Video on demand (VoD) systems allow users to access visual content anywhere, anytime. The advancement in Internet Protocol television (IPTV) has provided an impetus to the global VoD market. It is forecasted that the global video on demand market will expand at a healthy CAGR in the near future. According to the research conducted by Future Market Insights (FMI), the global VoD market will witness a CAGR of over 8% through 2020.
Today, consumers don’t want to be bound by “primetime” and “coming soon”; instead, they want to access their favourite content according to their own schedule. This is one of the prime reasons why video on demand services have become so popular. By giving users real-time access to their favourite content, VoD service providers have been able to offer a greater level of flexibility to their subscribers.
VoD - The Way Forward
VoD has eliminated the need of going to a video store and buying DVDs of movies and TV shows. Today, with the help of video on demand, users can simply watch their favourite shows whenever they want. Users also have the option of downloading video content on a computer or a personal video recorder to view it a later time. VoD also gives users the option of rewinding, forwarding, and pausing the video content.
Considering the growing popularity of video on demand among users, all major cable- and telecom- service providers have upgraded their list of offerings. Viewers today have a vast selection of video content to choose from - something which had restricted the growth of video on demand market in the past. VoD service providers are also offering free content, along with pay-per-view, and this has helped bringing in new viewers on board.
Saviour for the TV Industry
When VoD was first launched, a lot of apprehensions were raised about how it will kill the TV industry, but contrary to this, today, video on demand is being seen as a saviour by many. TV audiences have been dwindling over the years, and cable providers have had to go the extra mile to keep their subscribers. VoD has emerged as a credible alternative for not only bringing in more audiences, but also providing an impetus to the dwindling advertising revenues.
VoD has had its share of challenges as well. Although it has been more than a decade when it was launched amidst much hype and fanfare, cumbersome user interface and lack of wide selection put many viewers off. Interest in video on demand has shown a resurgence in the last five years or so, as cable providers have made sustained efforts to provide seamless technology along with updating their collection.
State of the Global VoD Market
The global video on demand market was valued at US$ 207 Bn (approx.) in 2013. According to FMI’s market research report, the market will witness a growth rate of 8.1% through 2020 and reach a valuation of US$ 357 Bn (approx.) Pay TV - which accounted for more than 90% share of the global market in 2014 - is anticipated to remain the most dominant segment. Another segment that will witness phenomenal growth is subscription based video on demand; according to our market research, this segment is anticipated to witness a CAGR of around 16%.
N. America & W. Europe Key Regions
Globally, North America and Western Europe are the key regions for the prospects of the global VoD market. These two regions collectively hold a market share of over 60%. Therefore, key players in the global video on demand market, such as Netflix, Amazon, and ZTE will be eyeing this lucrative market to drive growth. Apart from North America and Western Europe, Asia Pacific is anticipated to emerge as a potential market for video on demand services. Asia Pacific is home to around 60% of the world’s population and economic growth has led to the emergence of a strong middle class with substantial disposable incomes. This presents a strategic opportunity to the stakeholders in the global video on demand market, and it is anticipated that by 2020 all major players will have their presence in this region.
Browse full Report of Video on Demand (VoD) Market: http://www.futuremarketinsights.com/reports/details/video-on-demand-market
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