Rise in the Volume of Subscribers to Generate Lucrative Opportunities for Players in Global Video on Demand Market
The global video on demand market is growing at a significant pace and is expected to witness a healthy competitive scenario in the next few years. The enhanced customer viewing experience is one of the major factors likely to encourage the growth of the overall market in the near future. Moreover, the integration of improved services and the increasing volume of subscribers are expected to supplement the growth of the market. According to a research study by Transparency Market Research, in 2015, the global market for video on demand was worth US$33.32 bn. The market is anticipated to reach a value of US$73.90 bn by the end of 2024, registering a healthy 9.30% CAGR between 2016 and 2024.
Some of the questions addressed in this blog concerning the development of the market have been given below:
Which factors are propelling the global video on demand market?
Video on demand is considered as a differentiator in the intensely competitive pay-TV market, which is expected to encourage the growth of the global video on demand market in the next few years. In addition, the significant rise in the revenue generation for content providers and cable operators and the rising bandwidth savings by the introduction of new streaming schemes are estimated to accelerate the growth of the global market in the near future. However, the low capacity of set-top boxes is predicted to act as a major challenge for the key players operating in the global video on demand market.
Which regional segment is projected to witness strong growth in the coming years?
In the last few years, North America led the global video on demand market by holding a large share. This region is expected to remain in the leading position in the next few years, thanks to the increasing adoption of multiple business models such as subscription video on demand (SVoD), transactional video on demand (TVoD), and hybrid (SVoD + AVoD). Moreover, an extensive range of exclusive and premium content that is being provided by on-demand service providers is projected to fuel the growth of the North America market. Furthermore, Asia Pacific is estimated to register a progressive growth rate in the coming years, owing to the rising investments for the development of high-speed networks and mobile broadband.
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How are the key players supplementing the growth of the global video on demand market?
The global market for video on demand is highly competitive and fragmented in nature with a presence of a high number of players operating in it. These players are making notable efforts in order to enhance their presence and create a niche across the globe. The presence of a large number of satellite companies, service providers, online streaming websites, and cable networks is estimated to accelerate the growth of the overall market in the near future. The increasing focus on provided enhanced services to customers and innovations are anticipated to offer promising growth opportunities in the near future.