Global Video On DemandMarket Overview

According to Global Market Monitor, the global video-on-demandmarket size is $66.21 billion in 2024 and is expected to grow to $154.36 billion by 2029.

The video-on-demand market is a part of the global movies and entertainment market. The global movies and entertainment market includes companies that engage in producing and selling entertainment products and services, including companies engaged in the production, distribution, and screening of movies and television shows; and producers and distributors of music, entertainment theaters, and sports teams. It also includes companies producing entertainment content streamed online. End users also prefer watching entertainment shows, sports, and movies through video on demand.

Market Status

The global VoD market is primarily driven by to growing adoption of mobile devices for watching online videos and increasing internet-based consumer spending. In addition, the rapid developments in high-speed networks are enabling video-on-demand service providers to deliver faster downloading and streaming services to users. The adoption of mobile TV and multi-screen services for content viewing is increasing. Online media consumption has shown enormous growth over the past few years. This has been the primary factor in the rise in VOD services.

China and Japan are the 2 major countries contributing significantly to the VoD market. The proliferation of smart devices, broadband, and internet connectivity, which is augmented by the emergence of advanced technologies, such as 5G, and 4G, developed payment infrastructure, and a dynamic local content ecosystem, are driving the VoD market forward. Moreover, the APAC region provides potential growth opportunities led by a boom in VoD apps, the availability of high-speed internet plans, the rising use of digital media between organizations since conventional broadcasters are shifting their services online, and growing awareness regarding business productivity.

The Forecast of Video-on-Demand Market

Demand for personalized viewing of content is also increasing which is enabling users to watch the content as per their convenience. The need for instant satisfaction has evolved as a dominant force in the business and marketing world. This consumer impatience is expected to provide massive opportunities for the video-on-demand providers to make more profits, and personalization of VoD services is facilitated by the accessibility of Big Data that helps serve customers specific to their needs and preferences, which would further lead to the growth of the global video on demand market. Moreover, it has the advantages of compatibility with next-generation devices, enhanced viewer engagement, and payment systems, which also are expected to serve as key drivers over the forecast period.

Development in the cloud is projected to provide growth opportunities to the market. By adopting a cloud-based model, Video on Demand providers can entirely rely on the cloud service for networking and infrastructure. Therefore, the rapid development of high-speed internet infrastructure and an increasing number of on-demand service providers are the major factors driving the growth of the video-on-demand service market.