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Rising Internet-Based Consumer Spending to Bode Well for Growth of Video on Demand Market

Press Release   •   Jan 09, 2017 06:53 EST

Market Research Reports Search Engine (MRRSE) has announced that its repository now features a new report, titled “Video on Demand Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.” The report by Transparency Market Research (TMR), predicts that gobal video on demand (VoD) market value at US$33.32 bn in 2015 and is predicted to touch US$73.90 bn by 2024, rising at a healthy 9.30% CAGR from 2016 to 2024.

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In terms of content, the market for video on demand is segmented into TV commerce, education and information, and sports. Of these, the segment of entertainment is predicted to come up as the most swiftly developing segment in the market and is poised to expand at a healhy 9.50% CAGR during the forecast horizon. This is owing to the increased making of entertainment content such as TV shows, movies, and music by producers, record labels, and studios.

Increasing Premium Sports Events will Fuel Demand for Sports Content

The segment of TV commerce, on the other hand, represented a share of around 24% in the market in 2015. The reason for the superiority of this segment include rising offerings of entire television series by the service providers of video on demand which has kept the trend of binge watching on the rise. The segment of sports is also expected to experience an increased demand for on-demand service owing to the increasing premium sports events. In addition, the growing viewers of high-quality and live content is poised to raise the share of the segment of sports content in the coming years.

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Geographically, North America led the market with a share of approximately 40% in 2015. This is due to the growing adoption of numerous business models such as subscription video on demand, transactional video on demand, and hybrid by viewers in North America. Additionally, the introduction of a broad range of exclusive and premium content presented by the service providers of on demand has raised the subscribers of on-demand services within this region.

Rising Utilization of Connected Devices to Fuel Video on Demand Market in Asia Pacific

The Asia Pacific video on demand market is poised to rise at a swift pace during the forecast horizon and will expand at a 9.70% CAGR between 2016 and 2024. The reasons for the dominance of Asia Pacific include the growing high-speed networks and the increasing investments in mobile broadband. In addition, the rising utilization of connected devices such as smart TVs, tablets, and smartphones will also fuel the development of this market in this region. On the other hand, the Europe video on demand market also held a share of approximately 30% in 2015 and is poised to rise at a healthy growth rate in the coming years. This is mainly owing to the increasing proliferation of the providers of video on demand service within this region.

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The global video on demand market is fuelled by the increasing implementation of mobile devices for watching online videos and the rising internet-based consumer spending. In addition, the increasing high-speed data networks have resulted in VoD service providers in delivering faster downloading and streaming services to users. This will further boost the demand for video on demand services.

The leading players in the global video on demand market are, Inc., Home Box Office, Inc., Hulu LLC, iTunes (Apple, Inc.), Netflix, Inc., Telefonaktiebolaget LM Ericsson (Ericsson Television), Verizon Communication, LLC, YouTube, LLC, maxdome GmbH, and Canalplay.


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