Video on Demand in Hospitality Market Worth 19.11 Billion USD by 2021
PUNE, India, June 9, 2016 /PRNewswire/ --
According to a new market research report, "Video on Demand in Hospitality Market by Solution (Pay TV, IPTV, and OTT), by Service, by Delivery Model, by User type, by Revenue Model, and by Region - Global Forecast to 2021", published by MarketsandMarkets, market is expected to reach USD 19.11 Billion by 2021, at a CAGR of 22.6% during the forecast period.
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VOD in hospitality is growing gradually and been adopted by users for watching on-demand videos, events, and advertisements. The continuous developments in this technology and its solutions have also encouraged hospitality segments to adopt VOD solutions and services.
Rising need for Internet Protocol Television (IPTV) solution is driving the VOD in hospitality market
There has been rise in the adoption of VOD solutions such as pay TV, Internet Protocol Television, and OTT among hospitality businesses. The hotels and other luxury resorts are adopting IPTV VOD solutions to provide in-room viewing experience for guest. These IPTV allow guest to record, rewind, forward, and pause the video content they are watching along with this, IPTV also helps them to set wake-up calls, request room service, view their bills, and check out services.
Rising need for smartphones and tablets as delivery model is driving the VOD in hospitality market
Now-a-days individuals prefer using their smart phones and tablets to browse internet while staying at hotels or sitting at restaurants. Many hotels do provide their devices to their guests to work on internet, or browse various websites but many people do not find it safe due to rising data hacking activities. Hence, most of the hospitality segments have started providing Wi-Fi and 3G networking connections so that guest can make use the internet on their own devices.
North America is expected to adopt VOD in hospitality solutions and services significantly in 2016
The North American region has been a predominately concerned market toward the adoption of VOD solutions and services. The high adoption of digital technology among hospitality industry is helping the VOD market to grow in North America. Moreover, in this region the U.S. and Canada based hospitality segments are using VOD services significantly for marketing and branding of their hotels, resorts, and others.
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The Video on Demand in Hospitality Market consists of major players such as Alcatel-lucent (France), Ericsson (Sweden), Huawei (China), AT&T (U.S.), Cisco (U.S.), and Apple (U.S.). There is also a significant presence of other players such as Microsoft (U.S.), Akamai (U.S.), Avaya (U.S.), and Netflix (U.S.) in this market.
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