Global Video On Demand Market Size Forecast 2024 - 2033
23 Dec, 2024
What Is The Scope Of The Global Video On Demand Market?
Video on demand (VOD) is a media distribution system that enables users to access videos, TV shows, and films on demand without traditional broadcasting schedules, offering flexibility and convenience in content consumption. VoD services offer flexibility in terms of when and where users can watch content.
Video On Demand Global Market Report 2024 provides data on the global video on demand market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The video on demand market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Video On Demand?
The size of the video-on-demand market has expanded significantly in recent years, growing from $109.85 billion in 2023 to $129.66 billion in 2024, reflecting a compound annual growth rate (CAGR) of 18%. The growth during this period can be linked to increased internet penetration, widespread smartphone and tablet usage, content licensing agreements, and shifting consumer preferences. Looking ahead, the market is projected to grow to $255.48 billion in 2028 at a CAGR of 18.5%, driven by factors such as global expansion, original content production, the convergence of entertainment platforms, strategic partnerships, and bundling. Emerging trends include vertical integration, content globalization, interactive content experiences, ad-supported models, and enhanced data-driven personalization.
What Factors Are Driving Growth In The Video On Demand Market?
The growing demand for digital media devices is anticipated to drive the expansion of the video-on-demand market. Digital media devices, such as smartphones, tablets, and smart TVs, are becoming increasingly popular as consumers seek convenient and on-the-go entertainment options. Video-on-demand services offer a vast array of digital content, including movies and exclusive shows, encouraging more people to invest in digital media devices to access their favorite programs via streaming platforms. For example, a report by ConsumerAffairs in September 2023 revealed that around 97% of Americans owned a feature phone or smartphone in 2022, with the number of U.S. smartphone users expected to surpass 364 million by 2040. Thus, the growing demand for digital media devices is fueling the video-on-demand market’s growth.
Get Your Free Sample of the Global Video On Demand Market ReportWhat Are The Main Segments Of The Global Video On Demand Market?
The video on demand market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Platform Type: Smartphones, Tablets/Laptops, Smart TVs, Other Platform Types
3) By Business Model: Transactional Video on Demand , Subscription Video on Demand , Advertisement Video on Demand , Other Business Models,
4) By End-Users: Media, Entertainment, and Gaming, Travel and Hospitality, Education, Other End-Users
What Emerging Trends Are Influencing The Growth Of The Video On Demand Market?
Leading companies in the video-on-demand industry are focusing on AI-based advancements, such as AI-driven streaming technologies, to enhance the viewing experience across various devices and network conditions, improving user satisfaction and minimizing buffering. These AI technologies are embedded in streaming platforms to optimize content delivery, user engagement, and content recommendations. For example, in March 2024, Sportradar AG, a Swiss sports technology firm, introduced Sportradar 4Sight, an AI-powered streaming solution designed to revolutionize sports broadcasting. This technology integrates real-time data into live streams, providing fans with engaging statistics like serve speed, ball bounces, and rally shots, creating a more immersive and personalized experience, especially for tennis enthusiasts.
What Is The Largest Region In The Video On Demand Market?
North America was the largest region in the Video On Demand market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video on demand market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.