Video on Demand Market Is Expected to Reach USD 175 Billion by 2026
According to a recent study from market research firm Global Market Insights, Increasing availability of high-speed internet and mounting demand for easily accessible entertainment services will propel global video on demand (VoD) market. Adoption of advanced gadgets like smart TVs and smartphones is fulfilling the requirement for preferred entertainment services. Rise in number of smartphone users meanwhile is accelerating the demand for new online streaming content.
According to WARC (World Advertising Research Center), in 2019, about 2 billion people used internet via their smartphones. This trend has stirred the demand for VoD services. Content on VoD can be accessed after months or years of its release. This feature helps service providers to reach larger number of customers anytime.
Advertisement-based revenue model for video on demand (VOD) market is expected to gain major traction in the coming years due to rise in the number of people using video platforms such as YouTube. These platforms generally offer free content to users and make profits from the ads played during the course of the content that is being watched. Google reported that video platform makes revenue of a whopping USD 15 billion in advertising alone and majority of it goes to advertisement creators.
For healthcare practitioners, the incorporation of live streaming video from a patient’s home to surgical ORs has brought transformational possibilities in revolutionizing healthcare accessibility for patients. VoD penetration in healthcare sector has aided knowledge readiness for caregivers; improved care coordination & patient engagement; increased collaboration among care teams and lowered operational costs for healthcare facilities.
The on-demand videos can be assigned to patients through access to the healthcare portal encompassing videos from aftercare, recovery in surgeries, preventative care, precautionary care for high-risk conditions to ambulatory care. The patients can view the video as per their convenience, on any device without network connectivity issues.
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Europe video on demand (VOD) market is anticipated to witness growth due to presence of major players focusing on catering to consumer demand and expanding their presence in the region. For instance, while Disney Plus is offering its service in Europe, Starz, which launched in the U.K., France and Germany 2019, is expanding to more markets.
In February 2019, Dplay by Discovery Inc. was launched in several countries including the Netherlands, Spain, the Nordics and Italy. HBO also made available its Portuguese version in the same years. The growing competition among players to offer better services to customers will foster Europe Video on Demand market size.
In education and training, VoD also finds application in live-stream surgical procedures as means of highly engaged learning experience in real-time for staff and students. The recorded procedures also create an opportunity for learning, self-improvement and training for surgical teams, but also enhances treatment quality through accountability – deterring unprofessional behaviour and malpractices. All the live video streaming can be recorded and archived with on-demand access for offline viewing later on.
Key Companies covered in video on demand (VOD) market are Amazon.com, Inc., Apple, Inc., Comcast Corporation, Facebook, Inc., Google LLC, Home Box Office, Inc., Iflix, Microsoft Corporation, Netflix, Inc., Rakuten, Inc., Sony Corporation, The British Broadcasting Corporation, The Walt Disney Company (Hulu, Hotstar), Viacom CBS and Zee Media Corporation (Essel Group).