Video On Demand Market to witness profit-making growth over 2020–2027 – AMR Study
The convenience of accessing video anywhere at any time, a higher proliferation of smart devices, high-speed connectivity drive the growth of the market.
PORTLAND, PORTLAND, OR , UNITED STATES, October 6, 2021 /EINPresswire.com/ — Rise in the adoption of mobile devices for watching online content, and numerous benefits provided by video on demand platforms such as convenience, connectivity, cost, variety, personalized content, and others drive the growth of this video-on-demand market. In addition, extensive growth of online video in developing economies such as India, China further fuels the growth of the market. However, piracy, illegal downloading, country-specific rules, and regulations are some of the factors which can hinder the growth of the market. Furthermore, the rise in the adoption of mobile TV and multi-screen services for content viewing, and growing online users across the globe provides numerous opportunities for the video on demand market.
Video on demand is currently being delivered by streaming service providers where the customer would be able to choose videos that are included in the catalog and watch them wherever and as often as the customer want. In addition to this, the video on demand does not have any contractual obligations and it helps the customer feel free. Moreover, with the video on demand, the customer has choices of different subscription and those multiple subscription is still less than the traditional one which makes the customer value for money and thus making it as a key driving factor for the growth of this video on demand market.
Vendors operating in the market are constantly looking for innovative and technologically advanced ways to deliver high-quality entertainment to movie and TV fans on video on demand platforms which is opportunistic for the video on demand market. For instance, in September 2019 Fandango Now which is a transactional video on-demand service has launched an app for the Oculus Go and Quest with virtual reality headsets. It will provide access to hundreds of 3D titles along with more than 90,000 new releases and catalog movies and next-day TV shows.
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Content piracy continues to be a major obstacle for content owners and broadcasters as the video content could be stored in digital formats. In today’s video streaming landscape, piracy has a substantial impact on revenue with illegal downloading. For instance, streaming of TV shows and movies projected to cost the TV & film industry USD 51.6 billion globally by 2022. The content piracy problem continues to escalate within this space which hinders the growth of the video on demand market.
Profiling Key Players: IBM Corp., Intel Corp., DXC technology Ltd., BAE system corp., CA Technologies, Cisco Systems Corp., General Dynamic Corp., Lockheed Martin Corp., Raytheon Company Boeing Corp.
COVID-19 scenario Analysis:
• The emergence of COVID-19 pandemic has severely affected almost all industries across the world. Further, lockdown enforcements and restrictions on movements of non-essential goods as well as resources in various countries has disrupted the supply chain of electronic components & networking equipment. Thus, this has led to delay in supply of electronic components required in manufacturing of equipment.
• It is expected that the U.S. and global tech market growth is slowing down to nearly 2% in 2020, due to which ICT spending in major economies such as the U.S. have declined in the first half of 2020, but it is expected to recover in the second half.
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