CHICAGO, March 6, 2024 /PRNewswire/ — Future trends for the Video on Demand (VoD) market include sustained expansion propelled by globalisation, unique content creation, and subscription models. The landscape will be shaped by collaborations, technological breakthroughs, and personalisation; competition and innovation will be spurred by regulatory hurdles and the entry of new firms.
The global VoD Market will grow from USD 146.6 billion in 2023 to USD 270.3 billion by 2028 at a compounded annual growth rate (CAGR) of 13.0% during the forecast period, according to a new report by MarketsandMarkets™. The VoD Market is primarily propelled by shifting consumer preferences and technological advancements. As viewers increasingly seek convenience and flexibility in their entertainment choices, VoD services offer a vast array of content accessible anytime, anywhere. The rise of high-speed internet and the proliferation of smart devices have democratized access to streaming platforms, fostering a culture of binge-watching and personalized content consumption. Additionally, the emergence of original programming from streaming giants and niche content providers has intensified competition, driving innovation and investment in exclusive content creation.
Browse in-depth TOC on “Video on Demand (VoD) Market“
280 – Tables
72 – Figures
300 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2028
Base year considered
2022
Forecast period
2023–2028
Forecast units
Value (USD Million/Billion)
Segments Covered
Offering Type, Monetization Model, Platform Type, Deployment Model, Content Type, and Vertical
Geographies Covered
North America, Europe, Asia Pacific, Middle East Africa, and Latin America
Companies Covered
Some of the significant VoD market vendors are Netflix (US), Amazon (US), Google (US)), The Walt Disney Company (US), Apple (US), Warner Bros Discovery (US), Comcast Corporation (US), Paramount Global (US), Sony (Japan), Fox Corporation (US), Lionsgate (US), Indieflix (US), Reliance Jio (India), Webnexs (US), Flicknexs (India), Kaltura (US), TargetVideo (Germany), Muvi (US), and JW Player (US)
Moreover, changing demographics and lifestyle patterns play a significant role in fueling the growth of the VoD Market. Millennials and Gen Z, in particular, prioritize on-demand content over traditional linear television, prompting traditional broadcasters and cable networks to adapt their strategies or launch their streaming services. Furthermore, the global pandemic has accelerated the adoption of VoD platforms as lockdown measures increase screen time and home entertainment demand. This has led to an expansion of VoD services into new regions and markets, as well as an emphasis on content diversity and inclusivity to cater to varied audience preferences. Overall, the VoD Market’s trajectory is shaped by a complex interplay of technological innovation, changing consumer behaviors, and market dynamics, driving continual evolution and expansion.
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The services segment is expected to capture the highest CAGR during the forecast period by offering type.
The service type segment of the VoD Market is segmented into solutions and services. The services segment accounted for the highest CAGR during the forecasted period. Services in the VoD Market encompass a wide range of offerings that contribute to the professional services, managed services, and creation, delivery, and enhancement of on-demand content. Moreover, content delivery services are critical in ensuring efficient and high-quality streaming experiences for users. These services often include content delivery networks (CDNs) that optimize the distribution of video files, reducing buffering times and enhancing the viewing experience. Encoding and transcoding services are also essential for preparing video content in various formats, making it compatible with different devices and network conditions.
Furthermore, content management services are integral to the VoD Market, providing tools for cataloging, organizing, and curating vast libraries of digital content. This includes metadata management, which enhances searchability and recommendation algorithms, leading to more personalized user experiences. Further, analytics services offer insights into user behavior, preferences, and engagement patterns, enabling content providers to refine their strategies and improve content recommendations. Lastly, monetization services also play a crucial role, facilitating revenue generation through subscription models, pay-per-view, and targeted advertising. Overall, services in the VoD Market collectively contribute to the seamless delivery, management, and monetization of on-demand content, enhancing the industry’s growth and adaptability in response to evolving consumer demands.
Based on the solutions, the over-the-top (OTT) services segment is expected to hold the largest market share during the forecast period.
The VoD Market, by solutions, is segmented into Pay-Tv, IPTV, and OTT services. It is expected that during the forecast period, the OTT services segment is expected to hold the largest market size and share in the VoD Market. OTT services play a central role in the VoD Market, revolutionizing how consumers access and consume digital content. OTT platforms deliver video content directly to users over the Internet, bypassing traditional distribution channels such as cable or satellite providers. These services provide a diverse and extensive library of on-demand content, including movies, TV shows, documentaries, and original productions. OTT platforms leverage streaming technology to allow viewers to watch content anytime on various devices, promoting a personalized and user-centric viewing experience.
OTT services have become synonymous with the democratization of content distribution, allowing established media companies and new entrants to reach global audiences without expensive infrastructure. Subscription-based models, such as those employed by popular OTT providers, generate revenue while offering users ad-free or premium content options. The convenience and accessibility provided by OTT services have significantly impacted consumer behavior, contributing to the rise of cord-cutting and transforming how audiences engage with digital media. As a result, OTT has emerged as a dominant force in the VoD Market, shaping the industry’s landscape and influencing the future of entertainment consumption.
North America is projected to hold the largest market share during the forecast period.
By region, North America is projected to hold the most market share in the worldwide VoD Market in 2023, and this pattern is anticipated to be valid throughout the forecast period. VOD solutions and services are pivotal in the North American region, reshaping the entertainment landscape and consumer behavior. With the rise of VoD platforms such as Netflix, Hulu, and Disney+, VOD has become the preferred method for accessing vast content on-demand. These services allow users to conveniently watch movies, TV shows, and original content, eliminating the need for satellite subscriptions and traditional cable. The North American market has witnessed a significant shift towards cord-cutting, where consumers are opting for VOD solutions as a cost-effective and personalized alternative. Moreover, the US and Canada are the major contributors, as most of the major companies in the VoD Market are based in these countries.
Moreover, the competitive nature of the VOD industry in North America has led to constant innovation and content creation. Major studios and production houses have entered the streaming arena, producing exclusive content to attract subscribers. This has transformed the content distribution model and fueled the production of high-quality, diverse content. The North American VOD landscape is characterized by a dynamic ecosystem where technology, content creation, and consumer preferences converge, influencing the broader media and entertainment industry.
Top Key Companies in Video on Demand (VoD) Market:
Some of the significant VoD vendors, Netflix (US), Amazon (US), Google (US)), The Walt Disney Company (US), Apple (US), Warner Bros Discovery (US), Comcast Corporation (US), Paramount Global (US), Sony (Japan), Fox Corporation (US), Lionsgate (US), Indieflix (US), Reliance Jio (India), Webnexs (US), Flicknexs (India), Kaltura (US), TargetVideo (Germany), Muvi (US), and JW Player (US).
Recent Developments:
In February 2024, Netflix announced Expedia Group will be its first global advertising partner to activate a multi-market campaign on the streamer’s ad-supported plan throughout 2024. Through this partnership, Expedia Group will accelerate its international expansion while also reinforcing Netflix’s multi-country advertising offering to marketers and members.In January 2024, The Walt Disney Company’s collaboration with Apple Vision Pro represents leaps forward into the future of entertainment and storytelling. By harnessing the capabilities of Apple’s cutting-edge augmented reality (AR) technology, Disney aims to revolutionize how audiences experience their beloved stories and characters.In December 2023, Amazon and IPG Mediabrands entered into a significant three-year deal to assist brands in reaching audiences through Prime Video ads. This partnership underscores the increasing importance of streaming platforms in advertising strategies and the growing influence of Amazon in the digital advertising space. Through this partnership, brands will access a wealth of targeting and measurement capabilities to engage with viewers on Prime Video effectively. This includes leveraging Amazon’s rich data insights to target specific audience segments and optimize ad campaigns for maximum impact.In December 2023, Apple introduced its Apple TV app interface to enhance the viewing experience for users. The redesigned app offers a more intuitive interface, making it easier to discover and access content across various streaming services. It features personalized recommendations, curated collections, and enhanced search capabilities, allowing users to find more efficient content tailored to their preferences.In November 2023, Google’s YouTube Premium recently received several noteworthy updates, enriching the user experience with cutting-edge features. One notable addition is the integration of AI-driven enhancements, which leverage advanced algorithms to personalize recommendations, improve content discovery, and enhance overall user engagement.
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Video on Demand (VoD) Market Advantages:
The industry is expanding quickly due to the growing use of edge computing technologies in a variety of sectors and the rising security risks related to decentralised edge settings.By offering protection nearer to the data source, guaranteeing prompt threat detection, and mitigating risks at the network’s edge, edge security solutions solve the particular security issues of dispersed edge environments.These solutions provide edge-native security services, customised to the unique needs and limitations of edge devices and settings, including firewalling, intrusion detection and prevention, data encryption, and safe bootstrapping.Edge security solutions use machine learning and artificial intelligence (AI) algorithms to analyse traffic patterns and identify anomalies at the network’s edge. These tools enable dynamic threat detection capabilities that adjust to changing threats in real-time.Cloud-based security platforms and edge security solutions can be seamlessly integrated, allowing for shared threat intelligence, centralised management, and policy enforcement between edge devices and cloud environments.By putting zero trust architecture concepts into practice, edge security solutions guarantee continuous authentication and authorization of all users and devices accessing the edge environment, irrespective of their location or level of trust.In order to guarantee compliance with legal requirements and industry standards, edge security platforms offer compliance and governance features. These features also furnish edge computing environments with audit trails, reporting capabilities, and policy enforcement methods.
Report Objectives
To define, describe, and forecast the global VoD market based on offering type, monetization model, deployment model, platform type, content type, vertical, and regionTo provide detailed information about the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the VoD MarketTo analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the VoD marketTo forecast the market size concerning five central regions – North America, Europe, Asia Pacific, the Middle East, Africa, and Latin AmericaTo analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall marketTo profile the key players of the VoD market and comprehensively analyze their market size and core competenciesTo track and analyze the competitive developments, such as product enhancements and product launches, acquisitions, and partnerships and collaborations, in the VoD Market globally
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