The video on demand (VOD) service market is poised for remarkable growth, with projections indicating a staggering valuation of US$ 183.93 Billion by 2031. This surge is anticipated to be driven by a robust CAGR of 8.5% from 2021 to 2031.
As technology continues to reshape the way we consume content, the demand for VOD services is experiencing an unprecedented upswing. Consumers are increasingly gravitating towards the flexibility and convenience offered by on-demand streaming platforms, empowering them to access a vast array of movies, TV shows, and original content at their fingertips. This forecast underscores the evolving landscape of the entertainment industry, emphasizing the pivotal role that VOD services play in shaping the future of global media consumption.
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Key Takeaways from the Video on Demand (VOD) Service Market Report:
- The global video on demand (VOD) service market is estimated to register a CAGR of 8.5% during the forecast period of 2021-2031
- Backed by the presence of leading service providers, the U.S. accounts for nearly 88% of revenue generated in North America
- Rising streaming spending, enabling the U.K. to register a massive 17.9% y-o-y growth in 2021
- Increasing user penetration supporting expansion in Germany and France
- Spurred by rising smartphone penetration, Japan and South Korea will emerge as lucrative markets in East Asia
COVID-19 Impact Analysis on Video on Demand (VOD) Service Market:
The novel coronavirus (COVID-19) pandemic had a positive effect on the entertainment industry. A large number of consumers across the globe have increased their spending on the over-the-top (OTT) platform, which increased the number of subscribers for video streaming providers.
During the pandemic, the increased adoption of smartphones in developed economies presented significant prospects for video-streaming service providers. Subscribers can access video material from anywhere and at any time as a result of this. The fact that mobile network operators (MNOs) have hastened the rollout of mobile broadband and LTE, particularly in growing countries in the APAC and MENA regions, supports this.
Who is winning?
To ensure flawless streaming, VOD service providers have been experimenting with content concepts and technology. Amazon, for example, launched a live-streaming service for mobile and online applications in July 2020. Customers may edit and view videos live from their website or mobile app with this new interactive video service (IVS). This enables content creators and developers to provide a stable, low-latency live streaming experience across numerous watching channels and devices while maintaining video quality.
Leading Key Players:
- Amazon.Com, Inc.
- Apple, Inc.
- Google, LLC.
- Comcast Network
- Dish Network
- Sky UK Limited
- Vudu
- Intellian Technologies
- Vudu
- Hulu, LLC.
- HBO Max (AT&T)
- The Walt Disney Company
- Viaplay (Nordic Entertainment Group)
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More Valuable Insights on Video on Demand (VOD) Service Market:
FMI’s report on the video on demand (VOD) service market is segmented into three major sections such as type (subscription video on demand (SVOD), advertising video on demand (AVOD), transactional video on demand (TVOD), and others), platform (smartphones/tablets, smart TVs, and laptops/PCs), and content type (videos/movies, sports, music, and kids), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the video on demand(VOD)service market.
Video on Demand (VOD) Service Market Segmentation:
By Content Type:
- Subscription Video On Demand (SVOD)
- Advertising Video On Demand (AVOD)
- Transactional Video On Demand (TVOD)
- Others
By Type:
- Music
- Video/Movie
- Sports
- Kids Content
- Others
By Platform:
- Smartphones/Tablets
- Smart T.V
- Laptops/PCs
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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