device.
- The widespread usage of mobile devices and increasing access to the internet have helped the customers to stay up-to-date with the digital world that reduces the need for waiting. The need for instant satisfaction is evolving as a powerful force in the consumer world, where the users are adopting online platforms for their entertainment purpose using devices like smartphones, tablets, and PCs.
North America is Expected to Continue as a Major Region Owing to Latest Technological Innovations
- The consumption of media content in North America, especially in the United States is increasing tremendously with a switch from traditional media to digital media. The increasing internet speeds, coupled with the increasing number of devices that support digital media, have provided the consumers with the freedom to access media content anywhere and anytime.
- The rise of players, such as Apple TV, Amazon, Netflix, and Hulu in the digital media field, are challenging the traditional televisions that are seen as entertainment hubs.
- Mobile devices are observed to be the major contributors to the overall digital media consumption. Mobile internet usage in the country has also seen tremendous growth with the most number of mobile wireless connections.
The market for global video on demand is anticipated to be highly concentrated with the presence of big players including Netflix, Inc., Amazon Inc., ZTE Corporation, Muvi LLC and some others. However, the global market is being influenced by many regional players from countries including China, India, South Korea, Malaysia, UK, and others. Additionally, the industry has experienced several markets development related activities such as new product launch, partnerships, and acquisitions in recent years.
- June 2018 - AT&T Inc. acquired Time Warner Inc., to strengthen its offerings in the direct-to-consumer distribution channel and mobile-first entertainment experience for its customers.
- February 2018 - Owing to the changing landscape, many TV networks have also been shifting to video on demand. Nine Entertainment has relaunched its leading 9Now streaming channel and owns a 50% stake in Netflix’s Rival Stan.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client’s requirements
- 3 months of analyst support