The market for video on demand (VOD) services is expected to rise at an astounding rate, reaching a valuation of USD 183.93 billion by 2031, according to forecasts. It is projected that a strong CAGR of 8.5% from 2021 to 2031 will power this increase.
As technology continues to transform how we consume information, demand for VOD services is increasing at an unprecedented rate. Consumers are increasingly drawn to the flexibility and convenience provided by on-demand streaming platforms, which allow them to access a wide library of movies, TV series, and unique content at their fingertips.
This projection highlights the changing landscape of the entertainment business, stressing the critical role that VOD services will play in defining 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
Who is winning?
VOD service providers have been experimenting with content concepts and technology to ensure flawless streaming. 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.
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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)
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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