The new report by Expert Market Research titled, ‘Global Video on Demand Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028, gives an in-depth analysis of the global video on demand market, assessing the market based on its segments like solution, delivery technology, application and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020 ): USD 71 billion
• Forecast CAGR (2023-2028 ): 10.2%
• Forecast Market Size (2028): USD 127 billion
The market for video on demand has seen substantial growth due to factors such as rising proliferation of smart devices, accessing convenience of videos anywhere anytime, and affordability. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the video on demand market. Market growth is assisted by the growing use of video on demand across multiple end-use industries. In addition, the use of video on demand, as it allows multiple users to simultaneously watch different programs on different devices, is driving market development. Moreover, the popularity of binge-watching is further driving the growth of the market.
Industry Definition and Major Segments
Video on demand refers to a media delivery system that allows its users to view videos without the standard video playback device barriers and the constraints of a conventional static broadcast schedule.
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Based on the solution, the industry is divided into:
• Pay TV
• Over the Top (OTT) Service
• Internet Protocol Television (IPTV)
Based on the delivery technology, the industry is divided into:
• Transactional Based
• Subscription Based
Based on the application, the industry is divided into:
• Media, Entertainment, and Gaming
• Travel and Hospitality
The regional markets for video on demand include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Geographically, for the video on demand industry, North America is a major market. This could be due to the growing consumption of media content in the region, especially in the United States, which has been increasing rapidly since the transition from traditional to digital media. In addition, rising internet speeds, along with the growing number of digital media-supporting smart devices, have allowed customers to access media content anywhere, anywhere. The widespread use of mobile devices and improved internet connectivity have helped clients remain up-to-date with the modern world, minimizing the need to wait.
The need for instant satisfaction is emerging as a dominant force in the consumer world, where consumers use devices such as smartphones, tablets, and PCs to embrace online platforms for their entertainment purposes. The Asia Pacific region, meanwhile, is expected to see rapid growth over the forecast period. This could be due to the proliferation of smart devices, internet access, and broadband, powered by the introduction of innovative emerging technology such as 4G, 5G, a diverse ecosystem of local content, and the growth of payment infrastructure, fueling the development of the video on demand industry.
Key Market Players
The major players in the market are Apple Inc., Netflix Inc, Amazon.com, Inc., Alphabet, Inc., Hulu, LLC, AT&T Inc., Walt Disney Co, Cisco Systems, Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.