Global Video on Demand Market is Expected to Reach $161.77 Billion by 2027 - Latest Market Research Report by Stratistics MRC
GAITHERSBURG, Maryland, May 29, 2020 /PRNewswire/ -- According to Stratistics MRC, the Global Video on Demand (VoD) Market is accounted for $ 32.55 billion in 2018 and is expected to reach $ 161.77 billion by 2027 growing at a CAGR of 19.5% during the forecast period.
Some of the key players profiled in the Video on Demand (VoD) Market include Akamai, Amazon, Apple, Centurylink, Cisco, Comcast, Fujitsu, Google, HBO, Huawei, Hulu, Indieflix, Muvi, Netflix, Right-To-Win, Roku, Vubiquity, Vudu and Youtube.
Ease of access to high fidelity data networks, vertical integration by social media platforms and proliferation of mobile computing devices are the major factors driving the market growth. However, high bandwidth requirement and threat of video content piracy are restraining the market growth.
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Video on Demand (VoD) Service enables clients to access different sorts of films and shows (independent of time) on request. These include classic shows, and films from various decades, multi-ethnic entertainment, news, sports, and commercials. Although, it was initially started for movies access, with increasing demand to watch popular TV programmes including TV series and animated kids programs as per users' convenience, the service providers expanded their offerings to include a differing set of content programmes.
Based on component, the Internet Protocol Television (IPTV) solution is likely to have a huge demand as it is one of the safe and reliable approaches to subscribe to videos and other different services. IPTV services include requested videos and interactive TV. One of its significant advantages is that an individual can stare at the television along with browsing the web. These services are managed in the same way as TV platforms are always constantly managed by the operators. The Quality of Service (QoS) is kept up through network management, bandwidth provisioning, and routing management. It is usually funded and supported by enormous telecom providers, who want to make a substitution product for digital cable and satellite services.
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By geography, Asia Pacific is going to have a lucrativ growth during the forecast period as it is a huge market with culturally and economically expanded clients who have varying content utilization patterns, content, and payment requests. China and Japan are the two significant countries contributing altogether to market development. The proliferation of smart devices, broadband, and internet connectivity, which is augmented by the emergence of advanced technologies, such as 5G, 4G, developed payment infrastructure, and a dynamic local content ecosystem, are driving the market.
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