Why Invest in Video on Demand Market Reach USD 387.5 Billion by 2032, Growing with 16.7% CAGR
Investments from government & several public and private authorities in emerging technologies to provide business operations for travel & hospitality hit market
PORTLAND, PORTLAND, OR, UNITED STATE, July 1, 2024 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” Why Invest in Video on Demand Market Reach USD 387.5 Billion by 2032, Growing with 16.7% CAGR.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global video on demand market was valued at USD 84.6 billion in 2022, and is projected to reach USD 387.5 billion by 2032, growing at a CAGR of 16.7% from 2023 to 2032.
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The video on demand 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.
The video on demand market is segmented on the basis of component, monetization models, end user, and region. On the basis of component, it is bifurcated into solution and services. On the basis of monetization models, it is divided into subscription-based, advertising-based, and transaction-based. On the basis of end user, it is fragmented into media, entertainment, & gaming, travel & hospitality, education, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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By component, the solution segment held the major share in 2022, garnering nearly one-third of the global video on demand market revenue, 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 service segment would also showcase the fastest CAGR of 18.9% during the forecast period, 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.
By monetization models, the subscription-based segment held the major share in 2022, garnering nearly two-thirds of the global video on demand market revenue, owing to services accessible on multiple devices, offering personalized features, and often has user-friendly interfaces to improve user experience, and make data-driven decisions regarding content creation. However, the advertising-based segment is projected to showcase the fastest CAGR of 19.4% during the forecast period, owing to provide customized advertisements by utilizing data analytics and insights into user behavior, which improves the efficiency of marketing efforts.
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By region, North America held the highest share in 2022, holding nearly one-third of the global video on demand market revenue in 2022, and is projected to retain its dominance by 2032, 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. The Asia-Pacific region is projected to attain the fastest CAGR of 20.5% during the forecast period, owing to diverse range of cultures, languages, and demographics which leading to the creation of region-specific or culturally relevant content and shows.
The major players in the video on demand industry include Google LLC, Cisco Systems, Inc., Fujitsu, Netflix, Inc., Amazon.com, Inc., YouTube, Comcast, Apple, Inc., Disney, and Hulu LLC. Major players have adopted product launch, partnership, collaborations, and acquisition as key developmental strategies to improve the product portfolio and gain strong foothold in the video on demand industry.
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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.
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