Press release
Global Video On Demand Market Projected to Surpass $302.39 Billion by 2029 with 18.4% Annual Growth
Video On Demand Market
The escalation in the need for digital media apparatus is predicted to thrust the progression of the video-on-demand market in the near future. Digital media appliances play a crucial role in recording, processing, sending, or presenting digital data. The upsurge in the use of these devices, that include smartphones, smart TVs, and tablets, is affected by the consumer's increasing preference for entertainment accessibility and the ease with which they can get to digital content. VOD services cater to a plethora of digital content, extending from motion pictures to original broadcasts, propelling users to invest more into these digital devices to be able to easily watch their favorite shows and movies via streaming platforms. A case in point, according to data released by ConsumerAffairs, a US consumer news and advocacy organization, approximately 97% of Americans possessed a feature phone or smartphone in 2022, and future predictions are that American smartphone users will soar over 364 million individuals by 2040. Hence, the skyrocketing desire for digital media devices is fuelling video on demand market growth.
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What Is the projected market size and growth rate for the video on demand market?
The size of the video on demand market has seen a swift expansion in the previous years. The market is set to increase from $129.66 billion in 2024 to $153.97 billion in 2025, with a compound annual growth rate (CAGR) of 18.7%. Factors contributing to the growth during the historical timeframe include increased internet access, the rise in smartphone and tablet usage, content licensing arrangements, and changes in consumer preferences.
Expectations are high for the video on demand market size to experience accelerated growth in the coming years. The forecast projects its expansion to $302.39 billion by 2029, advancing at a compound annual growth rate (CAGR) of 18.4%. The prediction for growth can be ascribed to factors such as wider global reach, production of original content, amalgamation of entertainment sectors, strategic partnerships and package offers. Key trends anticipated during the forecasting period incorporate vertical integration, content globalization, interactive content engagement, advertising-funded models, and personalization derived from data analysis.
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What new trends are reshaping the video on demand market and its opportunities?
Major firms in the video-on-demand market are zeroing in on AI-based technology advancements like AI-based streaming technology to guarantee a seamless viewer experience across different devices and network scenarios, thereby boosting user satisfaction and minimizing buffering problems. These AI methodologies are amalgamated into streaming platforms in an effort to improve content delivery, user experience, and content suggestions. For instance, Sportradar AG, a sports technology firm based in Switzerland, unveiled Sportradar 4Sight, an AI-driven streaming technology, in March 2024. This transformative innovation integrates ultra-fast data into live streams, producing a continual procession of engaging statistics that appear in real time, from the speed of the serve and the number of ball bounces to the total shots made within each rally. The technology appeals to the newer generation of tennis fans, who long for a more interactive and customized experience.
What major market segments define the scope and growth of the video on demand market?
The video on demand market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Platform Type: Smartphones, Tablets/Laptops, Smart TVs, Other Platform Types
3) By Business Model: Transactional Video on Demand, Subscription Video on Demand, Advertisement Video on Demand, Other Business Models,
4) By End-Users: Media, Entertainment, and Gaming, Travel and Hospitality, Education, Other End-Users
Subsegments:
1) By Solutions: Video Content Management, Video Streaming Solutions, Video Delivery Solutions, Video Encoding Solutions
2) By Services: Cloud-Based Services, Subscription-Based Services, Advertising-Based Services, Pay-Per-View Services
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North America was the largest region in the video on demand market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video on demand market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the video on demand industry growth?
Major companies operating in the video on demand market are 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
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What Is Covered In The Video On Demand Global Market Report?
•Market Size Forecast: Examine the video on demand market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the video on demand market for a structured understanding.
•Key Players Overview: Analyze major players in the video on demand market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the video on demand market.
•Segment Contributions: Evaluate how different segments drive overall growth in the video on demand market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the video on demand market.
•Industry Challenges: Identify potential risks and obstacles affecting the video on demand market.
•Competitive Landscape: Review strategic developments in the video on demand market, including expansions, agreements, and new product launches.
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