Albany, NY -- (SBWIRE) -- 02/08/2018 -- Video on demand (VoD) services are transforming the traditional television landscape by offering unique features such as high quality and exclusive video content on demand through broadband and mobile networks.
The VoD market is mainly driven by factors such as increasing internet-based consumer spending and the growing adoption of mobile devices to watch online videos. The surge in high-speed data networks has enabled VoD service providers to deliver faster streaming and downloading services to users. The demand for personalized as well as regional content viewing is also supplementing the growth of the video on demand market.
The global VoD market accounted for US$33.32 bn in 2015 and is expected to expand at a CAGR of 9.3% from 2016 to 2024 to reach US$73.90 bn by the end of the forecast period.
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Growing Trend of Binge-watching Drives Demand for VoD
Based on content, video on demand can be segmented into sports, entertainment, education and information, and TV commerce. Entertainment is expected to emerge as the most rapidly growing content segment in the global video on demand market, with a CAGR of 9.5% over the course of the forecast period. The growing production of entertainment content such as movies, TV shows, and music by studios, record labels, and producers is mainly contributing to the growth of the segment.
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Surge in Volume of Subscribers Makes North America Leading Market for VoD Services
North America held the leading share of around 40% in the global video on demand market in 2015. The rising adoption of multiple business models such as transactional video on demand (TVoD), subscription video on demand (SVoD), and hybrid (SVoD + AVoD) by viewers is a prime factor driving the demand for video on demand services in North America.
Asia Pacific is anticipated to expand at a significant pace during the forecast period, registering a projected CAGR of 9.7% from 2016 to 2024. This is the result of increasing investments in the development of mobile broadband and high-speed networks.
The major players in VoD market include Amazon.com, Inc., Home Box Office, Inc., Hulu LLC, iTunes (Apple, Inc.), Netflix, Inc., Telefonaktiebolaget LM Ericsson (Ericsson Television), Verizon Communication, LLC, YouTube, LLC, maxdome GmbH, and Canalplay.