Asia-Pacific VOD Market to Surpass Western Europe by 2020
The global VOD market is forecast to reach $263 billion by next year, with the Asia Pacific set to overtake Western Europe as the second-largest VOD territory by 2020, according to a Future Market Insights (FMI) report. Asia Pacific, which has a 13 percent share in the global VOD market, is expected to represent more than 22 percent of the market by 2020.
The rising popularity of on-demand services among consumers and proliferation of internet in emerging nations is expected to fuel the global VOD market, which next year is anticipated to be up from $207 billion in 2014. The demand for pay-TV services will continue to remain strong during the forecast period 2014 to 2020.
North America and Western Europe are currently the two largest VOD markets. The VOD market in Asia Pacific (excluding Japan) is expanding at a robust pace and by 2020 will reach $80.5 billion, per FMI’s report. Proliferation of internet and rising smartphone ownership are also expected to drive the adoption of VOD services. China and India, two of the fastest growing economies, are witnessing high demand for smartphones, a key factor contributing to the demand for VOD services.