Press release
Video on Demand (VOD) Service Market is estimated to value at US$ 183.93 billion by 2031, registering a CAGR of 8.5% during 2021 to 2031
Video on Demand (VOD) Service Market
Because of an increasing desire among individuals to live healthier lifestyles with consistent diets, better healthcare, and stretching exercises, the number of people watching live streaming fitness programmes during the lengthy lockdown has steadily increased. According to Future Market Insights, this is one of the major factors affecting the market for video on demand (VOD) services (FMI). According to FMI, the market is expected to grow to more than US$ 81 Bn by 2021.
In its most recent edition of the study, Future Market Insights (FMI), a market research and consultancy organisation with ESOMAR certification, gives details about significant factors influencing the demand for video on demand services. The report tracks overall registration in more than 20 fast-growing areas and analyses the impact COVID-19 has had on the market for VOD services. Due to changing consumer tastes, many video streaming services now provide exercise programmes to encourage healthy living. For instance, in September 2020, Apple Inc. unveiled fitness +, a streaming service that combines Apple TV, Apple Watch, iPads, and iPhones. This project provides online workout programmes.
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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.
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.
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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.
About Us:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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