Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Video On Demand Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Video-on-Demand (VoD) market is on the brink of remarkable expansion, with expectations to surge from USD 104.42 billion in 2023 to an impressive USD 173.27 billion by 2028.
This significant growth, with a Compound Annual Growth Rate (CAGR) of 10.66% during the forecast period from 2023 to 2028, is primarily driven by fundamental factors such as uninterrupted connectivity, the increasing use of mobile devices for content consumption, and the advanced capabilities of smartphones.
Key Highlights of the VoD Market:
- Rapid Surge in Popularity: The VoD market has witnessed exponential growth, largely attributed to the widespread use of Over-The-Top (OTT) platforms like Netflix, Amazon Prime, and others. The availability of these platforms and easy access to cloud services have significantly contributed to the market's expansion.
- Mobile Devices Transforming Viewing Experience: The growing demand for digital media devices and the availability of high-speed internet for remote content access, coupled with the increasing adoption of mobile phones due to the popularity of social media platforms, are key drivers of the VoD market. Recent technological advancements and the release of new shows and movies on these platforms during the pandemic have further fueled the growth of Subscription Video-on-Demand (SVoD) services.
- Premium Video Advertising: The digital video landscape, especially premium video advertising, has witnessed substantial growth, with a 45% increase in ad views on streaming services. A recent study found that U.S. audiences use more than seven video streaming services via ad-supported and ad-free subscriptions, which is driving the VoD services' growth. User experience has become a focal point in the industry.
- Concerns about Content Piracy: Market players are increasingly concerned about video content piracy and protection, which could hinder the growth of the VoD market and result in substantial revenue losses. The joint Digital Citizens Alliance-NAGRA study revealed that approximately 9 million subscribers in the United States use pirate subscription IPTV services.
- Impact of COVID-19: The COVID-19 pandemic and the resulting lockdowns worldwide had a positive effect on the VoD business, as consumers turned to streaming entertainment during travel restrictions. Predictions indicate a 5% increase in SVoD users worldwide, reaching 949 million, following the pandemic.
Market Trends:
- Mobile-Based Internet Users: The surge in mobile-based internet users has transformed the viewing experience, making it more convenient and accessible. Mobile devices, including smartphones, tablets, and PCs, have played a pivotal role in providing instant satisfaction to users.
- Growing 5G Adoption: The rise in smartphone subscriptions and the adoption of 5G networks, especially in countries like India and China, are driving the growth of mobile-based internet users. With 2.6 billion 5G subscriptions expected by 2025, covering 65% of the world's population, video content consumption is set to soar.
- North America Dominating Market Share: North America, led by the United States and Canada, is the dominant market for VoD. The region's adoption of VoD services has been driven by factors such as flexibility, comfort, content personalization, diverse content availability, and volume.
- Key Players' Dominance: Major players like Netflix, Amazon, Disney+, and Apple Inc. have established their dominance in the VoD market. These players are leveraging their competitive advantage through strategies like producing original content.
Conclusion:
The Global Video-on-Demand Market is poised for remarkable growth, driven by factors such as mobile-based internet users, 5G adoption, and the dominance of key players. The market's transformation during the COVID-19 pandemic, coupled with evolving trends, is reshaping the way consumers access and enjoy digital content. As the market continues to evolve, it presents lucrative opportunities for both industry leaders and emerging players.
A selection of companies mentioned in this report includes
- Amazon.com Inc. (Amazon Prime Video)
- Netflix Inc.
- Apple Inc.
- Zee Entertainment Enterprises Ltd (Zee5)
- Hulu LLC
- Warner Bros. Discovery Inc.
- The Walt Disney Company (Disney+)
- Popcornflix LLC
- Novi Digital Entertainment Private Limited (Hotstar)
- Comcast Xfinity
- DirecTV
- DISH Network LLC
- Fujitsu
- Midwest Tape LLC (Hoopla Digital)
- Vubiquity Inc.
- Fandango Media LLC (Vudu)
- Edgio
- Dacast Inc.
- Kaltura
- Wistia Inc.
For more information about this report visit https://www.researchandmarkets.com/r/rbn34k
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
