This report provides an analysis of the global video on demand market for the period from 2016 to 2024, wherein the period from 2016 to 2024 comprises the forecast period and 2015 is the base year. Data for 2014 is provided as historical information. The report covers all the major trends and technologies playing a major role in the growth of the video on demand market over the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the market’s growth during this period.
Albany, NY -- (SBWIRE) -- 04/21/2017 -- Market Research Reports Search Engine (MRRSE) has announced the addition of a new report focusing on the performance of the Global Video on Demand Market Report on a global scale. This report is titled as "Global Video on Demand Market Report - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024", Video on demand services offer myriad features such as exclusive and high quality video content, which promises transforming the traditional television landscape. These unique services are available on demand via mobile and broadband networks. The proliferation of internet-based consumer spending has been thus providing impetus to the global video on demand (VoD) market. Consumers nowadays have become more inclined towards watching video online on their mobile devices. While the scenario prove extremely lucrative for the surge of high-speed network data, it also enabled the VoD service providers deliver faster streaming and downloading facilities to users. Besides these, the high demand for regional as well as personalized content viewing is supplementing the market's growth as well.
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The global VoD market is projected to exhibit a healthy 9.3% CAGR between 2016 and 2024. At this pace the market is projected to grow from US$33.32 bn in 2015 to US$73.90 bn by the end of 2024.
Strong Presence of Service Providers Fuels Competition Prevailing in Market
The global VoD market has a highly competitive vendor landscape, with the ten players at the top holding just over 34% of the market in 2015. Among the leading market participants, Netflix, Inc. is currently at the top, trailed by Amazon.com, iTunes, YouTube, LLC, Home Box Office, Inc., Hulu, LLC, Ericsson, Verizon Communication, LLC, Canalplay, and Maxdome GmbH. Hence one may say the cut-throat competition prevailing in the market is attributed to the rather strong presence of service providers.
Price is the chief factor influencing the competitive scenario prevalent in the global video on demand market. Vendors around the world are currently offering exclusive digital content at competitive pricing to gain stronghold. In addition, they have adopted global expansion strategies to increase their subscriber base. Big names in the market such as Netflix expanded its network across Europe in 2014, covering countries such as Belgium, Austria, Switzerland, France, and Germany. The renowned on-demand video streaming service also forayed in India in January 2016.
Investments in Developing Mobile Network to Boost VoD Market in Asia Pacific
The global video on demand market is led by North America. The region held over 40% of the global VoD market in 2015. North America has exhibited high adoption of various business models such as subscription video on demand (SVoD), transactional video on demand, advertising video on demand (AVoD), and hybrid (AVoD + SVoD). This is a primary factor facilitating the market's growth in the region. Furthermore, the overall subscribers for on-demand services have increased significantly due to the exclusive and wide range of on-demand content made available by service providers.
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Besides North America, the market is also expected to witness lucrative opportunities in Asia Pacific. The video on demand market in Asia Pacific is expected to report a CAGR of 9.7% beating other regional markets between 2016 and 2024. The growth of the market is attributed to the increasing investments in developing and expanding the existing network of mobile broadband services. Furthermore, the spurt in the usage of connected devices has aided the growth of the VoD market in Asia Pacific.
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