Video on Demand Market - Global Forecasts from 2023 to 2028: Market to Exceed $675+ Billion, Growing at a CAGR of 28.56%


Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "Video on Demand Market - Forecasts from 2023 to 2028" report has been added to's offering.

The video on demand market is projected to grow at a CAGR of 28.56% to reach US$676.025 billion in 2028 from US$116.489 billion in 2021.

The video on demand (VOD) market refers to a digital distribution system that allows users to access video content whenever they want, instead of adhering to a pre-scheduled broadcast. The concept of VOD has been around for decades, but the rise of the internet and the proliferation of streaming services have transformed the market in recent years.

VOD services are typically provided by online platforms such as Netflix, Amazon Prime Video, Hulu, Disney+, and others. These platforms offer a vast library of TV shows, movies, and original content that users can access on-demand via an internet-connected device like a computer, smartphone, tablet, or smart TV. The VOD market has experienced explosive growth in recent years, driven by the increasing popularity of streaming services and the growing number of internet-connected devices.

The VOD market has disrupted the traditional TV and movie distribution models, providing consumers with greater flexibility and choice in how they consume content. This has created opportunities for new entrants to the market, such as independent filmmakers, who can now reach a wider audience without the need for traditional distribution channels. At the same time, established players in the industry, such as major studios, are adapting their strategies to remain relevant in the VOD era.

The video on demand market is driven by growing demand for on-demand content and the proliferation of smart devices.

Modern consumers have a growing expectation for on-demand content, allowing them to watch what they want when they want. This has led to a shift away from traditional broadcast TV to VOD services. According to a survey by the National Telecommunications and Information Administration (NTIA) in 2019, 74% of US households have at least one subscription to a streaming service, demonstrating the growing demand for on-demand content.

The widespread adoption of internet-connected devices such as smartphones, tablets, smart TVs, and gaming consoles has made it easier for consumers to access VOD services. This has also led to a rise in cord-cutting, where consumers cancel their traditional cable TV subscriptions in favor of VOD services. According to a report by the US Census Bureau in 2019, 86% of US households own a computer; while 84% own a smartphone, indicating the widespread adoption of internet-connected devices.

Key Developments:

In March 2023, FanHero, an end-to-end video technology cloud company, announced the launch of a new all-in-one platform transforming how video content is shared and consumed. With the help of FanHero, content producers and companies from all over the world can create branded video channels with on-demand and live-streaming options for a complete solution that gives users individualized choices and control over their content.

The scalable and adaptable FanHero platform can be white-labeled and used as a business solution across all sectors. The use cases for FanHero include business communications, news outlets, instructors, course designers, and sports leagues. FanHero offers all of the tools required to make, upload, manage, distribute, and monetize video content in one location.

Additionally, it maximizes user income potential by enabling subscriptions, pay-per-view events, partnerships, and product sales. Users have control over their income thanks to a variety of analytics and reporting tools that offer crucial information for improved decision-making.

In March 2023, Brightcove, a streaming technology company, launched Brightcove Ad Monetization, a service for media companies to better monetize their content. The relationship between Magnite, a provider of sell-side advertising platforms, and Brightcove expands upon Brightcove Ad Monetization. Increased yield optimization, it helps the monetization of live and video-on-demand content in order to replenish unsold ad inventory and boost revenue.

It features client-side advertising insertion and server-side advertising insertion capabilities for web players, iOS, Android, and connected TV platforms. Moreover, advertising servers like Google Ad Manager and FreeWheel are all fully integrated with Brightcove Ad Monetization.

Based on industry vertical, the video on demand market is expected to witness positive growth in the media and entertainment segment.

The VOD market is closely tied to the media and entertainment industry, as VOD services provide a way for consumers to access and consume video content. The media and entertainment industry is constantly evolving, and VOD providers need to adapt to these changes in order to remain competitive.

North America accounts for a major share of the video on demand market while the Asia Pacific market is growing at a significant CAGR.

The North America VOD market is a significant video-on-demand market in the world and is characterized by a high level of competition among major players such as Netflix, Hulu, Amazon Prime Video, and Disney+. It is driven by the increasing number of cord-cutters who are canceling their cable TV subscriptions in favor of streaming services. However, the North American VOD market is also highly saturated, with a large number of players competing for market share, and this has led to price wars and pressure on profit margins.

The Asia-Pacific VOD market is characterized by rapid expansion and increasing competition among major players such as Netflix, Amazon Prime Video, iQiyi, and Tencent Video. It is driven by the rising availability of high-speed internet, particularly in countries such as China and India.

Additionally, the rise of local content providers, such as iQiyi and Tencent Video in China, is also contributing to the growth of the VOD market in the region.

Key Attributes:

Report AttributeDetails
No. of Pages145
Forecast Period2021 - 2028
Estimated Market Value (USD) in 2021$116.49 billion
Forecasted Market Value (USD) by 2028$676.03 billion
Compound Annual Growth Rate28.5%
Regions CoveredGlobal

Companies Mentioned

  • Google LLC
  • AT&T
  • Inc.
  • Netflix Inc.
  • Apple Inc.
  • Youtube
  • Hulu LLC
  • Meta
  • Zee Entertainment Enterprises Limited
  • Rakuten Group, Inc.

Market Segmentation:

By Business model

  • Hardware
  • Software
  • On-premise
  • Cloud
  • Services

By Industry Vertical

  • Education and Training
  • Health and Fitness
  • Media and Entertainment
  • Others

By Geography

  • North America
  • USA
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Spain
  • Others
  • Middle East And Africa
  • Saudi Arabia
  • UAE
  • Israel
  • Others
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Taiwan
  • Others

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