Market Overview:
In 2022, the global video on demand market was estimated to be worth USD 72.1 billion. The video on demand market size is expected to increase from USD 85.2 billion in 2023 to USD 324.7 billion by 2032, at a compound annual growth rate (CAGR) of 18.20% between 2023 and 2032. Numerous benefits provided by video on demand platforms, such as convenience, connectivity, affordability, variety, personalised content, and others, as well as the increasing use of mobile devices for online content viewing, are important market drivers for the expansion of this video on demand industry.
Key Companies in the video on demand market include,
• Alphabet, Inc. (California, US)
• Amazon.com, Inc. (Washington, US)
• Hulu LLC (The Walt Disney Company) (California, US)
• AT&T, Inc. (Warner Media, LLC and Discovery, Inc.) (Texas, US)
• Netflix, Inc. (California, US)
• Apple, Inc. (California, US)
• Comcast Corporation (Philadelphia, US)
• Facebook, Inc. (California, US)
• Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)
• Verizon Communications Inc. (New York, US)
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Furthermore, the expanding popularity of regional actors and film studios, as well as customers' strong preference for online streaming services over traditional ones, are expected to drive the growth of the video on demand market revenue. More events are being streamed live to avoid large crowds, boosting market growth during the projection period.
AI is becoming increasingly important in editing, cinematography, voice-overs, scriptwriting, and other elements of video production and distribution. These advancements are expected to have a favourable impact on market growth. Many video streaming service providers utilise artificial intelligence to improve video content quality. These channels have recently surpassed major media providers such as YouTube and Netflix in terms of popularity.
Rising mobile data subscriptions, greater use of high-speed data networks, and the introduction of cutting-edge technologies in smartphones and tablets are all expected to drive the global video on demand market CAGR during the forecast period.
Customers who prefer video on demand can also choose from a variety of subscription plans. Each option is still less expensive than a basic subscription, giving users more bang for their buck while also significantly boosting market growth. Furthermore, the total market's rise will be boosted during the forecast period by variables such as the prevalence of flexibility and ease of use, which deliver smooth customer experiences.
Netflix deployed AI technology in May 2016 to provide a more personalised experience for its subscribers. This AI-powered system automatically completed numerous machine learning pipelines, which provided recommendations for shows/movies/programs. Furthermore, the market is expected to expand due to the rapid use of mobile phones as a result of the growing popularity of social media platforms and other digital channels for branding and marketing.
Segmentation:
The global video on demand market is segmented on the basis of revenue model, content type, and region.
By revenue model, the video on demand market is segmented into Subscription Video on Demand (SVoD), Transactional Video On Demand (TVoD) and Advertisement Based Video On Demand (AVoD). Of these, the subscription video on demand (SVoD) segment held dominant share in the market and is expected to remain dominant over forecast period.
By content type, the video on demand market is segmented into Sports, Music, TV Entertainment, Kids, Movies and Others. Of these, the TV entertainment segment held major share in overall revenue of video on demand market.
By region, the video on demand market is segmented into North America, Europe, Asia-Pacific and Rest of the World.
Because of increased investment by major companies and a surge in the usage of cutting-edge technologies such as cloud computing and AI, the North American video on demand industry will dominate this market. Producers of VoD platforms employ these technologies to successfully automate the process of broadcasting videos. NVIDIA Corporation, for example, announced the cloud-based Maxine platform in October 2020, allowing programmers to add GPU-accelerated AI to streaming video. The NVIDIA Maxine suite is a cloud platform for streaming video services that is powered by artificial intelligence.
Because of the region's growing desire for internet streaming services, the Europe Video on Demand Market is predicted to develop at the quickest CAGR from 2023 to 2032.
The rising demand for pay-per-view material and films has a substantial impact on the regional market's expansion. Furthermore, the German video on demand market dominated, while the UK video on demand market was the fastest expanding in the European region.
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Regional Analysis:
Asia Pacific has the second-largest market share for video on demand. This is mostly owing to a large client base and increased mobile internet users in several populated countries. The market's multinational corporations are expanding their presence in this field due to rising consumer demand for products such as sports, music, TV entertainment, and others. Furthermore, China's video-on-demand market had the biggest market share, while India's video-on-demand market was the fastest expanding in Asia-Pacific.
Leading market players are extensively investing in R&D to increase their product lines, which will help the video on demand market grow even more. Important market developments include new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organisations.
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