Video on Demand (VOD) Service Market Analysis Report | 2031

A growing concern of people to have a better lifestyle with stable diets, better healthcare and stretchy workouts, consistently increased the viewership for live streaming fitness programs amid prolonged lockdown. Future Market Insights (FMI) identifies this as one of the key factors driving the video on demand (VOD) service market.is expected to reach a valuation of US$ 183.93 Bn by 2031.

Several video streaming providers have added fitness programmes to encourage healthy living, according to shifting consumer preferences. For example, Apple, Inc. announced fitness plus, a streaming programme that works with Apple TV, Apple Watch, iPads, and iPhones, in September 2020. This programme offers exercise courses via the internet.

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Key Takeaways: Video on Demand Service Market

• The global video on demand (VOD) service market is estimated to register a CAGR of 8.5% during the forecast period of 2021-2031
•  Backed by presence of leading service providers, the U.S. to account for nearly 88% of revenue generated in North America
• Rising streaming spend, enabling the U.K. to register a massive 17.9% y-o-y growth in 2021
• Increasing user penetration supporting expansion in Germany and France
• Spurred by rising smartphone penetration, Japan and South Korea will emerge as lucrative markets in East Asia

COVID-19 Impact Analysis on Video on Demand (VOD) Service Market

The novel coronavirus (COVID-19) pandemic had a positive effect on the entertainment industry. A large number of consumers across the globe had increased their spending on the over the top (OTT) platform, which resulted in an increase in the number of subscribers for video streaming providers.

During the pandemic, the increased adoption of smartphones in developed economies presented significant prospects for video streaming service providers. Subscribers can access video material from anywhere and at any time as a result of this. The fact that mobile network operators (MNOs) have hastened the rollout of mobile broadband and LTE, particularly in growing countries in the APAC and MENA regions, supports this.

Who is winning?

To ensure flawless streaming, VOD service providers have been experimenting with content concepts and technology. Amazon, for example, launched a live streaming service for mobile and online applications in July 2020. Customers may edit and view videos live from their own website or mobile app with this new interactive video service (IVS). This enables content creators and developers to provide a stable, low-latency live streaming experience across numerous watching channels and devices while maintaining video quality.

Some of the leading players operating in the market are Apple, Inc., Amazon.Com, Inc., Netflix, Hulu LLC, Google LLC, Comcast Cable Management, LLC, DISH Network L.L.C, Vudu Sky UK Limited, The Walt Disney Company, HBO Max (AT&T), Viaplay (Nordic Entertainment Group) and others.

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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