Apr 01, 2020 (AB Digital via COMTEX) -- The Video on Demand Market size is expected to grow from USD 38.9 billion in 2019 to USD 87.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period. The major factors driving the growth of the VoD market include Proliferation of smart devices, high speed internet availability, and convenience to access video content anytime.
By Component, the services segment to hold the largest market size during the forecast period
VoD services have a full scope of usage, ranging from assistance to customers for deployment of solution, integration, and implementation, to cater to the specific needs of customers. VoD services help customers bridge legacy systems to modern applications and take care of training and implementation work so that customers can focus on their core business. This has created opportunities for vendors to provide services to enterprises across different industry verticals and help them deal with complexities while configuring the VoD solution.
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OTT services segment to hold the largest market size during the forecast period
The inception of Over-the-top (OTT) video streaming platforms, such as Netflix, Hotstar, and Amazon Prime, coupled with the growing internet penetration, is responsible for the growth of digital video consumption. OTT services enable individual viewership, thereby offering the comfort of viewing at one’s convenience in terms of time, place, and device. Moreover, OTT services is gaining traction among global audiences as it offers a wide variety of payment and viewing options that enables them to free themselves of contracts that their cable providers locked them into.
Subscription-based segment to hold the largest market size during the forecast period
The subscription model owes its success to the optimal balance of value it provides to both the company and the customer. Subscription pricing strategies can be made according to functionality, discounted to motivate bulk purchases, metered according to usage levels, or optimized to reward loyalty.
Subscription-based Video on Demand (SVoD) is mainly driven by changing viewing habits and the increasing availability of video content from a range of service providers, such as online media companies, Pay-TV operators, and broadcasting companies. Moreover, the increasing coverage and adoption of high-speed fixed and mobile networks enable better delivery of video streaming services, helping to drive the adoption of VoD services, globally.
Major VoD vendors include Netflix (US), Amazon (US), Google (US), YouTube (US), Apple (US), HBO (US), Cisco (US), Roku (US), IndieFlix (US), Vudu (US), Hulu (US), Comcast (US), Akamai (US), Huawei (China), Fujitsu (Japan), CenturyLink (US), Muvi (US), and Vubiquity (US). These market players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product enhancements, to expand their presence in the VoD market. Partnerships and collaborations have been the most adopted strategies by major players from 2018 to 2019, which helped companies innovate their offerings and broaden their customer base.
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Netflix (US) is one of the leading players in the VoD market. Netflix offers services through the Subscription based video on Demand (SVoD) model, where end users can subscribe to a membership plan to access a plethora of content with choices across several genres, such as scripted series, films, documentary, comedy specials, unscripted TV, kids and family, and anime. Currently, Netflix is working toward enhancing its market share and presence with the help of inorganic and organic growth strategies, such as partnerships and new service launches, respectively. For instance, in November 2019, Netflix partnered with kids’ entertainment giant Nickelodeon, that will produce original TV shows and films for Netflix streaming services. This partnership is an expansion of their existing deal and is focused on its strategy to attract kids and families to compete with competitors, such as Disney+, Sony, and Hotstar. In May 2019, Netflix announced high-quality audio for its TV viewers to offer the users streaming services with better sound quality.
Amazon (US) is another leading vendor in VoD market space and has a huge customer for Amazon Prime Video, a video streaming service. The company is focusing on both organic and inorganic growth strategies to gain a competitive edge in the VoD market. For instance, in April 2019, Amazon partnered with Virgin Media (UK) to integrate the Amazon video app with its Ultra HD V6 set-top box, which can be consumed by the 4 million Virgin Media TV customers in the UK. In September 2019, Amazon entered the music streaming market via Amazon Music HD for its prime membership customers. Amazon Music HD facilitates customers to access and stream more than 50 million songs in HD audio and millions of songs in Ultra HD.
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