Video on Demand Market Growing at a CAGR of 16.7% Reach USD 387.5 Billion by 2032

Allied Market Research published a new report, titled, " Video on Demand Market Growing at a CAGR of 16.7% Reach USD 387.5 Billion by 2032." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

● Driving Factors Video on Demand Market

The video on demand market is expected to witness notable growth owing to rise in use of smart devices and mobile data subscriptions, increase in popularity of live streaming, and rise in number of streaming services. Moreover, surge in penetration of smartphones is expected to provide lucrative opportunity for the growth of the market during the forecast period.

The global video on demand market was valued at USD 84.6 billion in 2022, and is projected to reach USD 387.5 billion by 2032, growing at a CAGR of 16.7% from 2023 to 2032.

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● Market Segmentation Video on Demand Market

The video on demand market is segmented on the basis of component, monetization models, end user, and region. On the basis of component, it is bifurcated into solution and services. On the basis of monetization models, it is divided into subscription-based, advertising-based, and transaction-based. On the basis of end user, it is fragmented into media, entertainment, & gaming, travel & hospitality, education, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The major players in the video on demand industry include Google LLC, Cisco Systems, Inc., Fujitsu, Netflix, Inc., Amazon.com, Inc., YouTube, Comcast, Apple, Inc., Disney, and Hulu LLC. Major players have adopted product launch, partnership, collaborations, and acquisition as key developmental strategies to improve the product portfolio and gain strong foothold in the video on demand industry.

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By component, the solution segment held the major share in 2022, garnering nearly one-third of the global video on demand market revenue, owing to various technologies, platforms, and strategies that enable the delivery of video content to users on-demand, allowing them to watch videos whenever they want. In addition, these solutions provide tools and systems for organizing, storing, and managing video content.

However, the service segment would also showcase the fastest CAGR of 18.9% during the forecast period, owing to offer a wide variety of content, ranging from movies and TV shows to documentaries, original series, and user-generated content. In addition, video on demand services provide a means for content creators to distribute their videos directly to their target audience.

By monetization models, the subscription-based segment held the major share in 2022, garnering nearly two-thirds of the global video on demand market revenue, owing to services accessible on multiple devices, offering personalized features, and often has user-friendly interfaces to improve user experience, and make data-driven decisions regarding content creation.

However, the advertising-based segment is projected to showcase the fastest CAGR of 19.4% during the forecast period, owing to provide customized advertisements by utilizing data analytics and insights into user behavior, which improves the efficiency of marketing efforts.

By region, North America held the highest share in 2022, holding nearly one-third of the global video on demand market revenue in 2022, and is projected to retain its dominance by 2032, owing to adoption of smartphones among population, the potential consumer for movies and TV shows, leading to increased demand for video on demand services.

In addition, the widespread availability of high-speed internet and the growing prevalence of mobile data plans make it more convenient for people to access video on demand services. The Asia-Pacific region is projected to attain the fastest CAGR of 20.5% during the forecast period, owing to diverse range of cultures, languages, and demographics which leading to the creation of region-specific or culturally relevant content and shows.

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● Recent Partnership in the Video on Demand Market

On September 2023, Cisco partnered with Link Net and Qwilt, to deploy their Content Delivery Network (CDN) solution, elevating the quality and delivery capacity of Link Net's streaming applications to more than 3 million homes across Indonesia.

On July 2022, Netflix partnered with Microsoft to develop ad tools and sales to bring advertisements to the platform. It was to launch a new advertising-based plan, titled the Basic Standard Premium plan. The new plan aimed to bring new subscriptions from various regions and countries where people sometimes pay for premium subscriptions.

● Recent Upgrade/Product Launch in the Video on Demand Market

On October 2023, YouTube announced the launch of artificial intelligence (AI) powered advertising products designed to help brands connect with relevant audiences and optimize campaign performance on the platform.

On September 2023, Google video platform YouTube announced two new initiatives for healthcare content creators, AI-enabled Aloud, which dubs videos in various languages, and THE-IQ Creator Program, which expands upon the Tackling Health Equity Through Information Quality program.

On May 2023, Comcast launched NOW TV a new streaming platform offering 40+ live channels from A+E Networks, AMC, Hallmark and Warner Bros. Discovery, plus 20+ integrated FAST channels from NBC, Sky and Xumo Play, and a subscription to Peacock Premium at no additional cost.

● Recent Collaboration in the Video on Demand Market

On August 2023, Fujitsu collaborated with ISID and DIPRO in the area of engineering chains to deliver product life cycle management (hereinafter PLM) systems for customers in the Japanese manufacturing industry.

● Recent Agreement in the Video on Demand Market

On March 2023, MultiChoice Group, entered into an agreement with US-based media conglomerate Comcast to create a pan-Africa video-streaming platform. This agreement is done so that MultiChoice Group penetrate deeper with Show max due to competition from Netflix, Amazon's streaming service, and Disney.

On May 2022, Amazon Prime Video announced the signing of a multi-film licensing deal with production house Nadiadwala Grandson Entertainment (NGE). As part of the agreement, the streaming service hosted NGE's upcoming schedule of films shortly after their theatrical release. Furthermore, the films are available to all Prime members on Amazon Prime Video following their theatrical release.

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