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Global Video on Demand (VoD) Service Market Worth Nearly $50 Bn: Report
The global Video on Demand (VoD) services market was worth $48.93 billion in 2015, and is poised to increase at 8.3% compound annual growth rate (CAGR) during the period 2016-2026
Valley Cottage, New York(08 Mar 2016)
Surge in market growth of VoD service is primarily driven by changing preferences of viewers towards watching content as per their convenience. Additionally, vertical integration by social media platforms to offer their own VoD services, and rise & success of content-on-demand services are further contributing towards the adoption of VoD services.
North America market is the largest market for VoD services, accounting for nearly $20 Bn in market revenues in 2015. Adoption of VoD services in North America is driven by surging popularity in the US, whereas Canada and Mexico are supplementing the growth of the market in the region.
The smartphone phone in developing nations of Asia Pacific, such as India, China, Vietnam, Singapore and Philippines is contributing to the popularity of VoD services in the region. The Asia Pacific excluding Japan (APEJ) VoD market is expected to increase at 14.6% CAGR during the next decade.
Market participants, including VoD service providers, gaming content developers and third-party game providers are focusing on bolstering their presence in developing economies.