The Video-On-Demand market is set to grow with a CAGR of 9.2% over the forecast period. The growth of the market is driven by the growing need for better customer experience between media and entertainment companies. Over the last decade, there has been a paradigm shift across the media and entertainment industry from content and distribution to user experience. This is mainly due to the increasing competition between media companies. As competition is growing, companies have begun to focus on providing a better experience in order to gain customer loyalty and gain an advantage over competitors. This is the main driver of Video-On-Demand market.
The emergence of OTT platforms has also led to the development of a number of new avenues for market growth. OTT platforms have caused disruption to the media and entertainment industries. It replaced conventional TV-based models and made individual viewing possible. It enables viewers to watch whatever they want at any time they want. In addition, uninterrupted connectivity is the primary factor in increasing demand for OTT platforms, which in turn drives video on demand.
Sample by Credence Research: Video-On-Demand Market
The market for video on demand is categorized as music, sports, TV entertainment, children’s entertainment, movies and other applications. TV entertainment accounted for a majority share of more than 40% of revenues in 2018. Market growth is driven by the convenience of watching anything anytime provided by the video-on-demand services. On the other hand, it is estimated that sports streaming will increase significantly during the forecast period.
During the forecast period, Asia Pacific is estimated to grow at a CAGR of over 15%. Market growth is driven by the increasing adoption of the region’s internet and smartphones. The region also acts as a major force speeding up the adoption of video-on-demand services by low data rates. Increasing the population’s disposal income also serves as a major driver of market growth in the region.
Akamai Technologies Inc., Alcatel-Lucent, Amazon.com Inc., AT&T Inc., Avaya Inc., Cisco Corporation, Ericsson Corporation, Fujitsu, Huawei Technologies, Hulu LLC, Level 3 Communications, Netflix Inc., and ZTE Corporation are the major vendors of the video on demand market.