CHICAGO, Jan. 20, 2020 /PRNewswire/ -- According to a research report "Video on Demand (VoD) Market by Solution (Pay TV, OTT Services, and IPTV), Monetization Model (Subscription-based, and Advertising-based), Industry Vertical (Media, Entertainment, and Gaming and Education), and Region - Global Forecast to 2024", published by MarketsandMarkets, the Video on Demand Market is expected to grow from USD 38.9 billion in 2019 to USD 87.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period.
The growing demand of personalized Television (TV) series at flexible timings by audience, digital advancement, and improved connectivity are some of the major factors driving the growth of the VoD Market.
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By Component, the services segment to hold the largest market size during the forecast period
VoD services have a full scope of usage, ranging from assistance to customers for deployment of solution, integration, and implementation, to cater to the specific needs of customers. VoD services help customers bridge legacy systems to modern applications and take care of training and implementation work so that customers can focus on their core business. This has created opportunities for vendors to provide services to enterprises across different industry verticals and help them deal with complexities while configuring the VoD solution.
OTT services segment to hold the largest market size during the forecast period
The inception of Over-the-top (OTT) video streaming platforms, such as Netflix, Hotstar, and Amazon Prime, coupled with the growing internet penetration, is responsible for the growth of digital video consumption. OTT services enable individual viewership, thereby offering the comfort of viewing at one's convenience in terms of time, place, and device. Moreover, OTT services is gaining traction among global audiences as it offers a wide variety of payment and viewing options that enables them to free themselves of contracts that their cable providers locked them into.
Subscription-based segment to hold the largest market size during the forecast period
The subscription model owes its success to the optimal balance of value it provides to both the company and the customer. Subscription pricing strategies can be made according to functionality, discounted to motivate bulk purchases, metered according to usage levels, or optimized to reward loyalty.
Subscription-based Video on Demand (SVoD) is mainly driven by changing viewing habits and the increasing availability of video content from a range of service providers, such as online media companies, Pay-TV operators, and broadcasting companies. Moreover, the increasing coverage and adoption of high-speed fixed and mobile networks enable better delivery of video streaming services, helping to drive the adoption of VoD services, globally.
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North America to hold the largest market size during the forecast period
Countries that contribute the most to the VoD Market in North America include the US and Canada; the reason for the dominance of these countries is their well-established economies, which enable investments in new technologies. North America being the most developed region is home to large verticals that are capable of investing in reliable and advanced IT infrastructure for growing data traffic, thereby opening new opportunities for the adoption of VoD solution.
Key market players in Video on Demand Market are Netflix (US), Amazon (US), Google (US), YouTube (US), Apple (US), HBO (US), Cisco (US), Roku (US), IndieFlix (US), Vudu (US), Hulu (US), Comcast (US), Akamai (US), Huawei (China), Fujitsu (Japan), CenturyLink (US), Muvi (US), and Vubiquity (US).
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