Global Video Production Services Market: Snapshot
The growing role of video marketing in digital marketing strategies is a key factor behind the evolving needs for video production services. Over the past few years, such services are gathering among brands who want to use animation to promote. Access to cutting-edge equipment, flexibility, and camera skills are a few of the foremost business propositions fueling the demand for video production services. Providers of video production services are also meticulous about the audience for a powerful storyboarding. Growing demand for compelling video contents among corporates is a crucial trend expected to shape the contours of the video production services market. Demand for video editing service has also risen among corporate consumers. Players in the market are leaning on diversifying their portfolio of services in order to meet wide range of demands in the market. They are adopting advances camera technologies, such as 4K.
One of the skills that has been attracting attention of providers of video production services are honing in digital marketing expertise. Another skill set that providers are giving increased attention is animations. The demand for event videos has also witnessed a marked increase over the past few years.
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
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.
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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.
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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?
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