The Video on Demand (VoD) market was valued at $56.55 billion in 2019 and is expected to reach $120.91 billion by 2025, at a compound annual growth rate [CAGR] of 13.5% over the period 2020-2025, according to Research and Markets (www.researchandmarkets.com).
VoDoffers a wide array of video programs that include entertainment, films, sports, and educational programs. Although VoD was initially in demand for movie access, with the changing customer preferences boosting the demand for TV programs and other content, VoD service providers had to expand their offerings to other content programmers.
Content-wise, Internet Protocol Television (IPTV) possesses high growth in the market, owing to the latest technological innovations in the domain, according to Research and Markets. The rising availability of broadband Internet services helps in increasing the demand for IPTV when compared to conventional television services. IPTV uses various servers for delivering streaming content to viewers, which minimizes the latency issues and optimizes the delivery speed by maximizing the available bandwidth, adds the research group.
Research and Markets says that everal service providers are providing advanced content delivery networks, considering the increasing demand for advanced media content, in order to gain a competitive advantage. The IPTV market is expected to grow rapidly during the forecast period with growing technological advancements, along with the emergence of infrastructure.
Research and Markets says that key market trends include:
° The primary reason behind watching video content is that it allows multiple users at the same place to watch distinct programs on various devices at the same time. The popularity of binge-watching enhanced customer viewing experience.
° The other factor that has improved the viewing experience is convenience. The continuous integration of various contents across different devices is critical due to increasing customer preferences to watch the content anywhere and anytime on every device.