The Video on Demand (VoD) market size is expected to grow from USD 38.9 billion in 2019 to USD 87.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.5%
NEW YORK, Jan. 28, 2020 /PRNewswire/ --
Growing customer preference for online streaming services to drive the overall growth of the VoD market
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The Video on Demand (VoD) market size is expected to grow from USD 38.9 billion in 2019 to USD 87.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period. The major factors driving the growth of the VoD market include internet proliferation with penetration of smart devices along with a strong opportunity to reach targeted audiences.
OTT segment to hold the highest market share during the forecast period
The flexibility, comfort, and personalization of content have driven the adoption of VoD solution.Over The Top (OTT) services are predominantly delivered over the end user's handheld devices, such as smartphones, tablets, and laptops, through a wireless connection over the internet.
Through the OTT services, viewers are provided with a plethora of choices, with titles from diverse genres within the vast library to choose from at any given time. Owing to this ease-of-use and flexibility, viewers can have a seamless experience.
Subscription-based segment to grow at the highest CAGR during the forecast period
Subscrition-based Video on Demand (SVoD) empowers content providers to set up multiple pricing options for users of their content.A proper combination of content and pricing is essential to acquire and maintain audiences.
Netflix has over 158 million paid memberships across 190 countries for the SVoD monetization model.The platform offers TV series, documentaries, and feature films across a wide variety of genres and languages.
In the VoD market space, the SVoD monetization model enables end users to pay monthly/yearly fees to access its services. The subscription sales include fees associated with memberships and access to digital content.
Media, entertainment, and gaming industry vertical segment to grow at the highest CAGR during the forecast period
With the digitalization of media, entertainment, and gaming mediums, the consumer appetite for gaining access to the right information or preferred channels is growing increasingly.Through efficient VOD solution, organizations are analyzing the structured and unstructured content to enhance their business decisions, augment content quality, and enrich business operations.
Rich media services are offered to individual customers through a variety of devices for better customer engagement. By utilizing VoD services, enterprises can interact with their consumers to deliver media and advertising content via rich messaging channels.
APAC to grow at the highest CAGR during the forecast period
Major economies in the Asia Pacific (APAC) include China, Japan, and Australia and New Zealand (ANZ).The proliferation of smart devices, broadband, and internet connectivity, which is augmented by the emergence of advanced technologies, such as 5G, 4G, developed payment infrastructure, and a dynamic local content ecosystem, is driving the VoD market forward.
In APAC countries, VoD players such as YouTube, iQiyi, Tencent Video, Youku, ByteDance, Netflix, Amazon, Hotstar, and Hulu Japan, will account for a major share of revenue.
-- By Company Type: Tier 1 - 15%, Tier 2 - 42%, and Tier 3 - 43%
-- By Designation: C-level - 62%, Directors - 20%, and Others - 18%
-- By Region: North America - 40%, APAC - 30%, Europe - 20%, Latin America- 5% and MEA- 5%.
Some prominent players across all solution types profiled in the study include Netflix (US), Amazon (US), Google (US), YouTube (US), Apple (US), HBO (US), Cisco (US), Roku (US), IndieFlix (US), Vudu (US), Hulu (US), Comcast (US), Akamai (US), Huawei (China), Fujitsu (Japan), CenturyLink (US), Muvi (US), and Vubiquity (US).
Research coverage
The market study covers the VoD market across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component, monetization models (subscription-based, advertising-based, transaction-based, and others), industry vertical (media, entertainment and gaming, travel and hospitality, education and others) and regions (North America, Europe, APAC, MEA, and Latin America).
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall VoD market and its segments.This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses, and to plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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