Video on Demand in Hospitality Market Outlook 2024-2033 - Growth, Demand, Analysis

The video on demand in hospitality market size has grown exponentially in recent years. It will grow from $28.6 billion in 2023 to $34.46 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to increased demand for in-room entertainment, growth in high-speed internet access, adoption of smart tvs and connected devices, expansion of content libraries and streaming services, rise of personalized guest experiences.

The video on demand in hospitality market size is expected to see exponential growth in the next few years. It will grow to $77.61 billion in 2028 at a compound annual growth rate (CAGR) of 22.5%. The growth in the forecast period can be attributed to increaseing integration of voice-activated controls for vod, emphasis on contactless and mobile-based vod access, growth in personalized content recommendations, increased adoption of 4k and high-resolution content, expansion of vod services for meetings and events. Major trends in the forecast period include development of customized hotel branded content, integration with hotel management systems for seamless billing, collaboration between hospitality chains and content providers, use of analytics for guest behavior and content preferences, adoption of virtual reality (vr) and augmented reality (ar) experiences in vod.

Market Overview -
Video on demand in hospitality refers to a technology that allows guests to choose and watch video content on their TVs or computers and use videoconferencing for hospitality purposes. TV typically uses broadcast technology, whereas video on demand uses unicast transmission. A variety of video programming is available on video on demand, including sports, entertainment, instructional, and feature films.

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Smartphones And Tablets Fuel Video On Demand Growth In Hospitality Market
Increasing penetration of smartphones and tablets is expected to propel the growth of video on demand in the hospitality market going forward. A tablet refers to a wireless portable computer with a touchscreen interface. A smartphone refers to a cellular phone that includes an integrated computer as well as an operating system, web browsing, and the ability to run software applications. The guest in hotels uses their smartphone or tablet to scan a QR code on the TV to connect the device to the display. The incredible streaming options provided by Video on Demand allow the hospitality industry an unparalleled glimpse at the newest films, fresh from the theater, for immediate viewing or pre-order. For instance, according to Bankmycell, a US-based cost comparison company, the world's smartphone user base is expected to reach $6.648 billion by 2022, representing 83.37% of the global population. The United States has the highest smartphone penetration, with 81.60 percent of its population, or 270 million people, owning a smartphone. Therefore, the increasing penetration of smartphones and tablets is driving the video on demand in the hospitality market growth.

Competitive Landscape -
Major companies operating in the video on demand in hospitality market report are Akamai Technologies Inc., Alcatel-Lucent Enterprise, Apple Inc., AT&T Inc., Avaya Holdings Corporation., Cisco Systems Inc., Telefonaktiebolaget LM Ericsson, Huawei Technologies Co Ltd., Netflix Inc., Amazon. com Inc., Nokia Networks, The Walt Disney Company, ZTE Corporation, Google LLC, Broadpeak Technologies Pvt Ltd., Comcast Technology Solutions, Conax Technologies, Deluxe Entertainment Services Group, Edgeware AB, Elemental Technologies LLC, Espial Group Inc., Harmonic Inc., Imagine Communications Corp., Inca Networks Inc., Kaltura Inc., Minerva Networks Inc., Muvi LLC, NeuLion Inc.

Technological Advancements Spur Innovation In Video On Demand For Hospitality Market
Technological advancements are a key trend gaining popularity in video on demand in the hospitality market. To gain a competitive advantage in the video-on-demand market, major companies in the hospitality industry are developing new innovative products. For instance, in October 2021, TELEV8 LLC, a US-based technology company, launched LiveTV, a TVaaS platform designed to reduce the overall cost of delivering content to hotels and modernise the free-to-guest TV experience. It includes features such as pause/play, rewind/fast forward, replay TV, search, and video on-demand. This platform delivers content in a secure, simple, and bandwidth-efficient manner, allowing hotels to continue offering free TV to guests at a lower cost.

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Key Segments -

The video on demand in hospitality market covered in this report is segmented -
1) By Solution: Pay TV, Internet Protocol Television, Over The Top
2) By Service: Training and Support, Professional Services
3) By Delivery Model: Laptops and Desktops, Smart phones and Tablets, Smart TV
4) By User Type: Hotels, Cruise or Luxury Yachts, Day Care Center, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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