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on February 21, 2024
Market Scope:
A technique of media distribution known as video on demand enables viewers to access videos without the need for a conventional video playing equipment or the limitations of a regular static programming schedule. The most popular method of media delivery in the 20th century was broadcasting in the form of over-the-air programming. Consumers started to choose unconventional ways of consuming material as Internet and IPTV technologies continued to advance in the 1990s, which culminates in the introduction of VOD on televisions and personal computers.
The Video on Demand market is projected to grow from USD 85.2 billion in 2023 to USD 324.7 billion by 2032, exhibiting a CAGR of 18.20% during the forecast period (2023 - 2032).
Key Companies in the video on demand market include,
- Alphabet, Inc. (California, US)
- com, Inc. (Washington, US)
- Hulu LLC (The Walt Disney Company) (California, US)
- AT&T, Inc. (Warner Media, LLC and Discovery, Inc.) (Texas, US)
- Netflix, Inc. (California, US)
- Apple, Inc. (California, US)
- Comcast Corporation (Philadelphia, US)
- Facebook, Inc. (California, US)
- Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)
- Verizon Communications Inc. (New York, US)
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There are several factors driving the growth of the VOD market, including:
- The increasing adoption of mobile phones and smart TVs, which make it easier for people to watch video content on the go.
- The rising popularity of streaming services, such as Netflix, Hulu, and Disney+, which offer a wide variety of content at a low price.
- The growing demand for personalized content, which VOD platforms can provide through recommendations and algorithms.
Market USPs:
Market Drivers:
People are now more likely to watch media since smart gadgets like tablets, smartphones, and computers are becoming more popular. Additionally, consumers expect to have access to a wide range of thrilling entertainment alternatives whenever and wherever they desire. Aside from that, the market for video on demand is expanding globally as a result of rising utilization of high-speed internet connections and services, improved price of these connections, and their availability. The development of cutting-edge features in smartphones and tablets, rising mobile data subscriptions, and growing use of high-speed data networks are some significant factors anticipated to propel the global video on demand market CAGR throughout the forecast period. The growing use of mobile devices for online content viewing, along with the numerous benefits provided by platforms for video on demand, such as convenience, connectivity, affordability, variety, personalized content, and others, are significant market drivers for the development of this video on demand industry.
Streaming service providers now provide video on demand, allowing customers to select films from their library and watch them whenever and as frequently as they like. Users may also feel free because there are no such contractual commitments with video on demand. There are many subscription levels available to customers who select video on demand. Each option nevertheless costs less than a typical subscription, giving customers greater value for their money and considerably boosting the market's expansion. Additionally, variables like the prevalence of flexibility and simplicity of use that deliver positive client experiences will speed up the market's growth overall during the anticipated term. Additionally, it is anticipated that customers' strong preference for online streaming services over conventional ones, as well as the expanding popularity of local actors and film studios, would hasten the rise of the video on demand market revenue. More events are being broadcast live in order to avoid huge crowds, boosting the market's growth throughout the projected period.
Marketing division:
By Revenue Models:
The market was controlled by the subscription video on demand (SVoD) sector. This is mostly caused by the rising proportion of subscribers using over-the-top (OTT) services.
By Content Types:
The category of TV entertainment produced the highest revenue. This is mostly due to the increase in big-budget movies, drama series ventures, and internet advertisements. Major corporations are developing VoD platforms by collaborating and forming commercial alliances.
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Competition Dynamics:
Leading industry companies are making significant investments in R&D to broaden their product offerings, which will spur further expansion of the video on demand market. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their worldwide presence.
Regional Analysis:
Due to increased investment by the key players and a surge in the usage of cutting-edge technologies like cloud computing and AI, the North American video on demand market sector will dominate this industry. Producers of VoD platforms employ these technologies to efficiently automate the streaming of videos. For instance, the cloud-based Maxine platform, unveiled in October 2020 by NVIDIA Corporation, enables developers to enhance streaming video using GPU-accelerated AI. An artificial intelligence-based cloud platform for streaming video services is the NVIDIA Maxine suite. Due to increased investment by the major companies and a spike in the use of cutting-edge technologies like cloud computing and AI, North America is also incredibly varied. The creation of VoD platforms makes use of these technologies to effectively automate the video streaming procedure.
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The VOD market is a highly competitive landscape, with a number of major players, such as Netflix, Hulu, Disney+, Amazon Prime Video, and HBO Max. These players are constantly innovating and expanding their offerings in order to attract and retain customers.
The future of the VOD market is bright, with continued growth expected in the coming years. As technology continues to evolve, VOD platforms will become even more sophisticated and offer an even wider variety of content and features to users.
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Posted in: Technology