Rapid Growth Ahead: Video on Demand (VOD) Service Market Projected to Reach US$ 183.93 Billion by 2031

The global video on demand (VOD) service market is on the brink of substantial expansion, with a forecasted valuation of US$ 183.93 billion by 2031. This surge is driven by the increasing demand for VOD services, resulting in a growing community of viewers seeking personalized content tailored to their preferences. Leveraging recent technological advancements and enhanced network speeds, VOD service providers can now deliver high-definition content with improved streaming rates. These advancements are poised to be the driving factors behind the thriving future of video on demand (VOD) services.

The latest study conducted by Future Market Insights (FMI), an ESOMAR-certified market research and consulting firm, delves into the fundamental drivers fueling the demand for video on demand services. This comprehensive report not only tracks progress across more than 20 high-growth markets but also meticulously assesses the impact of the COVID-19 pandemic on the VOD services landscape.

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Shaping Viewer Preferences: Video Streaming Services Embrace Health and Entertainment Trends

In response to evolving consumer preferences, several video streaming services have incorporated workout programs to promote healthy lifestyles. Notably, Apple Inc. unveiled "Fitness+" in September 2020, a streaming initiative seamlessly integrated with Apple TV, Apple Watch, iPads, and iPhones. This platform offers a variety of online fitness classes, enabling users to track activities such as rowing, running, cycling, swimming, and more. The growing popularity of online fitness programs across all age groups is expected to provide educational opportunities for video streaming providers.

Beyond Wellness: A Plethora of Entertainment Choices on Online Streaming Platforms

Online streaming services offer a diverse range of entertainment options to subscribers, catering to a wide spectrum of interests. Among these options, videos and movies have gained increasing popularity. Insights from FMI suggest that the videos/movies segment is projected to contribute the majority of revenue within the video on demand services market.

Competitive Landscape of Video on Demand (VOD) Service Providers

The video on demand (VOD) services landscape is characterized by a notable level of concentration, with a few major players dominating the market. The significant share, around 70%, is held by industry leaders such as Netflix Inc., Amazon.com Inc., and Hulu LLC.

A group of players with market shares exceeding 10% emerge as promising contenders in this competitive environment. These companies are poised for rapid growth, capitalizing on the vast opportunities within the global market to expand their businesses and increase revenue. Noteworthy names in this category include Disney Plus, HBO, Apple, and Dish Networks, among others.

Simultaneously, companies with a relatively smaller market presence, constituting less than 3% market share, are actively devising strategies to attract new clients in international markets. This group comprises entities like Tubi, Crackle, Vudu, and Britbox, among other participants keen on exploring new horizons.

Leading the Race: Innovations in Video on Demand Services

In the pursuit of supremacy, VOD service providers are continually innovating their content concepts and technologies to ensure uninterrupted streaming experiences. Amazon, for example, introduced Interactive Video Services (IVS) in July 2020, an interactive video service that allows users to personalize and enjoy live video content directly from their own websites or mobile applications. This advancement is particularly valuable for content creators and developers, enabling them to deliver seamless, low-latency live streaming experiences across multiple platforms and devices while maintaining optimal video quality.

Among the main 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

Type:
Music
Video/Movie
Sports
Kids Content
Others

Platform:
Smartphones/Tablets
Smart T.V
Laptops/PCs

Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa (MEA)

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About Future Market Insights (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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This release was published on openPR.