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Video on Demand in Hospitality Global Market Report 2022: Sector to Reach $54.61 Billion by 2026 at a CAGR of 22.3%DUBLIN, Jan. 12, 2023 /PRNewswire/ -- The "Video on Demand in Hospitality Global Market Report 2022: Ukraine-Russia War Impact" report has been added to ResearchAndMarkets.com's offering.  The global video on demand in hospitality market is expected to grow from $19.74 billion in 2021 to $24.39 billion in 2022 at a compound annual growth rate (CAGR) of 23.5%. The video on demand in hospitality market is expected to grow to $54.61 billion in 2026 at a CAGR of 22.3%. North America was the largest region in the video on demand in hospitality market in 2021. The regions covered in the video on demand in hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. Increasing penetration of smartphones and tablets is expected to propel the growth of video on demand in the hospitality market going forward. A tablet refers to a wireless portable computer with a touchscreen interface. A smartphone refers to a cellular phone that includes an integrated computer as well as an operating system, web browsing, and the ability to run software applications. The guest in hotels uses their smartphone or tablet to scan a QR code on the TV to connect the device to the display. The incredible streaming options provided by Video on Demand allow the hospitality industry an unparalleled glimpse at the newest films fresh from the theater for immediate viewing or pre-order. For instance, according to Bankmycell, the US-based cost comparison company, the world's smartphone user base is expected to reach $6.648 billion by 2022, representing 83.37% of the global population. The United States has the highest smartphone penetration, with 81.60 % of its population, or 270 million people, owning a smartphone. Therefore, the increasing penetration of smartphones and tablets is driving the growth of video on demand in the hospitality market. Technological advancements are a key trend gaining popularity in a video on demand in the hospitality market. Major companies operating in the video-on-demand in the hospitality market are advancing new innovative products to gain a competitive advantage. For instance, in June 2019, GuestTek Interactive Entertainment Ltd., a Canada-based company that operates in broadband technology and interactive hospitality solutions, launched GuestFlix, a cloud-based video-on-demand platform. The unique featues of the new development are that there is no upfront capital expenditure and the possibility of revenue generation from VOD. Because of the secure cloud-based platform, there is no need for an on-premise VOD server, set-top boxes, or licensing fees. The countries covered in the video on demand in hospitality market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. Reasons to Purchase
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