Global Digital Video Content Market: Overview
TV shows, movies, music videos, and advertising are examples of digital video material that can be seen on a variety of digital platforms. It is one of the most convenient forms of entertainment, and it can be accessed via smart televisions, computers, tablets, and smartphones. Due to rising smartphone sales and the growing number of devices that can handle digital media, there is an increase in demand for digital video content, particularly amongst the younger population. Aside from that, the prominence of digital video content allows companies to launch new goods on digital platforms, allowing them to reach a wider audience. These factors are likely to play an important role in influencing the development of the global digital video content market in the years to come.
Various Over-the-top (OTT) media services like YouTube, Hulu, Netflix, and Amazon Prime Video are gaining popularity throughout the world as internet penetration rises. As a result, the spread of 4G, along with simple access to Wi-Fi services, is lowering the overall cost of digital services throughout the world. As such, a sizable portion of the population is abandoning cable television in favor of digital video services for leisure and convenience. Aside from that, many companies and marketing agencies are changing from traditional means of advertising to digitalized advertisements on social media to extend their customer base, owing to the growing number of people who actively utilize social media platforms. They are also using live streaming videos for advertising purposes since they are a low-cost, easy-to-use marketing tool, which is likely to work in favor of the global digital video content market in the near future.
This study from Transparency Market Research (TMR) provides a complete insight of the global digital video content market. It provides well-researched data on a variety of market aspects in order to provide useful business input for profit generation.
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Global Digital Video Content Market: Notable Developments
The noted players that are operational in the global digital video content market are Youku Tudou, Inc., Amazon.com, Inc., Google LLC, Hulu LLC, AT and T Inc., and Apple Inc.
Global Digital Video Content Market: Key Trends
Below-mentioned market trends and opportunities mark the global digital video content market:
Increased Penetration of Internet and Convenience of OTT Platforms to Drive Market Growth
During the projected period, the rising adoption of mobile computing devices will be a major driver driving the growth of the digital video content market. Market providers in the SVOD, AVOD, and TVOD formats, such as Netflix, Amazon.com, and AT&T, have been pushed to develop mobile apps for streaming due to the rising usage of mobile computing devices. The availability of low-cost smartphones, improvements in communication network infrastructure, rising per capita income, and rising internet penetration are just a few of the reasons likely to drive growth of the global digital video content market.
Because of their faster connectivity and simpler payment procedure, consumers choose to utilise video streaming mobile applications over websites. Vendors can exploit the personal information of users collected by mobile applications to retain consumers through targeted advertising. DCB is gaining traction in the OTT industry since it allows customers to make third-party payments using their mobile bills. Because of the additional convenience and quicker and secure transaction procedure, consumers choose to utilize DCB platforms to purchase digital products and services from multiple digital platforms. The DCB platform's simplicity of payment allows OTT streaming service companies to grow their subscriber base. With more OTT service providers partnering with providers of DCB platform and a stronger emphasis on moving freemium users to paying customers, DCB is likely to gain popularity. The increased prominence of DCB in the OTT industry is estimated to aid in the expansion of the global digital video content market by boosting the subscriber base of video streaming applications.
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Global Digital Video Content Market: Geographical Analysis
North America will account for a substantial chunk of the global digital video content market growth over the forecast period, from 2021 to 2031 . In North America, the US is one of the major markets for digital video content. However, the market in North America is estimated to develop at a slower pace than the industry in other areas. The expanding OTT industry is likely to aid expansion of the digital video content market in North America.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.