Video on demand is defined as the technology used to deliver video content, such as TV shows and movies, for instant viewing directly to individual users, regardless of broadcast schedules. Video on demand for includes, cable and satellite TV programming, as well as Internet streaming services. Changing preference towards entertainment driven by young generation has uplifted the growth of the global video on demand market. In addition, dependency on smartphone for media and entertainment is one of driver of the global market.
The increased use of mobile devices for viewing online content and the numerous advantages that video-on-demand platforms offer such as convenience, connection, cost, diversity, personalized content and others increase the market demand for this video. In addition, the increasing availability of mobile TV and multi-screen content viewing services and the growing number of online users offer many opportunities for the video-on-demand market. Compatibility with next-gen devices, increased viewer engagement and payment systems will likely be key features during the forecast period. Combining on-demand content with live streaming events can help to gain momentum in the global video on demand market.
As per the latest development in the segment, In June, 2021, Qumu Corporation, a leading cloud enterprise video technology provider announced the addition of 360° video on demand (VOD) to its Qumu video engagement platform. By creating, managing and delivering live video on demand, the platform enables allows users to create quality video content using 360 VOD capabilities. As a result, organizations can further improve customer engagement by utilizing Qumu’s trusted security, storage capabilities, editing, and analytics.
The Global Video on Demand (Vod) Market is classified based on product type, application, and regions. By product type, the global market is segmented into TVOD, SVOD, NVOD. On the basis of application, global Video on Demand (Vod) Market is divided into entertainment, network video kiosks, education and training, digital libraries, and online commerce. Moreover, by IT & Telecom, BFSI, retail and e-commerce, government, mobile and entertainment, travel & hospitality, and healthcare & life science.
Some of the leading players in the market include Netflix, Amazon Video, Apple, Comcast, Dish Network, YouTube, Vudu, Hulu, Home Box Office, and Sky UK Limited among others. Key players operating in the market are constantly looking for innovative and technologically advanced ways to offer high-quality content to viewers on video-on-demand platforms, which is opening growth avenues for the video market.