Press release
Video on Demand Market - Increased Demand for On-Demand Services due to the Rise in Premium Sports Events
The VoD market is mainly driven by factors such as increasing internet-based consumer spending and the growing adoption of mobile devices to watch online videos.
The surge in high-speed data networks has enabled VoD service providers to deliver faster streaming and downloading services to users. The demand for personalized as well as regional content viewing is also supplementing the growth of the video on demand market.
The global VoD market accounted for US$33.32 bn in 2015 and is expected to expand at a CAGR of 9.3% from 2016 to 2024 to reach US$73.90 bn by the end of the forecast period.
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Growing Trend of Binge-watching Drives Demand for VoD
Based on content, video on demand can be segmented into sports, entertainment, education and information, and TV commerce.
Entertainment is expected to emerge as the most rapidly growing content segment in the global video on demand market, with a CAGR of 9.5% over the course of the forecast period.
The growing production of entertainment content such as movies, TV shows, and music by studios, record labels, and producers is mainly contributing to the growth of the segment.
The TV commerce segment accounted for a share of 24% in the global video on demand market in 2015. The increase in offerings of entire television series by video on demand service providers in keeping with the binge-watching trend has led to significant growth of this segment.
The sports segment is anticipated to witness increased demand for on-demand services due to the rise in premium sports events. Furthermore, the increasing viewership of high quality and live content is expected to increase the share of the sports content segment in the global market.
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TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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