Transactional Video on Demand Market Size, Share & Industry Analysis, By Access Type (OTT streaming devices, Desktops/Laptops, Smartphones /Tablets, Smart TVs, Others), By Application (Commercial, Residential) And Regional Forecast, 2024-2032

Online streaming service consumption across the globe has shown remarkable growth over the past few years. The growing adoption of digital devices that supports digital media coupled with the cumulative internet access speed augments the demand for online media access. Customers are increasingly adopting smartphones, which allows them to access the media content of their choice anytime and anywhere. Thus, the significance of transactional video-on-demand service is growing at a faster pace.

The transactional video on demand (TVoD) allows users to pay and access a particular video or video collection. The proliferation of online or digital payments has driven the transactional video-on-demand service significance. TVoD offers a convenient, cost-effective, and flexible media access solution provided with a pay-per-view option. The choice of pay-per-view feature provided in the TVoD is becoming popular each day, specifically for millennials, which is further anticipated to influence the market. The TVoD is becoming popular each day due to its benefits, including an easy revenue distribution model to video creators, an accurate estimation of operational cost. Additionally, it is a liable choice to launch a business.    

The digital media players such as Hulu, Netflix, Apple TV, Amazon, Boxee, Roku, and others have risen exceptionally. Mobile devices such as tablets, smartphones, laptops, and other digital devices have been the favored medium for consuming online media. The increasing usage of smartphones or tablets has escalated the demand for online streaming services. Thus, with the increase in mobile devices' adoption, the transactional video on demand market is anticipated to exhibit unprecedented growth during the forecast period.

The rising spending on technology in various sectors and the technology advancements done would be key factors endorsing the transactional video-on-demand market's growth. The cumulative innovations in networking technologies such as the introduction of 4G, LTE, VoLTE, or 5G services have supported the TVoD market's growth.

Besides, the COVID 19 pandemic has imposed a sudden lockdown worldwide. As the lockdown has restricted people's movement during the pandemic, the demand for online streaming services has suddenly escalated. Thus, the lockdown has a positive impact on the global TVoS market growth.

Key Market Driver -

• Growing demand online streaming services would be likely to drive the market • Significant growth in the adoption of mobile or digital devices accelerating the demand for the TVoD services

Key Market Restraint -

• Lack of adequate knowledge and awareless to hinder the market growth

Key Players Covered:

The key players operating the global transactional video on demand market include Apple Inc., Google Inc., Vixy, Limelight Networks, Lightbox TV, Pathe Thuis, Mubi, Brightcove, Kaltura, and Redbox, and among others.

The global transactional video on demand (TVoD) market showcases intense competition among the key players. Some of the well-known companies are coming up with forward-thinking business strategies to strengthen their market position. Several prominent market players focus on new product launches and product enhancements to stay competitive in a global marketplace. Strategic partnerships, collaborations help companies to enhance their product and business portfolio. Additionally, mergers and acquisitions are key strategies businesses have adopted to sustain their market competence in recent years.

Regional Analysis:

North America would likely contribute significantly to the global transactional video on demand market due to the progressive shift of consumers from traditional media to digital media. The cumulative adoption of smartphone devices coupled with increasing internet speeds provides the consumers with the choice to access media content anytime and anywhere. This factor would significantly impact the market growth across North America. North America is considered a global hub for the entertainment service providing companies such as Apple TV, Amazon, com, Inc., Netflix Inc., and Hulu. Such a leading online streaming service providing vendors would be likely to drive the market growth across North America. The demand for high-quality content and changing consumer preferences have further escalated the demand for transactional video-on-demand services across the region. The proliferation of advanced networking technologies such as 4G, 5G, LTE, and VoLTE would be likely to influence the TVoD market positively.

The significant adoption of smartphones and other mobile devices enhances online media consumption across European nations. Growing internet usage and increasing mobile wireless connections influence the transactional video on demand market across the region. Thus, Europe is also likely to contribute significantly to the transactional VOD market growth.    

The Asia Pacific is likely to exhibit significant market growth owing to the highest mobile internet usage. Prominent vendors are implementing innovative strategies to expand their business network to the Asia Pacific. For instance, In 2019, Netflix, Inc. launched a mobile-only plan in India to offer a personalized experience to India's smartphone users. This factor would further support the TVoD market growth across the region. The Covid-19 pandemic has proven to be the most opportunistic time for the TVoD market to grow across the Asia Pacific. The favorable government initiatives and the growing acceptance of online media access drive the region's market growth. The strict lockdown regulations have resulted in a significant screen time to watch videos on OTT platforms. VOD service providers collaborate with the movie producers to release movies on their platforms, further driving the Asia Pacific TVoD market growth.

Due to a lower internet penetration rate, the Middle East and Africa countries show significant demand for Pay-TV video-on-demand services. Progressive adoption of smartphones and digital devices would drive market growth in the coming years.

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Segmentation

Key Industry Developments:

• November 2019: Disney+ launched its digital streaming service in Canada. The Disney+ platform has recorded the signup by nearly two million new subscribers in 2019.


• February 2018: Roku announced the accessibility of YouTube on particular Roku devices for enabling Roku users to stream national and local news, live sports, and other live programs.