Video on Demand in Hospitality Market Trends & Forecast 2024 To 2033 Key Players Akamai Technologies Inc., Alcatel-Lucent Enterprise, Apple Inc., AT&T Inc., Avaya Holdings Corporation.

"The Business Research Company recently released a comprehensive report on the Global Video on Demand in Hospitality Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

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.

Video on Demand in Hospitality Market 2024 Key Insights:

• 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%.
• Smartphones And Tablets Fuel Video On Demand Growth In Hospitality Market
• Technological Advancements Spur Innovation In Video On Demand For Hospitality Market
• North America was the largest region in the video on demand hospitality market in 2023

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