The global video on demand market was worth US$33.32 bn in 2015 and is predicted to be worth US$73.90 bn by 2024. If the estimates hold true, the market will exhibit a robust CAGR of 9.3% from 2016 to 2024.
Albany, NY -- (SBWIRE) -- 01/31/2017 -- The global video on demand market is fragmented in nature. The top 10 players in the market together held a little over 34% in 2015. Among the global powerhouses in the field, Netflix, Inc. has maximum sway. On account of the fragmented nature of the market which is teeming with satellite companies, service providers, cable networks, and online streaming websites, competition is red hot. This is likely drive supercharged growth in the market in the near future.
A report by Transparency Market Research delves deep into the global video on demand market by factoring in the current competitive scenario and trends. In order to provide a thorough peek into the market, it segments it on the basis of service distribution channel into video on demand by cable TV services, video on demand by DTH services, video on demand by IPTV services. It also classifies the market by content type into education and information, sports, TV commerce, and entertainment. The global video on demand market was worth US$33.32 bn in 2015 and is predicted to be worth US$73.90 bn by 2024. If the estimates hold true, the market will exhibit a robust CAGR of 9.3% from 2016 to 2024.
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Global Video on Demand Market: Drivers and Trends
Driving the soaring popularity of video on demand is the web's ever-expanding reach and the seamless, speedy connectivity made possible with the rollout of 4G services and LTE. Favorable initiatives by governments of different nations to encourage broadband penetration and to keep costs of IPTV services within affordable ranges, has helped the market substantially. Yet another crucial growth driver in the market is the attractive subscription offers such as unlimited access to high quality content by the leading players in the market.
Another factor boosting uptake of video on demand is the price discounts resulting from the rising price wars among the existing players. Further, savvy content producers such as studios and record labels are increasing collaborating with video on demand service producers to promote their content, which is bolstering the market further.
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One factor countering the growth in the global video on demand market is the somewhat shoddy physical infrastructure for IPTV systems which impacts a bandwidth-heavy service such as video on demand. Besides, bandwidth caps and stiff competition from established alternate services, namely direct to home and digital cable is also damping growth.
Global Video on Demand Market: Regional Outlook
North America leads the global video on demand market with maximum share. In 2016, its leading share stood at 40.0%. However, going forward, Asia Pacific is slated to outshine all other regions in terms of gaining market share on account of the growing penetration of the internet and the proliferation of smart devices such as smartphones, tablets, and video game consoles. The region is forecasted to expand at CAGR of 9.7% during 2016 and 2024.
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Companies Mentioned in Report
To present an in-depth assessment of the competition prevailing in the global video on demand market, the report profiles companies such as Direct TV Inc., Netflix Inc., Comcast Corp., Dish Network Corp., Hulu.com, Verizon FIOS, Apple Inc., Google Inc., and Blikbox.
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