The global video-on-demand (VOD) services market was worth $48.93 billion in 2015, with the market poised to increase at 8.3% compound annual growth rate (CAGR) during 2016-2026, according to Future Market Insights (FMI).
The survey found that the VOD market is being primarily driven by changing preferences of viewers towards watching content as per their convenience. Additionally, vertical integration by social media platforms to offer their own VOD services, and rise and success of content-on-demand services are further contributing towards the adoption of VOD services.
The North America market is the largest market for VOD services, accounting for nearly $20 billion in market revenues in 2015. Adoption of VOD services in North America is driven by surging popularity in the US, whereas Canada and Mexico are supplementing the growth of the market in the region.
The smartphone phone in developing nations of Asia Pacific, such as India, China, Vietnam, Singapore and Philippines is contributing to the popularity of VOD services in that region. The Asia Pacific arena, excluding Japan, is expected to increase at 14.6% CAGR during the next decade.
FMI also found that market participants, including VOD service providers, gaming content developers and third-party game providers are focusing on bolstering their presence in developing economies.
Source: http://www.rapidtvnews.com/2016031142079/global-vod-market-worth-almost-50bn.html#axzz42q2MEk5j