Pune, India, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Video on Demand Market Size was valued at USD 82.77 billion in 2022 and is projected to grow from USD 97.19 billion in 2023 to USD 304.74 billion by 2030, exhibiting a CAGR of 17.7% during the forecast period.
The expansion is impelled by the growing demand for subscription-based documentaries, movies, and TV shows Fortune Business Insights™ provides this information in its research report, titled “Video on Demand Market, 2023-2030”.
Key Industry Development:
Deutsche Telekom and Ericsson demonstrated the usage of 5G end-to-end network slicing in a customer-centric service delivery model for video streaming.
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Key Takeaways-
- Video on Demand Market is expected to flourish & reach USD 304.74 Billion in 2030
- VoD provides users with easy access to an online video library through any device that is compatible.
- While consumer requirements and preferences evolve over time, the rising need for value and usability does not.
- The increasing demand for value and usability does not change over time, even when consumer preferences and requirements fluctuate.
- Video on Demand Market Size in North America was USD 32.80 Billion 2022
Discover the Leading Players Featured in the Report-
“Google LLC (U.S.), Amazon.com, Inc. (U.S.), Hulu LLC (The Walt Disney Company) (U.S.)AT&T, Inc. (Warner Media, LLC and Discovery, Inc.) (U.S.), Netflix, Inc. (U.S.), Apple, Inc. (U.S.), Comcast Corporation (U.S.), Facebook, Inc. (U.S.), Telefonaktiebolaget LM Ericsson (Sweden), Verizon Communications Inc. (U.S.)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 17.7% |
| 2030 Value Projection | USD 304.74 Billion |
| Base Year | 2022 |
| Video on Demand Market Size in 2022 | USD 82.77 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 120 |
| Segments covered | Revenue Model, Content Type, Regional, |
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Drivers and Restraints:
Growing Adoption of Online Streaming Applications and Smart Devices
The video on demand market growth is being propelled by the growing penetration of smart TVs and smartphones and the increasing adoption of OTT platforms. Besides, the data usage is set to register appreciable rise with growing popularity smartphones, leading to an upsurge in online video consumption.
However, rising concerns associated with the protection of video content may hamper industry expansion over the forecast period.
Leading Segments Covered in this Report-
By Revenue Model
- Subscription Video on Demand (SVoD)
- Transactional Video on Demand (TVoD)
- Advertisement Based Video on Demand (AVoD)
By Content Type
- Sports
- Music
- TV Entertainment
- Kids
- Movies
- Others
Regional Insights:
North America to Lead Driven by Increasing Investments by Major Players
Major industry players in North America are focused on the development of advanced VoD services. These factors are set to augment the video on demand market share in the region, which holds a dominating value in the global market.
The Asia Pacific market is set to expand at a substantial CAGR over the study period. The upsurge is driven by the increasing number of mobile internet users in the region.
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Competitive Landscape:
Major Companies Forge Partnership Deals to Strengthen Industry Footings
Key industry participants are centered on formulating and adopting a range of strategic initiatives and partnership deals for strengthening the positions of their businesses. Some of the steps comprise mergers, collaborations, and growing participation in trade conferences. Additional steps include an upsurge in R&D activities and the development and launch of new products.
FAQs
How big is the Video on Demand Market?
Video on Demand Market size was USD 82.77 Billion in 2022. It is expected to reach USD 304.74 Billion by 2030.
How fast is the Video on Demand Market growing?
The Video on Demand Market will exhibit a CAGR of 17.7% during the forecast period, 2023-2030
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