Video-On-Demand Market Size to grow by USD 309.7 billion between 2024-2028
According to a research report “ Video-On-Demand Market” by Platform (Smartphone and laptops, Smart TV) Type (Subscription video-on-demand, Advertising video-on-demand, Transaction video-on-demand) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 309.7 billion, at a CAGR of 20.77% during the forecast period. The global Video-On-Demand (VOD) market is experiencing significant growth due to the advancement of wireless network technologies and telecommunication standards, including 3G, 4G, and 5G. These technological advancements facilitate cloud streaming services, which prevent unauthorized downloading and sharing of video and music assets. Vendors are adopting a freemium business model, offering free services to attract consumers while converting them to premium subscriptions for sustainability. Notable players, such as Netflix, Hulu, and Disney Hotstar, provide both free and paid subscription options for their premium services, thereby expanding their customer base. This strategy, coupled with the increasing availability of high-speed internet, is driving the growth of the VOD market over the forecast period..
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By Platform, the Smartphone and laptops segment is projected to dominate the market size in 2024
In the contemporary business landscape, numerous nations are making substantial investments in their IT infrastructure to facilitate digitalization. This investment trend is enabling companies to adapt to evolving consumer preferences and capitalize on the expanding market potential within the economical segments. The primary function of mobile Video-on-Demand (VOD) platforms is to boost audience engagement and video content consumption. The Bring Your Own Device (BYOD) policy, which is gaining traction in industries such as IT, BFSI, and telecommunications, is expected to fuel market expansion during the forecast period. According to Technavio, the shift in consumer behavior towards Internet-based VOD services is poised to undergo significant transformation, making it a lucrative area for businesses.
By Type, Subscription video-on-demand segment is expected to hold the largest market size for the year 2024
Subscription Video-On-Demand (SVOD) vendors offer access to a vast library of movies, TV series, and live sports events upon payment of a recurring fee for a specified duration. This business model, commonly referred to as a subscription agreement, allows consumers the flexibility to cancel at their convenience. Popular SVOD providers like Netflix, Amazon Prime Video, and Hulu operate on this revenue model. The duration of these subscriptions typically ranges from six months to a year, with monthly options also available for cable services, albeit at a premium. To maintain a competitive edge, these vendors are continually investing in producing high-quality content to cater to evolving consumer preferences.
North America is forecasted to hold the largest market size by region in 2024
The Video-On-Demand (VOD) market represents a significant growth opportunity for media and entertainment businesses. With the increasing consumer preference for flexible viewing schedules and personalized content, VOD platforms have gained immense traction. These platforms enable businesses to monetize their content catalogs through various pricing models, including subscription, rental, and purchase. Furthermore, advanced analytics and targeted advertising capabilities offer valuable insights into consumer behavior and preferences, enabling businesses to optimize their content offerings and marketing strategies.
The Video-On-Demand Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Video-On-Demand (VoD) market has witnessed significant deployment and delivery of innovative solutions in recent years, driven by technological advancements and strategic planning. VoD software enables the delivery of video content to viewers at their convenience, revolutionizing industries such as e-learning, online education, and corporate environments. However, the high cost of equipment, talent, and post-production processes can be a challenge for content creators. In the entertainment sector, VoD providers have transformed the way we consume TV shows, movies, and other video content. Viewer preferences and behavior play a crucial role in the success of VoD platforms, requiring constant adaptation and improvement. Privacy laws, such as GDPR, and concerns over confidentiality and security are essential considerations in the VoD market. Protecting against video content piracy is also a significant challenge, with ongoing efforts to develop effective solutions. As the VoD market continues to evolve, it's essential to stay informed about technological advancements and viewer preferences. Content creators must adapt to these changes to remain competitive and engage their audience effectively. Monetization strategies, such as subscription models and targeted advertising, are also critical components of success in the VoD market.
Market Research Overview
The Video-On-Demand (VoD) market has seen significant growth in recent years, with broadcasters and content owners grappling with the challenges of unlawful downloading and content piracy in the digital age. This complex regulatory framework includes government regulations and licensing requirements, making the process of deployment, delivery, and monetization of high-quality entertainment a intricate process. Next-day TV programming, 3D titles, and AI-based platforms offering customized content suggestions based on audience interests have become the norm. Fandango Now, Quest, and Oculus Go are some of the players in this market, providing seamless customer experiences with ease of use and flexibility. Subscription options and contractual responsibilities are key considerations for streaming service providers, while VoD software and innovative solutions from companies like VdoCipher Media Solutions help ensure secure delivery and privacy in line with GDPR and other privacy laws. The VoD market is not limited to media and entertainment verticals, with education and other industries also leveraging online streaming services for e-learning and online education. The market growth rate is expected to continue, driven by technological advancements and the increasing popularity of live streaming and VoD platforms. Content creators, from movie studios to local players, are adapting to the changing landscape, with high cost post-production processes and equipment, talent, and video content creation a crucial part of the process. The interests of audiences and their behavior, viewer preferences, and content creators' monetization strategies will continue to shape the VoD market in the entertainment sector and beyond.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
