The global video on demand (VOD) service market is expected to reach a valuation of US$ 183.93 Bn by 2031. The increasing demand for the VoD services has led to a growing pool of viewers with preference for customized content as per their liking. Recent technological advancements and increased network speed allow video on demand service providers to offer high-definition content at a higher streaming rate. These factors are expected to drive the video on demand (VOD) services in the coming future.
The report presents an in-depth analysis of key growth drivers and trends that are likely to impact the market in upcoming years. With the adoption of cloud computing and artificial intelligence, the technology industry is expected to witness a healthy growth over the forecast period. Increasing competitive pressure and advanced digital transformation in the area of data analytics and artificial intelligence are likely to improve the growth outlook for the Video on Demand (VOD) Service market in the upcoming decade.
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According to the FMI’s report, Changes in consumer behavior, robust product innovations, and expanding distribution networks continue to influence growth of the Video on Demand (VOD) Service market. FMI’s analysts rely on unique research methods and comprehensive data study of the current and upcoming trends of the Video on Demand (VOD) Service market report and gather data from a wide range of primary and secondary sources.
Steered by changing consumer preference, several video streaming services have included fitness program to encourage healthy living. For instance, in September 2020, Apple, Inc. introduced fitness plus, a streaming program that combines with Apple TV, and Apple Watch, iPads, iPhones. This program provides online fitness classes.
It enables users to monitor all the activities such as rowing, running, cycling, swimming, and many others. Therefore it is expected that the increasing popularity of online fitness plans among young people and individuals across all age groups will bring considerable growth opportunities for video streaming providers.
Besides fitness and healthy living, online streaming services offer a wide range of entertainment options for subscribers. Among content offered, videos and movies have become increasingly popular. As per FMI, more than half of revenue generated in the video on demand service market will be contributed by videos/ movies segment.
Key Takeaways: Video on Demand Service Market
- The global video on demand (VOD) service market is estimated to register a CAGR of 8.5% during the forecast period of 2021-2031
- Backed by presence of leading service providers, the U.S. to account for nearly 88% of revenue generated in North America
- Rising streaming spend, enabling the U.K. to register a massive 17.9% y-o-y growth in 2021
- Increasing user penetration supporting expansion in Germany and France
- Spurred by rising smartphone penetration, Japan and South Korea will emerge as lucrative markets in East Asia
“With the advancement in digital data services, video streaming vendors need to make numerous updates into their services and offers which result in upgrading and ensuring maximum productivity” says FMI Analyst.
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COVID-19 Impact Analysis on Video on Demand (VOD) Service Market
The novel coronavirus (COVID-19) pandemic had a positive effect on the entertainment industry. A large number of consumers across the globe had increased their spending on the over the top (OTT) platform, which resulted in an increase in the number of subscribers for video streaming providers.
The rising penetration of smartphones in developed economies provided growth opportunities to video streaming services providers during the pandemic situation. Owing to this fact, subscribers can access video content from anywhere and anytime. This is also supported by the fact that Mobile Network Operators (MNO) have accelerated the deployment of mobile broadband & LTE, especially in emerging countries in the APAC & MENA region.
In past few years, it has been observed that key players in the market are focusing on entering into partnership with other players in the market to offer advanced products and solutions to the customers.
Some of the leading players operating in the market are Apple, Inc., Amazon.Com, Inc., Netflix, Hulu LLC, Google LLC, Comcast Cable Management, LLC, DISH Network L.L.C, Vudu Sky UK Limited, The Walt Disney Company, HBO Max (AT&T), Viaplay (Nordic Entertainment Group) and others.
Key Segments Covered of the Video on Demand (VOD) Service Market
- Subscription Video On Demand (SVOD)
- Advertising Video On Demand (AVOD)
- Transactional Video On Demand (TVOD)
- Kids Content
- Smart T.V
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Key questions answered in the report
How will Video on Demand (VOD) Services market expand until 2031?
FMI projects the global video on demand (VOD) services market to register a CAGR worth 8.5% between 2021 and 2031. Increasing demand for smartphones in the developing economies is expected to give tailwinds to growth.
Which is the leading market for Video on Demand (VOD) Services?
North America is the most lucrative region in the global video on demand (VOD) service market and the trend is likely to continue until the near future. Within North America, the U.S. is expected to remain dominant.
Who are the leading players in Video on Demand (VOD) Service market?
Prominent players operating in the global video on demand(VOD) service landscape include Amazon.com,Inc., Hulu, LLC, Netflix, Inc., Apple,Inc. and among others
What type of content is most popular in video on demand services?
Videos and movies have greater viewership across video-on-demand services, as per Future Market Insights.
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