The Global Video on Demand Market was valued at USD 56.26 billion in 2017, and is expected to reach a value of USD 93.99 billion by 2023 at a CAGR of 8.93%, during the forecast period (2018-2023).
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The scope of the report is limited to Applications offered by major players, which involves Entertainment, Education and Training, Online Commerce, Digital Libraries. While the End-users considered in the scope of the report include Banking, Financial Services & Insurance, Retail, Manufacturing, Hospitality, Media & Entertainment, Transport & Logistics.
Video on Demand (VoD) gives viewers, the liberty in accessing video content on computers, televisions and mobile devices, irrespective of time, where, various providers help in making the content available to the customers.
Some of these providers are retailers and technological outfits, TV providers and movie studios. VoD offers a wide array of video programs that include entertainment, films, sports, and educational programs.
Although, VoD was initially in demand for movie access, with the changing customer preferences boosting the demand for TV programs and other contents, VoD service providers had to expand their offerings to other content programmers.
Enhanced Customer Viewing Experience Drives the Growth for Video on Demand Services.
The primary reason behind watching video content is that it allows multiple users at the same place to watch distinct programs on various devices at the same time. The popularity of binge watching enhanced the customer viewing experience.
The other factor that has improved the viewing experience is convenience. The continuous integration of various contents across different devices is critical due to increasing customer preferences to watch the content anywhere and anytime on every device.
The widespread usage of mobile devices and increasing access to internet have helped the customers to stay up-to-date with the digital world that reduces the need for waiting. The need for instant satisfaction is evolving as a powerful force in the business and marketing world, where the retailers and manufacturers have sensed the massive opportunity to make profits from consumer impatience.
IPTV has High Growth Owing to the Latest Technological Innovations in the Domain
IPTV denotes a television system, where the services are provided through internet-based IP network; this gives enhanced overall experience, when compared to other conventional television services. The rising availability of broadband internet services help in increasing the demand for IPTV, when compared to the conventional television services.
IPTV uses various servers for delivering streaming content to viewers, which minimize the latency issues and optimizes the delivery speed by maximizing the available bandwidth. Several service providers are providing advanced content delivery networks, considering the increasing demand for advanced media content, in order to gain the competitive advantage.
The IPTV market is expected to grow rapidly during the forecast period with the growing technological advancements, along with emergence of infrastructure.
The major players include - AT & T INC., NETFLIX INC., VUDU INC., ALCATEL-LUCENT, ZTE CORPORATION, CISCO SYSTEMS INC., FUJITSU LTD., ERICSON, AMAZON INC., VERIZON COMMUNICATIONS, INC., SKY PLC, and LEVEL 3 COMMUNICATIONS, amongst other.
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United States is Expected to Continue its Growth Owing to Latest Technological Innovations
The consumption of media content in the United States is increasing tremendously with a switch from traditional media to digital media. The increasing internet speeds, coupled with the increasing number of devices that support digital media, has provided the consumers with the freedom to access media content anywhere and anytime.
The rise of players, such as Boxee, Roku, Apple TV, amazon, Netflix, and Hulu in the digital media field, are challenging the traditional televisions that are seen as entertainment hubs. Mobile devices are observed to be the major contributors to the overall digital media consumption.
Mobile internet usage in the country has also seen a tremendous growth with the most number of mobile wireless connections at 377.9 million. The mobile internet users are also expected to reach 270.5 million by 2020, from 225 million in 2016.
Key Developments In The Market
February 2018 - Owing to the changing landscape, many TV networks have also been shifting to video on demand. Nine Entertainment has relaunched its leading 9Now streaming channel and owns 50% stake in Netflix’s Rival Stan
February 2018 - Vox, telecommunications and ICT service provider has planned on launching internet video on demand services and is set to compete for specialist language bouquets
Enhanced customer experience acts as a driver to the Global Cloud Music Services market scenario
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The Business model that is expected to dominate the market is analyzed in detail
The regions that are expected to witness fastest growth during the forecast period are analyzed and estimated for growth
Identifying the latest developments, market shares and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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