Press release
Video On Demand (VoD) Market Growth Drivers and Forecast 2024
Video On Demand (VoD) Market Growth
According to The Business Research Company's, The video on demand market size has grown rapidly in recent years. It will grow from $109.85 billion in 2023 to $129.66 billion in 2024 at a compound annual growth rate (CAGR) of 18%. The growth in the historic period can be attributed to internet penetration, smartphone and tablet adoption, content licensing agreements, shift in consumer preferences.
The video on demand market size is expected to see rapid growth in the next few years. It will grow to $255.48 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to global expansion, original content production, the convergence of entertainment, partnerships, and bundling. Major trends in the forecast period include vertical integration, globalization of content, interactive content experiences, ad-supported models, data-driven personalization.
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Market Drivers and Trends:
The surging demand for digital media devices is expected to propel the growth of the video-on-demand market going forward. A digital media device is any sort of instrument that records, processes, transmits, or displays digital information. The rise in digital media devices, such as smartphones, tablets, and smart TVs, is driven by increasing consumer demand for on-the-go entertainment and convenient access to digital content. VOD services offer a wide range of digital content, from movies to original programming, driving consumer investment in digital media devices for convenient access to favorite shows and movies via streaming platforms. For instance, in September 2023, according to a report published by ConsumerAffairs, a US-based consumer news and advocacy organization, about 97% of Americans owned a feature phone or smartphone in 2022, and future trends predict that the number of American smartphone users will increase to more than 364 million people by 2040. Therefore, the surging demand for digital media devices is driving the growth of video on demand.
Major companies operating in the video-on-demand market are focusing on technological AI-based advancement such as AI-based streaming technology to ensure a smooth viewing experience across different devices and network conditions, enhancing user satisfaction and reducing buffering issues. These AI-based techniques are integrated into streaming platforms to enhance various aspects of content delivery, user experience, and content recommendation. For instance, in March 2024, Sportradar AG, a Switzerland-based sports technology company, launched Sportradar 4Sight, an AI-based streaming technology, to transform the presentation of the sport. The technology overlays ultra-fast data into live streams, delivering a continuous flow of engaging statistics that appear in real-time, from serve speed and ball bounces to total shots in each rally. This technology is engaging for the next generation of tennis fans, who want more immersive and personalized experiences.
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Major Key Players of the Market:
Netflix Inc, Paramount+, YouTube, Hulu, Disney+ Hotstar, Amazon Prime Video, Starz Inc., Apple TV+, Acorn TV, Max, Crunchyroll LLC, Vimeo Inc., Fandango Media LLC, Kaltura Inc., Tubi Inc, Mubi, MX Player, Crackle Plus LLC, BritBox, Kanopy, Dacast Inc., ESPN Inc., Discovery Plus, Rakuten TV, ViacomCBS Inc
Video On Demand Market 2024 Key Insights:
• The video on demand market size is expected to see rapid growth in the next few years. It will grow to $255.48 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%.
• Digital Media Device Demand Fuels Video-On-Demand Market Growth
• Innovative Technology Transforming The Video On-Demand Landscape
• North America was the largest region in the Video On Demand market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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