Future Market Insights has published a report about the future of the global video-on-demand (VoD) industry. Entitled as, “Video-on-Demand (VoD) Service Market – Global Industry Analysis and Opportunity Assessment, 2016 to 2026,” the market review reported the contributors to the growth.
Trends propelling every segment of the VoD sector were analyzed. In addition, it provided insights and investigation on the potentiality of the market across important global regions like Western Europe, North America, Asia-Pacific including Japan (APEJ), Latin America, and the rest of the globe.
The study recorded the market value of the VoD service market in 2014 at $45.03 billion. Over the forecast period from 2016 to 2026, these figures are expected to grow at a compound annual growth rate of 8.3 percent.
The North American VoD market was reported to be the largest regarding of revenue contribution and subscription in 2014. It was valued at $18 billion.
Within the 2016 to 2026 forecast duration, increasing Internet access and growing smartphone user population in the Philippines, China, Singapore, and Vietnam are viewed as propellers in the VoD market growth.
This goes to show that the contributors to the trend are no longer limited to the Western hemisphere, but it would be from the rest of the world.
Future Market Insights reported the key players in the VoD market which include Apple, Amazon Prime Video, Netflix, Comcast, and YouTube.
Dish Network, HBO, Sky UK Limited, and Hulu also contribute to the industry’s growth. The Walt Disney Company leads in the animation content makers.
Based on the market review, the expansion in the VoD industry is mainly driven by the shifting preferences of viewers towards consuming online content based on their convenience.
They desire to have flexibility and comfort in consuming content through digital devices anywhere and anytime they want to. Moreover, teenage viewers are now changing their viewing habits.
The prevalence and success of content-on-demand offerings as well as social media platforms’ vertical integration to provide their own VoD offerings also help in the expansion of the international VoD market.
Finally, the London-based market intelligence and consulting firm concluded that the arrival of Ultra-High-Definition LCD TVs with Internet connection further contribute to the VoD market growth, particularly in the United States and Western Europe.
VoD is a type of technology facilitating the direct broadcasting of news, TV shows, sports events, and films to digital devices.
Laptop and desktop computers, mobile phones, and set-top boxes all facilitate the delivery of digital content.
The service providers of VoD offerings deliver platforms to the digital video customers. As convenient entertainment is a cornerstone of VoD, these subscribers can enjoy a massive selection of multimedia content from vast libraries.
They can watch videos anytime and anywhere as well as control what they view on their digital devices. Viewers can start watching content as well as stop, pause, record, and rewind it.
A bellwether of modern entertainment, VoD is a revolution from the traditional viewing of shows and awaiting their scheduled broadcast time.