The global video on demand market, which stood at USD 33.32 billion in 2015 is expected to reach USD 73.90 billion by the end of 2024. If the figures hold true, the global video on demand market will exhibit a CAGR of 9.3 percent between 2016 and 2024. The market is currently gaining from the easy availability of improved connectivity worldwide. In addition, the faster accessibility and streaming of digital content is also helping the market witness accelerated demand. “The rapid penetration of high-speed networks in broadband, television, and telephony services around the world has also boosted the demand for high-quality videos and better digital contents,” said a lead TMR analyst. This is a key factor aiding the markets expansion. In addition, the market is also forecast to gain impetus from the rising demand for interactive, seamless, and personalized viewing of digital content by subscribers. On the downside, rising concerns pertaining to illegal and unauthorized sale of digital content has been reducing the overall subscriptions as well as demand for the technology. This is threatening the market’s trajectory to an extent. Furthermore, the global video on demand market is also witnessing challenges associated with commercial agreements, licensing, and strategic alliances.
Nevertheless, as the demand for personal viewing is projected to scale higher, the market is will witness robust opportunities in the future. The market is also expected to gain from the latest technological advancements and the rising penetration of the internet worldwide. - TMR