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Video On Demand Market Expected to Reach $387.5 Billion by 2032—Allied Market Research

 
2022
Video On Demand Market

Report Code : A05696

quote The travel and hospitality segment is expected to experience the fastest growth in the coming years, owing to surge in investments from government authorities and several public and private authorities in emerging technologies to provide effective business operations for travel and hospitality organizations. quote

Apoorv Priyadarshi - Lead Analyst
ICT and Media at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Video On Demand Market," The video on demand market was valued at $84.6 billion in 2022, and is estimated to reach $387.5 billion by 2032, growing at a CAGR of 16.7% from 2023 to 2032.

Video on demand is a content distribution system that allows quick, on-the-go access to content libraries through rentals, purchases, or in exchange for a monthly subscription fee. It moves beyond the traditional broadcasting constraints and allows users to view thousands of movies, TV shows, and podcasts whenever the consumer wants, using their choice of platform or device. Video on demand has a perfect opportunity for content creators to maximize viewership of their original content by catering to the growing population of viewers who prefer to watch content on their own schedules. With multiple monetization models to suit their needs, video on demand is highly profitable when compared to the likes of cables. It also allows to monetize older content.

Furthermore, video on demand services are revolutionizing education and corporate training such that students and employees attend virtual classrooms and meetings to access educational and training material anytime, anywhere. This flexibility not only improves the quality of education but also decreases the operational costs. Apart from serving as a potent educational technology, video on demand is also an excellent platform to distribute news, sports events, religious content, and more. The video on demand platform takes care of the technical aspects of the streaming such as checking bandwidth and power requirements, delivering high-quality, and buffer-free streams.

In addition, the VOD market is expected to witness notable growth owing to rise in use of smart devices and mobile data subscriptions, increase in popularity of live streaming and rise in number of streaming services. Moreover, surge in penetration of smartphones is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, availability of open-source video platforms limits the growth of the video on demand market.

On the basis of component, solution dominated the video on demand market share in 2022, owing to various technologies, platforms, and strategies that enable the delivery of video content to users on-demand, allowing them to watch videos whenever they want. In addition, these solutions provide tools and systems for organizing, storing, and managing video content. However, the services segment is expected to witness the fastest growth, owing to offer a wide variety of content, ranging from movies and TV shows to documentaries, original series, and user-generated content. In addition, video on demand services provide a means for content creators to distribute their videos directly to their target audience.

Region-wise North America dominated the video on demand market size in 2022, owing to adoption of smartphones among population, the potential consumer for movies and TV shows, leading to increased demand for video on demand services. In addition, the widespread availability of high-speed internet and the growing prevalence of mobile data plans make it more convenient for people to access video on demand services. However, Asia-Pacific segment is expected to witness the fastest growth, owing to diverse range of cultures, languages, and demographics which leading to the creation of region-specific or culturally relevant content and shows. In addition, companies in the Asia-Pacific region offer affordable subscription plans, making it cost-effective for users to stream content.

The COVID-19 pandemic had a significant impact on the VOD market. With lockdowns and social distancing measures in place, people worldwide turned to video on demand services as their primary source of entertainment. This led to a substantial surge in demand for video on demand content, resulting in increased subscriptions and viewership across platforms like Netflix, Disney+, and Amazon Prime Video. These platforms adapted by accelerating content production and securing exclusive deals to cater to the growing audience. However, the pandemic also disrupted content production schedules and cinema releases, prompting studios to release films directly on video on demand platforms, accelerating the trend of day-and-date releases. The pandemic highlighted the importance of video on demand services as a vital and flexible distribution channel for the entertainment industry, and it is expected to have a lasting impact on how content is created, distributed, and consumed in the future.

Moreover, during the pandemic, video on demand platforms experienced a substantial increase in subscribers. For instance, Netflix added over 37 million paid memberships in 2020, surpassing expectations. Disney+ reached over 100 million subscribers within just a little over a year of its launch. The pandemic disrupted content production schedules, causing delays in the release of new shows and movies. This prompted video on demand platforms to invest in international and regional content to fill the gaps, and many turned to animated or remotely produced content to keep their libraries fresh.

Key Findings of the Study

  • By component, the solution segment led the video on demand market analysis in terms of revenue in 2022.
  • By monetization models, the advertising-based is anticipated to have fastest growth rate for video on demand market.
  • By end user, the media, entertainment, and gaming led the video on demand market in terms of revenue in 2022.
  • By region, North America generated the highest revenue for video on demand market forecast.

The key players profiled in the video on demand industry analysis are Google LLC, Cisco Systems, Inc., Fujitsu, Netflix, Inc., Amazon.com, Inc., YouTube, Comcast, Apple, Inc., Disney, and Hulu LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the video on demand industry.

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quote Video On Demand Market by Component (Solution, Service), by Monetization Models (Subscription-based, Advertising-based, Transaction-based), by End User (Media, Entertainment, and Gaming, Travel and Hospitality, Education, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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