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Video on Demand Market - Rising Popularity of Personalized Digital Content Driving Market
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In the highly competitive market, cost of services is one of the key determinants of success and companies, vying for a larger consumer base, are offering exclusive content at competitive costs. Aggressive geographical expansion strategies are being adopted to claim evolving regional territories with high potential of growth. For instance, Netflix Inc. expanded its video on demand services in India in 2016.
A report by Transparency Market Research projects the global video on demand market to expand at a healthy 9.3% CAGR during the period between 2016 and 2024, for the market to become US$73.90 bn by the end of 2024 from US$33.32 bn in 2015.
On the basis of business model, the segment of subscription video dominated the market, accounting for a nearly 30% of the global market in 2016. The segment is also expected to display the leading CAGR of 10.0% over the report’s forecast period. In terms of content, the segment of entertainment amassed the leading share of revenue in 2016. However, the sports segment is expected emerge as the one with the most promising growth rate over the forecast period.
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North America, accounting for over 40% of the revenue amassed by the global market in 2016, is the clear leader in the VoD market, chiefly owing to the historic and strong presence of content developers and numerous VoD service providers in the region. The popularity of animation content and the rising demand for various animation series, partnerships between content providers and consumer electronics companies, and lucrative deals offered by companies to gain subscriptions are some of the key factors that continue fueling the North America VoD market in the near future.
Factors such as faster accessibility and improved internet connectivity have significantly increased the demand for customized digital content across the globe. Rising number of consumers of high-speed data services via mobile and broadband networks are also leading to the increased consumption of high-quality digital content. The increased demand for regional content is also leading to an increased demand for video on demand services. Along with these factors, the increased demand for seamless, interactive, and personalized digital data viewing experience is also driving the global video on demand market.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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