Dublin, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The "Video on Demand in Hospitality Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The video on demand in hospitality market has grown exponentially in recent years. It will grow from $28.6 billion in 2023 to $34.46 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The expansion observed in the historical period can be attributed to several factors, including an increased demand for in-room entertainment, the growth in high-speed internet access, the widespread adoption of smart TVs and connected devices, the expansion of content libraries and streaming services, and the rise of personalized guest experiences.
The video on demand in hospitality market is expected to see exponential growth in the next few years. It will grow to $77.61 billion in 2028 at a compound annual growth rate (CAGR) of 22.5%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing integration of voice-activated controls for Video on Demand (VOD), a focus on contactless and mobile-based VOD access, the growth in personalized content recommendations, increased adoption of 4K and high-resolution content, and the expansion of VOD services for meetings and events. Key trends expected in the forecast period encompass the development of customized hotel-branded content, integration with hotel management systems for seamless billing, collaboration between hospitality chains and content providers, the use of analytics for understanding guest behavior and content preferences, and the adoption of virtual reality (VR) and augmented reality (AR) experiences in VOD.
The anticipated growth of video on demand in the hospitality market is driven by the increasing penetration of smartphones and tablets. As per Bankmycell, the global smartphone user base is projected to reach 6.648 billion by 2022, representing 83.37% of the global population, with the United States having the highest smartphone penetration at 81.60%. Hence, the increasing prevalence of smartphones and tablets contributes to the growth of video on demand in the hospitality market.
The expected growth of video on demand in the hospitality market is also influenced by increased internet penetration. According to a report by the International Telecommunication Union (ITU) in November 2022, 66% of the world's population, or 5.3 billion people, is projected to have internet access, reflecting a 6.1% growth rate from 2021. This increased internet penetration drives the expansion of video on demand in the hospitality market.
Technological advancements emerge as a prominent trend in the video on demand in the hospitality market. To gain a competitive edge, major companies in the hospitality industry are innovating products. For example, TELEV8 LLC, a U. S. -based technology company, introduced LiveTV, a TVaaS platform designed to reduce content delivery costs to hotels and modernize the free-to-guest TV experience. It includes features such as pause/play, rewind/fast forward, replay TV, search, and video on demand. This platform delivers content securely, simply, and in a bandwidth-efficient manner, enabling hotels to offer free TV to guests at a reduced cost.
Innovative product development is also evident in major companies operating in the video on demand in hospitality market, introducing video platforms to cater to larger customer bases, boost sales, and increase revenue. A video platform, also known as an online video platform (OVP), enables users to upload, store, manage, playback, and distribute video content online. For instance, WISI, a Germany-based video technologies company, launched the ABR Receive solution within the Tangram Video Platform, enhancing video delivery efficiency at hospitality sites. This solution allows video providers to streamline headend operations, converting ABR streams for business accounts to IP transport streams for IPTV services or QAM for hospitality networks. It reduces replication in the headend, improving operational efficiency and benefiting operators looking to expand their network footprint.
In April 2021, VITEC, a France-based company specializing in IPTV, digital signage, and video streaming technologies, acquired Anevia. This acquisition allowed VITEC to unite the hospitality and enterprise components of Anevia's business, expanding its offering in the enterprise and hospitality segments. Anevia, a France-based provider of multiscreen solutions for live TV, streaming video, time-shifted TV, and video-on-demand services, operated in the hospitality, healthcare, and corporate business sectors.
North America was the largest region in the video on demand hospitality market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video on demand in hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Report Scope
Markets Covered:
1) By Solution: Pay TV; Internet Protocol Television; Over The Top
2) By Service: Training and Support; Professional Services
3) By Delivery Model: Laptops and Desktops; Smart phones and Tablets; Smart TV
4) By User Type: Hotels; Cruise or Luxury Yachts; Day Care Center; Other End Users
Key Companies Mentioned: Akamai Technologies Inc.; Alcatel-Lucent Enterprise; Apple Inc.; AT&T Inc.; Avaya Holdings Corporation.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Akamai Technologies Inc.
- Alcatel-Lucent Enterprise
- Apple Inc.
- AT&T Inc.
- Avaya Holdings Corporation.
- Cisco Systems Inc.
- Telefonaktiebolaget LM Ericsson
- Huawei Technologies Co Ltd.
- Netflix Inc.
- Amazon. com Inc.
- Nokia Networks
- The Walt Disney Company
- ZTE Corporation
- Google LLC
- Broadpeak Technologies Pvt Ltd.
- Comcast Technology Solutions
- Conax Technologies
- Deluxe Entertainment Services Group
- Edgeware AB
- Elemental Technologies LLC
- Espial Group Inc.
- Harmonic Inc.
- Imagine Communications Corp.
- Inca Networks Inc.
- Kaltura Inc.
- Minerva Networks Inc.
- Muvi LLC
- NeuLion Inc.
For more information about this report visit https://www.researchandmarkets.com/r/k0typy
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