VALLEY COTTAGE, New York, October 19, 2015 /PRNewswire/ --
The global Video on Demand (VOD) market is expected to reach US$ 263 billion by 2016, up from US$ 207 billion in 2014. Rising popularity of on-demand services among consumers and proliferation of internet in emerging nations is expected to fuel the global VOD market. Demand for Pay TV services will continue to remain strong during the forecast period 2014-2020.
Popularity of Pay TV services, especially digital cable services, is increasing on account of deployment of 4K Ultra HD technology. Pay TV service providers are focusing on clubbing several advanced technologies, such as ITV and DVBS-2 based MPEG-4 video format with HD DTH. Integration of these technologies has given consumers a broad array of options to choose from, increasing the Pay TV subscriber base.
North America and Western Europe are the two largest markets in the global VOD market. Asia Pacific, which currently has a 13% share in the global VOD market, is expected to represent over 22% market by 2020. FMI expects Asia Pacific to surpass Western Europe as the second-largest VOD market by 2020.
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The North America VOD market is expected to surpass US$ 100 billion mark by the end of this year. Proliferation of connected devices and increased spending on video services is expected to fuel the market in North America in the near future.
As is the global trend, Pay TV services account for the bulk of the revenues in North America as well. Valued at US$ 91.6 billion in 2014, the Pay TV services market in North America is expected to reach US$ 103 billion by the end of 2016.
The key players in the North America VOD market can be broadly categorised into software providers, content providers, service providers, and distributors.
The leading software players in the global VOD market are Cisco, SeaChange, Massive, and Pace, whereas the leading service providers include Netflix, Amazon, iTunes, and Hulu.
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The Western Europe Video on Demand market is expected to reach a valuation of US$ 55.6 billion by the end of 2015. Demand for VOD services in Western Europe is growing at an annual rate of over 4%. The key players in the Western Europe VOD market include Agama Technologies, Exterity, Youview, BBC, and Orange.
The VOD market in Asia Pacific Excluding Japan (APEJ) is expanding at a robust pace and by 2020, the market is expected to reach US$ 80.5 billion. Strong demand for Pay TV services is expected to fuel the market in APEJ in the next five years.
Proliferation of internet and rising smartphone ownership are also expected to drive the adoption of VOD services. China and India, two of the fastest growing economies, are witnessing high demand for smartphones, a key factor contributing to the demand for VOD services. The key players in the APEJ VOD services market include CombiTel, Biditech Solutions, CNTV, and Singtel.
Globally, leading players are focusing on coordinating with major IT players to offer seamless services to consumers.
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SOURCE Future Market Insights