Rise in the adoption of mobile devices for watching online content, and numerous benefits provided by video on demand platforms such as convenience, connectivity, cost, variety, personalized content, and others drives the growth of this Video On Demand Market. In addition, extensive growth of online video in developing economies such as India, China further fuels the growth of the market. However, piracy, illegal downloading, country specific rules and regulations are some of the factors which can hinder the growth of the market. Furthermore, rise in the adoption of mobile TV and multi-screen services for content viewing, and growing online users across the globe provides numerous opportunities for the video on demand market.
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Video on demand is currently being delivered by streaming service providers where the customer would able to choose videos that are included in the catalog and watch them wherever and as often the customer want. In addition to this, the video on demand does not have any contractual obligations and it helps the customer feel free. Moreover, with the video on demand, the customer have choices of different subscription and those multiple subscription is still less than the traditional one which makes the customer value for money and thus making it as a key driving factor for the growth of this video on demand market.
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Content piracy continues to be a major obstacle for content owners and broadcasters as the video content could be stored in digital formats. In today’s video streaming landscape, piracy has a substantial impact on revenue with the illegal downloading. For instance, streaming of TV shows and movies projected to cost the TV & film industry USD 51.6 billion globally by 2022.The content piracy problem continues to escalate within this space which hinders the growth of the video on demand market.
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COVID-19 scenario Analysis:
- The emergence of COVID-19 pandemic has severely affected almost all industries across the world. Further, lockdown enforcements and restrictions on movements of non-essential goods as well as resources in various countries has disrupted the supply chain of electronic components & networking equipment. Thus, this has led to delay in supply of electronic components required in manufacturing of equipment. T
- It is expected that the U.S. and global tech market growth is slowing down to nearly 2% in 2020, due to which ICT spending in major economies such as the U.S. have declined in the first half of 2020, but it is expected to recover in the second half.
- In addition, there is a notable ramp-up in technologies such as work-from-home infrastructure, collaboration tools, virtualization infrastructure, VPN networking, mobile devices, security, desktop support and zoom during the COVID-19. Interest for video conferencing solution is surging during the crisis. This generates large amount of data and will require high end technologies to analyze.
- Furthermore, there are strong indications that the current decrease in demand for technology and digital solutions will be just a short-term phenomenon. In the medium-to-long run the COVID-19 technology impact may be extremely positive. Everyone is forced to embrace new technologies and discover their benefits. Additional investments in digital infrastructure can be expected.
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