The video-on-demand (VOD) market is expected to grow by USD 69.27 billion during 2020-2024, expanding at a CAGR of about 15%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Video-on-demand (VOD) Market 2020-2024 (Graphic: Business Wire)
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Video-on-demand (VOD) Market: Rising adoption of mobile computing devices and applications to drive growth
The adoption of smartphones and tablets has increased significantly across the globe. In addition, the availability of high-speed internet and smartphone applications has increased access to VOD services. This is encouraging market vendors to develop mobile applications that can stream videos and also simplify the payment process for users. This is helping vendors to collect personal details of consumers, which can be used to retain them through targeted advertising. These factors are contributing to the overall growth of the global video-on-demand (VOD) market.
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As per Technavio, the availability of video streaming devices will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Video-on-demand (VOD) Market: Availability of Video Streaming Devices
Over the years, several new and advanced video streaming devices have been released in the market such as the Google Nexus Player, Apple TV, and Amazon Fire TV. The market is also witnessing the increased adoption of plug-and-play video streaming devices such as the Roku Streaming Stick, Google Chromecast, and Amazon Fire TV Stick among consumers. The availability of such video streaming devices is increasing the adoption among consumers, which is positively influencing the growth of the global video on demand (VOD) market.
“The rising adoption of affordable mobile computing devices and the increasing revenue of AVOD platforms will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Video-on-demand (VOD) Market: Segmentation Analysis
This market research report segments the video-on-demand (VOD) market by Type (SVOD, AVOD, and TVOD) and Geography (North America, Europe, APAC, MEA, and South America).
The SVOD segment led the global video on demand (VOD) market in 2020. The segment is mainly driven by the convenience offered by SVOD services. In addition, vendors in the market are focusing on providing interactive offers to retain and expand their consumer base, which is contributing to market growth.
The North American region led the video-on-demand (VOD) market in 2020, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the rapid increase in the number of paid streaming memberships.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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