Rapid proliferation of digital multimedia technologies and internet services is contributing towards video on demand (VoD) market forecast. VoD is gaining major demand as it allows users to select and watch video content of their choice on their laptops, TV and other gadgets through a real-time streaming protocol, anywhere and anytime.
Globally, there is a sharp rise in the number of smartphone users streaming video content online. As per World Advertising Research Centre reports, approximately 2 billion individuals accessed internet through their smartphones alone in 2019. Increased internet penetration along with growing adoption of smart gadgets will support business growth.
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In a bid to offer optimum customer satisfaction, content providers are using subscription-based and hybrid revenue models as well as enhancing VoD offerings and services. The integration of technologies, such as AI and machine learning is enabling providers to deliver personalized content by tracking user preferences. Also, the ongoing COVID-19 pandemic has further bolstered the VoD sector growth as the number of viewers watching content online has significantly increased with the shutdown of theatres and other entertainment areas.
Estimates suggest that video on demand market size will exceed USD 175 billion in terms of annual revenues by 2026. Internet Protocol Television (IPTV) is gaining momentum as it utilizes a private dedicated network to deliver more consistent service. IPTV uses internet to deliver TV programs and videos that are live or on-demand and provide users with the convenience of choosing a program they wish to watch anytime, anywhere along with the live TV options.
Rising health concerns resulting in increased awareness pertaining to fitness & well-being is also contributing towards the popularity of on-demand videos. The online training videos offers flexibility of working out in comfort of one’s household. It also saves a lot of money the time spent traveling to the gym. Video on Demand technology platform provider, InteliVideo, introduced a new package to its platform for health and fitness studios in 2019. The channel offers quick digital streaming solutions.
Advertisement-based revenue model is expected to showcase major growth on account of the rise in number of consumers using platforms like YouTube, Spotify and others. Platforms like YouTube offer free content to users and gain profits from advertisements that are played during the course of the content being played or watched. By customizing advertisements to reach a large number of users, along with the content providers and programs, platforms combine the marketing strategies of traditional broadcasting techniques to capture a wide range of user base globally.
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The advent of 5G in developed regions like North America and Europe will augment the video on demand (VoD) market in the coming years. A large number of companies worldwide are focusing on expanding their industry presence. For instance, Starz, which launched in Germany, France and the U.K. in 2019, is further expanding to more markets while Dplay by Discovery Inc. was launched in several markets including the Netherlands, Italy, Nordics and Spain in February 2019.
Major Key Points from Table of Content:
Chapter 6. Video on Demand (VoD) Market, By Type
6.1. Key trends by type
6.2.1. Video on demand (VoD) market estimates and forecast, 2016 – 2026
6.3.1. Video on demand (VoD) market estimates and forecast, 2016 – 2026
6.4. Pay-TV VoD
6.4.1. Market estimates and forecast, 2016 – 2026
Chapter 7. Video on Demand (VoD) Market, By Application
7.1. Key trends by application
7.2. Education & training
7.2.1. Video on demand (VoD) market estimates and forecast, 2016 – 2026
7.3. Health & fitness
7.3.1. Market estimates and forecast, 2016 – 2026
7.4. Media & entertainment
7.4.1. Market estimates and forecast, 2016 – 2026
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