Video Production Services Market: Introduction
- Video production services providers create digital video content as per end-user requirement. Increasing penetration of mobile computing devices, availability of low-cost smartphones, and increasing internet penetration are some of the key factors accelerating the video production services market globally.
Video Production Services Market: Dynamics
Increasing Internet penetration and the rising adoption of mobile computing devices accelerating the video production services market
- Increasing internet penetration and adoption of smartphones are major factors accelerating the demand for new video content. In 2018, approximately 58.8% of the total world population used the internet wherein North America accounted for dominating position in the internet penetration rate. Increasing number of internet users are replacing cable TV with over the top media services, which increases the demand for new video content, subsequently accelerating the video production services market. In addition, the increasing adoption of smartphones and tablets has increased the digital platform subscriber base which raises the demand for digital video content, spurring the growth of the video production services market.
North America holds a major share of the global video production services market
- Based on region, the video production services market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America held a dominant position in the global video production services market in 2018, followed by Europe. It is expected to maintain its dominance during the forecast period. The U.S. and Canada are major countries that drive the video production services market in the region. The growth of the video production services market in this region is attributed to increasing OTT services and the extensive presence of IT infrastructure. In 2018, approximately 89% of the total U.S. population used the internet which helps OTT service providing companies to increase their subscriber base. Hence, the increase in subscriber base escalates the demand for new video content, which drives the market in this region.
- The video production services market in Asia Pacific is estimated to expand at a high CAGR during the forecast period. India, China, Japan, and Australia are key countries that drive the video production services market in the region. The rapid growth of the e-commerce industry increases the demand for promotional videos which helps e-commerce companies to engage their customers for a longer period. According to the Indian Brand Equity Foundation, by 2025, the e-commerce industry in India is expected to reach US$ 188 billion, up from US$ 50 billion in 2018. Also, the increasing internet penetration has popularized the trend of short films, social networking videos, and OTT services which accelerates the market of video production services. According to the Indian Brand Equity Foundation, in 2018, internet penetration in India was 39.2%, up from 34.3% in 2017.
Entertainment segment anticipated to account for largest share during the forecast period
- Based on type, the video production services market can be bifurcated into promotional videos, corporate videos, training videos, and entertainment videos. In 2018, the entertainment video segment held the dominant position and is anticipated to retain its dominance throughout the forecast period. The increasing market for on-demand videos, OTT services, short films etc has impacted the segment in the global video production services market. Also, the promotional video segment is expected to expand with the highest CAGR during the forecast period. The increasing trend of e-commerce has accelerated the demand for digital promotional videos which helps companies to engage customers.
Key players operating in the global video production services market
Key players in the global video production services market are listed below:
- Vital Design
- Armaan Productions
- FILM CREATIONS, LTD.
- Grey Sky Films
- I Knowledge Factory Pvt. Ltd.
- Skeleton Productions Ltd
Figure: Global Video Production Services Market, by Competitive Landscape
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Global Video Production Services Market: Research Scope
Global Video Production Services Market, by Type
- Promotional Videos
- Corporate Videos
- Training Videos
- Entertainment Videos
Figure: Global Video Production Services Market, by Type
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Global Video Production Services Market, by End-user
- Film Industry
- Advertisement Companies
- Corporate and Training Institutes
Global Video Production Services Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Figure: Global Video Production Services Market, by Region
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