Video on Demand Market is projected to rise at a formidable CAGR of 9.3% during the forecast period of 2017 to 2024
Albany, NY -- (SBWIRE) -- 05/09/2018 -- The video on demand (VOD) market has expanded leaps and bounds in the recent past and the future is highly profitable too, according to an up to date business study done at the headquarters of Transparency Market Research (TMR). In 2007, Netflix, Inc. first introduced media streaming services in the U.S. while in 2009, Hulu, LLC opened a platform for record labels to host music videos and event performances. LA-based The Walt Disney Company, Tokyo-based Rakuten, Inc., Home Box Office, Inc., YouTube, LLC, Amazon.com, iTunes (Apple, Inc.), and Verizon Communication have since joined the value chain and are eating into the shares as lucrativeness expands.
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The analyst of the report has evaluated that the top ten companies in the global video on demand market didn't even collectively account for half of the total shares as of 2017 and the fragmented scenario will further divide in the near future. Geographical expansion, agreement with major video content producers, and addition of fresh content in accordance to localized demands are expected to be some of the primary strategies that these companies will resort to in order to maintain their stronghold over the global VOD market. In addition to that, efficient transmission of high definition content such as 4K/UHD exhibits huge product development opportunities among the service providers.
Global VOD market to be worth US$73.90 bn by 2024
The analyst of the TMR report has projected the demand in the global video on demand market to increment at a notable CAGR of 9.3% during the forecast period of 2017 to 2024. Revenue-wise, the market for video on demand across the world is estimated to generate opportunities worth US$73.90 bn by the end of 2024, substantially more than the market's evaluated valuation of US$39.63 bn in 2017.
Based on business model, the VOD market has been segmented into transactional video on demand (TVoD), subscription video on demand (SVoD), advertisement video on demand (AVoD), and hybrid business model. On the basis of content, the market has been bifurcated into TV commerce, education and information, entertainment, and sports. Geographically, North America is followed by Europe as the most profitable region, although the demand from the region of Asia Pacific is projected to expand at a stronger CAGR during the forecast period of 2017 to 2024.
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VOD Market Thriving on Digital Right Management
The most prominent driver of the video on demand market is the possibilities of the content to reach wider range of audiences with any smart electronic device, offering enhanced viewer experience, and providing for time-shift viewing. VOD also enables functions over different operating systems, diversified bit rates, multiple screen formats, and digital rights management (DRM). The radical manner with which the broadband internet networks have improved in the recent past across the world, consumers are now inclining towards content of their choice rather than having to browse through what is being served. In addition to that, VOD services are also helpful in catering to diverse industries that use telephone, internet, and broadcasting and television programs to their consumers. A number of organizations pertaining to government, academics, healthcare, banking, media, and transportation can use video on demand services for the purposes of research, education, conference and entertainment.
Demand in the global VOD market to expand at CAGR 9.3% during 2017 to 2024.
The benefit of content choice and time flexibility driving demand
Stiff competition among major players and newer players are making a mark too.