Video on demand is a technology that allows TV programs, news, movies and sports events to be delivered directly to a set-top box, PC, IP TV, mobile phone via satellite TV, internet, cable companies etc. on request.
A new detailed study titled “Video on Demand Service Market: Global Industry Analysis (2012 – 2014) and Opportunity Assessment (2017 – 2027)” has been submitted to the repository of Market Research Reports Search Engine (MRRSE). According to the report, the global video on demand service market was valued at nearly US$ 58 Bn in 2017 and it is likely to reach US$ 126 Bn by 2027.
The report projects the market to grow at 8.2% CAGR through 2027.
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The global market is driven by a range of factors such as increasing disposable income, growing youth population and increase in the number of video service providers.
Consumers are focusing on entertainment on-the-go which has led to an increase in the proliferation of VoD service. The adoption of these services has witnessed a spike in developed countries, whereas developing countries are also contributing to the global demand.
Although, the outlook on video on demand services remains positive, low awareness, combined with high cost of these services continue to impede growth. Limitations in terms of limited offline availability are also some of the challenges faced by service providers.
The report offers region wise analysis an insights to help readers in understanding the status quo in this market. According to the report, North America is likely to remain the leading market for VoD services globally.
The North America market accounted for nearly 38% revenue share of the global market. Growing popularity of these services in the US is one of the key factors for the growth of this market.
Adoption is also growing in Canada however due to low subscriber base, service providers have limited opportunities.
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Asia Pacific is one of the fastest growing markets for video on demand services providers. Many countries in APEJ are witnessing the growth of a strong middle class that has the means to spend on entertainment and luxury.
The report opines that APEJ will emerge as a lucrative market for VoD service providers during the assessment period.
The market intelligence study also profiles the business and product strategies of some of the key players in the market. According to the research study, some of the leading providers in the VoD service market include Cisco Systems Inc., Netflix Inc., British Broadcasting Corporation (BBC), CinemaNow, Telefe Internacional, AT&T Inc., Home Box Office, Inc., Now TV, Terra Networks, S.A., Caracol Television, Caracol Television, EROSNOW, BIG FLIX, ComScore, YouKU.com, iQIYI, Conviva, Netris, Ale Kino Plus, FOX NOW, Spark, American Heroes Channel, Urban Movie Channel.
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