The global video on demand market is expected to witness significant growth over the next six years owing to enhanced scalability and enabling time-shifting view. The ability to reach audiences on multiple devices and delivering greater viewer experience are major forces driving the market growth. Several video programs are offered by Video on Demand (VoD) services, which include entertainment, films sports, and educational programs. While television is considered a broadcast technology, VoD offers a unicast transmission to the consumers.
The Video on Demand (VoD) market is expected to emerge as a successful revenue generator for content providers and cable operators worldwide. VoD solutions help viewers reach any connected device, providing a key competitive advantage in terms of consumer reach. However, services offered by the Video on Demand market face challenges such as multiple screen format management, digital rights management (DRM), tailoring content as per different operating systems, and diversified bit rates. Compatibility with next-generation devices, enhanced viewer engagement, and payment systems are expected to serve as key opportunity areas over the forecast period. Combining on-demand content with live streaming events can help overcome challenges faced by the VoD market. In addition, personalization of VoD services is facilitated by the accessibility of Big Data that helps serve customers specific to their needs and preferences.
Players such as television providers, technological outfits, movie studios, and retailers are involved in providing services for the Video on Demand market. VoD providers have consolidated their grounds in the highly competitive market through acquisitions and mergers to attain better market visibility and develop feature-rich solutions.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.