Chicago, April 24, 2024 (GLOBE NEWSWIRE) -- The global Video on Demand Market will grow from USD 146.6 billion in 2023 to USD 270.3 billion by 2028 at a compounded annual growth rate (CAGR) of 13.0% during the forecast period, according to a new report by MarketsandMarkets™
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Video on Demand Market Dynamics:
Drivers:
- Growing demand for video content across industries
- Rising mobile video consumption through social media platforms
- Growing demand for VoD streaming
- Advancements in AI to foster demand for VoD software.
Restraints:
- Rising threat of video content piracy
- Disagreement over licensed business model between producers and aggregators
- Network connectivity and infrastructure issues.
Opportunities:
- Rise in online education and e-learning
- Growing preference for online streaming services over traditional TVs
- Increasing demand for real-time video services
List of Key Players in Video on Demand Market:
- Netflix (US)
- Amazon (US)
- Google (US))
- The Walt Disney Company (US)
- Apple (US)
- Warner Bros Discovery (US)
- Comcast Corporation (US)
- Paramount Global (US)
- Sony (Japan)
- Fox Corporation (US)
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In the future, VoD is poised to continue its rapid growth trajectory, playing a pivotal role in the evolution of the entertainment industry. VoD platforms will increasingly become the preferred choice for consumers, driven by the growing demand for personalized, on-demand content consumption. As technology advances and internet connectivity improves globally, VoD services are expected to capitalize on this trend by expanding their content libraries, enhancing user experiences, and leveraging data analytics to provide tailored recommendations. Moreover, the proliferation of smart devices and the rise of streaming-enabled TVs further fuel the adoption of VoD, enabling users to access their favorite content seamlessly across multiple devices and platforms.
From a business perspective, the future of VoD holds immense opportunities for content creators, distributors, and streaming platforms alike. Original content production will remain a key focus for VoD platforms as they seek to differentiate themselves in the highly competitive streaming landscape and attract subscribers with exclusive shows and movies. Additionally, partnerships and collaborations between VoD platforms and content creators continue to flourish, fostering innovation and diversity in the types of content available to consumers. Furthermore, technological advancements, such as virtual reality (VR) and augmented reality (AR), offer new avenues for immersive viewing experiences on VoD platforms, further enhancing their appeal and driving user engagement. Overall, VoD is set to shape the future of entertainment by offering consumers unparalleled choice, convenience, and flexibility in how they access and consume video content.
The offering type segment of the VoD market is segmented into solutions and services. In the VoD market, solutions play a pivotal role in addressing the evolving needs of consumers and content providers. VoD solutions encompass a range of technologies and services designed to facilitate seamless content delivery, enhance user experiences, and optimize content management. These solutions typically include robust streaming platforms, content delivery networks (CDNs), digital rights management (DRM) systems, and analytics tools. They enable businesses to manage and distribute video content efficiently, ensuring high-quality streaming, personalized recommendations, and effective monetization strategies.
Critical solutions in the VoD market focus on improving content discovery, enhancing video delivery infrastructure, and implementing monetization models such as subscription services, pay-per-view, and advertising. Advanced encoding and transcoding technologies contribute to efficient streaming across various devices, while analytics solutions provide valuable insights into user preferences and behavior. As the VoD market expands, innovative solutions are vital in addressing content curation, bandwidth optimization, and revenue generation challenges, ultimately shaping the landscape of on-demand video consumption.
The VoD market is segmented by region into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific comprises China, Japan, India, Australia, New Zealand, and the Rest of Asia Pacific. VoD offerings, platforms, and services in the Asia Pacific region have become integral to the rapidly growing digital entertainment landscape. With diverse cultures, languages, and preferences across the region, VoD platforms cater to a wide range of audiences. Primary global streaming services and regional players have expanded their presence, offering a plethora of content, including movies, TV shows, and original productions. The rise of high-speed internet connectivity in many Asian countries has facilitated the widespread adoption of on-demand streaming, allowing viewers to access content conveniently.
Local and regional content plays a crucial role in the success of VoD platforms in Asia Pacific. Viewers appreciate platforms that offer a mix of international hits and locally relevant content, reflecting their cultural nuances. Countries such as India, with a vibrant film industry, have witnessed the emergence of homegrown streaming services that focus on providing a vast library of regional content in multiple languages. Additionally, mobile device usage is prevalent in many Asian countries, contributing to the popularity of on-the-go streaming services and making VoD an essential part of the digital entertainment ecosystem.
The role of VoD in the Asia Pacific region extends beyond entertainment, encompassing educational content and live streaming of events. As the middle class expands and disposable incomes rise, more regional consumers are willing to subscribe to premium VoD services. The dynamic and evolving nature of the Asia Pacific market makes it a key focus for both global and local players seeking to capture the diverse preferences of a vast and growing audience.
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Top Companies
Some of the significant Video on Demand Market vendors are Netflix (US), Amazon (US), Google (US)), The Walt Disney Company (US), Apple (US), Warner Bros Discovery (US), Comcast Corporation (US), Paramount Global (US), Sony (Japan), Fox Corporation (US), Lionsgate (US), Indieflix (US), Reliance Jio (India), Webnexs (US), Flicknexs (India), Kaltura (US), TargetVideo (Germany), Muvi (US), and JW Player (US).
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