Video On Demand Market Projections and Future Opportunities
Increasing adoption of digital media across the globe, attributed to the rising utilization of mobile devices and proliferation of high speed broadband connectivity, is driving growth of the video on demand market. For instance, in the U.S., digital media consumption is increased significantly due to the presence of leading digital media players such as Netflix, Hulu, Amazon, and Apple TV.
Growing adoption of mobile devices is expected to augment demand for digital media consumption, in turn driving growth of the global VOD market. According to Coherent Market Insights analysis, the global smartphone market witnessed growth of over 15% and over 2 billion mobiles were sold globally in 2016. Increasing adoption of mobile devices is consequently expected to increase the use internet access. For example, in India, the number of internet users grew by around 21% in 2016. This will in turn, provide consumers with information according to their choice, entertainment, and social activity, at any given place and time. According to Coherent Market Insights’ analysis, as of 2016, the global audio and video traffic accounted for over 80% of the global internet traffic.
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The U.S., Western Europe, Japan, and few emerging economies such as China, are striving to develop 5G infrastructure. For instance, in June 2017, China Academy of Information and Communications Technology, forecasted the combined expenditure of the three domestic network operators to reach around 46 billion in 2023. 5G technology is expected to reach commercialization by 2022, specifically in developed economies. This is further expected to boost the existing video streaming market over the forecast period, for both, enterprise and recreational purposes.
Major players operating in the global video on demand market include Alcatel-Lucent, Fujitsu, ZTE Corporation, Ericsson, Huawei Technologies, Akamai Technologies, Inc., Avaya, Level 3 Communications, AT&T, and Cisco.
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