VOD market to reach $77.7 billion by 2024Tuesday, May 23rd, 2017
Video On Demand (VOD) Market To Reach $77.7 Billion By 2024 – Ameri Research Inc.
- Video on Demand (VoD) Market Outlook To 2024: Key Business Model Categories (TVoD, SVoD, AVoD), Platform (Pay-TV VoD, OTT, IPTV), Application, Regional Segmentation, Competitive Dynamics, M&A Insights, Pricing Analysis (OPP, IPP, RAP) And Segment Forecast
TAMPA, Florida — Global Video on Demand (VoD) market is expected to reach USD 77.7 billion by 2024, according to a new research study published by Ameri Research. Swelling demand for VoD programming including long and short term content is a major factor driving market growth significantly over the forecast period.
Media consumption worldwide is increasingly occurring in digital formats.The snowballing increase in the number of digital media players such as Amazon, Netflix, Hulu, Roku, Boxee, and Apple TV are challenging the conventionally maintained domination of the television as the foremost entertainment hub.
Most viewers appear to be augmenting, rather than replacing paid conventional TV services, which is expected to hinder market growth.However, with therapid growth of the VoD programming preferences where viewers can stream or download content from either a traditional TV package or an online source is creating extensive growth opportunities for manufacturers residing in this space.
Key findings from the study: –
- Advertisement Video on Demand (AVoD) emerged as the fastest growing business model segment which is majorly accredited to the evolving consumer preferences resulting in mounting demand for ads displayed before, after or during video-on-demand programming as it gives them good ideas for new products to try
- Over-The-Top (OTT) emerged as the dominant platform segment in 2016 and is also anticipated to flourish over the coming years attributing to the leverage offered by OTT platform to watch videos anywhere and anytime or every time on the go
- Music & entertainment accounted for the majority market share in 2016 which is estimated to increase over the next few years. This is ascribed to the escalating entertainment content consumption worldwide aided by the proliferation of portable consumer electronics
- North America emerged as the dominant regional market in 2016 and accounted for more than 35% of the overall revenue share in the same year. Large presence of early technology adopters is a major factor driving the regional market growth
- Key industry participants include Amazon Inc., AT&T Inc., Cisco Systems Inc., Netflix Inc., and Verizon Communications Inc.Service providers in this space emphasize on providing lucrative deals in order to attract more customers and outperform their competition.