The video on demand (VOD) service market is projected to reflect promising growth to reach a valuation of nearly US$ 184 Bn by the end of the forecast period in 2031. Frequent advancements in data transmission speeds high-definition video quality, and real time analytics are some of the leading factors that are anticipated to contribute to developments taking place in the industry over the coming decade. Also, high mobile device penetration and access to multiple video streaming channels will positively influence growth in the near future.
“Video on demand service market players are increasingly looking towards improving the accuracy of personalized content catering to every viewer/subscriber. Advances in analytics and AI aid in streamlining operations including ad- placement, management, and removal. Tech advances also maintains media content in compliance with regulations associated with age-sensitive materials, privacy, and technical standards, that will influence strategies in the industry,” says the FMI study.
Video on Demand (VOD) Service Market – Important Takeaways
- Subscription based models will witness a surge in uptake owing to wider content portfolios for longer consumer engagement.
- Internet Protocol television technology is gaining ground owing to routing management and bandwidth provisioning benefits.
- China and India are reflecting high potential for growth owing to a vast population base and diversified consumer content requirements.
- The presence of numerous service providers and investments towards the transition to digital media holds the U.S. in the lead.
Video on Demand (VOD) Service Market – Driving Factors
- Widespread penetration of high-speed data networks and mobile devices is a key driver for the adoption of VOD services.
- Multi-access edge computing from 5G and Wi-Fi 6 technologies will positively influence video streaming opportunities.
- Advances in real-time analytics and artificial intelligence are contributing to VOD service subscriptions.
Video on Demand (VOD) Service Market – Leading Constraints
- Intellectual property rights management issues remain a major operational challenge for market players.
- The availability of a multitude of VOD service channels and cost challenges to consumers hurts adoption.
Expected Impact on Market by Coronavirus Outbreak
The covid-19 pandemic generated key growth and revenue generation opportunities for players in the video on demand (VOD) service market. Lockdown restrictions and minimal access to movies in theatre settings during the crisis has bolstered the adoption of VOD services. Also, restrictions on movement and outdoor entertainment options have resulted in the adoption of VOD applications as a viable alternative among consumers.
Demand is likely to continue rising through 2021 and beyond owing to ease of access to a multitude of content options and the potential for the launch of new Wi-Fi and 5G technologies will support sales and subscriptions in the long-term.
Some of the leading players participating in the video on demand (VOD) service market are Viaplay, Amazon.com Inc., Apple Inc., The Walt Disney Company, Google LLC, HBO Max, Comcast Network, Hulu LLC, Dish Network, Vudu, Sky UK Ltd., and Intellian Technologies among others.
Major players in the video on demand (VOD) service market are increasingly emphasizing on strategies covering industry collaborations and geographical expansions to bolster improvements to tech infrastructure and gain access to a wider content portfolio.
In March 2021, Telstra announced the selection of CastLabs solutions for the setting up of a reliable video delivery platform for TV Box Office, Telstra’s transactional VOD service. Further, Samsung has announced the launch of Samsung TV Plus for free content to owners of smart TV products in the Indian market. In addition, Univision launched PrendeTV, a customized streaming channel-based VOD service aimed towards Hispanic audiences in the United States.
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More on the Report
FMI provides in-depth insights on the video on demand (VOD) service market. The market is segmented in terms of service type (subscription video on demand, advertising video on demand, transactional video on demand and others), content type (music, video/movie, sports, kids content, and others), and platform (smartphones/tablets, smart TV, Laptops/PCs), across six regions (North America, Latin America, Europe, South Asia & Pacific, East Asia, and Middle East & Africa).