The global Video on Demand (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 new research 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.
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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.
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.
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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.
Key Players
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).
