VOD Market Forecast: 8.5% CAGR Growth by 2031
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.
A growing concern of people to have a better lifestyle with stable diets, better healthcare and stretchy workouts, consistently increased the viewership for live streaming fitness programs amid prolonged lockdown. Future Market Insights (FMI) identifies this as one of the key factors driving the video on demand (VOD) service market. According to FMI, the market is expected to surpass US$ 81 Bn by 2021.
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In its latest edition of the study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors fuelling the demand for video on demand services. The report tracks the overall registered in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the VOD services market. 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.
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
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.
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Competition Landscape
VOD service providers have been experimenting with content ideas and technologies to ensure seamless streaming. For instance, In July 2020, Amazon has introduced a live streaming service for mobile and web applications. This new interactive video service (IVS) enables customers to customize and view videos live from their own website or mobile app. This helps content creators and developers to offer a reliable, low-latency live streaming experience across multiple viewing channels and devices without compromising video quality.
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
Content Type
- Subscription Video On Demand (SVOD)
- Advertising Video On Demand (AVOD)
- Transactional Video On Demand (TVOD)
- Others
Content Type
- Music
- Video/Movie
- Sports
- Kids Content
- Others
Platform
- Smartphones/Tablets
- Smart T.V
- Laptops/PCs
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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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