NEW YORK, June 29, 2016 /PRNewswire/ -- "The rising demand for over the top solutions among users will help the video on demand in hospitality market grow significantly"
MarketsandMarkets forecasts the VOD in hospitality market to grow from USD 6.89 billion in 2016 to USD 19.11 billion by 2021, at a CAGR of 22.6%. OTT solutions can be integrated with existing video on demand systems so as to streamline the management of streaming VOD. The integration of over the top solution allow users to watch movies videos, and TV content through Internet and without a subscription of traditional cable or satellite pay-TV services such as Comcast and Time Warner Cable. Moreover, the OTT services are also being spread over the other communication modes, such as audio and video. The speedy growth of media and entertainment integration is also driving the VOD market.
"Pay TV is the largest solution segment in the VOD in hospitality market in 2016"
Pay TV is also known as the subscription-based TV service. It provides both analog and digital cable services through digital and internet-based TV. It is based on the concept of paying a subscription fees to watch content along with providing interactive user experience. It is expected that in the upcoming pay TV will grow extensively in the APAC region due to the high adoption of technologies in the luxury hotels and restaurants.
"Asia-Pacific (APAC) is expected to become one of the major adopters of video on demand solutions in hospitality industry by 2021"
APAC is growing at the highest rate in comparison to other regions. Moreover, countries in the region, mainly Australia and China, are prominently adopting advanced technologies and solutions within the organizations for increasing profits along with customer satisfaction.
Furthermore, the adoption of emerging technologies and the economic growth of countries such as India and China are driving the adoption of video streaming solutions and services.
Breakdown of profile of primaries
By Company: Tier 1(33%), Tier 2 (50%), and Tier 3 (17%)
By Designation: C-level (56%), Director Level (33%), and other executives (11%)
By Region: North America (29%), Europe (57%), and APAC (14%)
The companies profiled in this report include:
Increasing demand for video on demand solution will create new opportunities in this market
In the coming five years, the growing demands of VOD solution will improve the offerings and create huge opportunities for growth. There has been a significant rise in the past five years, from traditional TV to video on demand content delivery. This has improved the adoption of mobile-based VOD solutions in hospitality industry.
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the market into solution, service, delivery model, user type, revenue model, and region covering this market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and subsegments. The market numbers are further split across different users and regions.
2. This report will help them better understand the competitors and gain more insights to better position ones business. There is a separate section on competitive landscape, including end-user analysis, acquisition, and expansions. Besides this, there are company profiles of ten major players in this market. In this section, market internals are provided that can help place one's company ahead of its competitors.
3. The report helps them to understand the pulse of the market. The report provides information on key market drivers, restraints, challenges, and opportunities.
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