Global video on demand market to reach $387.5 billion by 2032, report
Allied Market Research has published a report, titled, "Video on Demand Market.
According to the report, the video on demand market generated $84.6 billion in 2022, and is estimated to reach $387.5 billion by 2032, witnessing a CAGR of 16.7% from 2023 to 2032.
The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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. On the contrary, availability of open-source video platforms limits the growth of the video on demand market.
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.
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. In addition, companies in the Asia-Pacific region offer affordable subscription plans, making it cost-effective for users to stream content.
