New York, US, May 17, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Video on Demand Market By Revenue Model, Transactional Video On Demand, By Content Forecast till 2030”, the 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).
Market Scope:
A technique of media distribution known as video on demand (VOD) 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 culminated in the introduction of VOD on televisions and personal computers.
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.
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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Video on Demand Market Report Scope:
| Report Metrics | Details |
| Video on Demand Market Size by 2032 | USD 324.7 Billion (2030) |
| Video on Demand Market CAGR during 2023-2032 | 18.20% |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Rising mobile data subscriptions Increased use of high-speed data networks |
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.
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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.
Market Limitations
The expansion of the video on demand industry is anticipated to be hampered by growing concerns among market participants regarding video content protection and piracy. The quantity of viewers of material may decline as a result.
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Analysis of COVID-19
Demand for cellphones, broadband connections, internet use, and digital platforms like video streaming and conferencing has increased as a result of the COVID-19 epidemic. Additionally, due to government limitations and self-imposed social segregation rules to prevent virus infection, movie theaters and performances were temporarily shuttered. The pandemic issue has raised the demand for VoD services among both new and current customers.
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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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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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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