PUNE, India—As of 2017, the global Video on-Demand market was valued at $28.9 billion. Based on recent studies from Maximize Market Research, that number is set to climb to $89.3 billion by 2026, a compound annual growth rate of 15.14%.
Among MMR’s cited reasons for the expected growth in VoD is the growing use of internet around the world and the increasing number of online video streaming websites available to viewers. Other trends that are likely to contribute to VOD’s growth are factors like time-shift viewing, customer reach, customer experience and the presence of high-speed data-enabled networks and service providers.
This includes IPTV, which MMR says is dominating the global VoD market, and the increasing availability of broadband internet services help make it a more in-demand service than traditional television services.
Other expected boons for VoD include the introduction of next-generation devices, improved viewer engagement and payment services, and the combination of VoD content with live streaming events.
Around the world, the U.S. is the global leader in VoD and will remain so throughout the forecasted period. But APAC will be the fastest growing region in the VoD market as it adds more internet services and smart devices. Between 2018 and 2026, MMR expects APAC to grow at a CAGR of 10.2%.
However, MMR does acknowledge some challenges that lie ahead for the VoD global market. Among these are multiple screen format management, digital rights management and tailoring content for different operating systems and diversified bit rates.
To access the full report, visit MMR’s website.