Video On Demand Service Market, By Offering (Solutions, and Services), By Content Type (Movies, Music, TV Shows/Web Series, Educational/Fitness Programs, and Others), By Vertical (BFSI, Education, Government & Public Sector, Healthcare & Life Sciences, Media & Entertainment, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jul 2024

Code : CMI4861

Pages :170

Formats :

Excel and PDF

Industry : Information and Communication Technology

Market Challenges: Lack of proper Internet connectivity infrastructure in some regions

Lack of proper internet connectivity infrastructure in some regions is significantly restraining the growth of the global video on demand service market. The video streaming industry requires high-speed internet access to deliver high-definition multimedia content to users efficiently. However, in many developing and underdeveloped parts of the world, the necessary broadband infrastructure is still lacking.

The lack of robust connectivity infrastructure also prevents service providers from upgrading their offerings. They are unable to roll out new features like 4K/HDR streaming, multiple concurrent device access, downloads for offline viewing etc. that have become standard in developed markets. This affects the competitiveness of their services in comparison to global leaders. The slow growth in regions with limited connectivity in turn slows down the overall expansion of the worldwide video on demand industry.

Market Opportunities: Technological advancements in streaming services

Technological advancements in streaming services have opened up huge opportunities in the global video on demand service market. With improving internet connectivity and widespread use of smartphones, streaming services are able to deliver high quality video content to customers anywhere, anytime on their preferred devices. This shift from traditional linear TV viewing to on-demand streaming is revolutionizing the entertainment experience of audiences globally.

Platforms like Netflix, Amazon Prime Video, Disney+, Hulu, etc. have vastly expanded their original content libraries and invested heavily in producing localized regional language content. This has not only helped them gain new subscribers internationally but also engaged existing customers by catering to their language preferences.

The widespread deployment of 5G technology and investments by governments as well as private players to expand broadband connectivity will further push this on-demand video streaming revolution in the coming years. Higher internet speeds with low latency will allow platforms to deliver an even smoother streaming experience in enhanced formats like 4k or more. Live sports streaming, interactive gaming sessions, immersive virtual/augmented reality experiences etc. will become mainstream use cases driving more customers to embrace digital movie and TV subscriptions.