Written by: Viraj Mehta
MarketsandMarkets forecasts the VOD in hospitality market to grow from USD 6.89 billion in 2016 to USD 19.11 billion by 2021, at a CAGR of 22.6%. OTT solutions can be integrated with existing video on demand systems so as to streamline the management of streaming VOD. The integration of over the top solution allow users to watch movies videos, and TV content through Internet and without a subscription of traditional cable or satellite pay-TV services such as Comcast and Time Warner Cable. Moreover, the OTT services are also being spread over the other communication modes, such as audio and video. The speedy growth of media and entertainment integration is also driving the VOD market.
Asia-Pacific (APAC) is expected to become one of the major adopters of video on demand solutions in hospitality industry by 2021.
APAC is growing at the highest rate in comparison to other regions. Moreover, countries in the region, mainly Australia and China, are prominently adopting advanced technologies and solutions within the organizations for increasing profits along with customer satisfaction.
Furthermore, the adoption of emerging technologies and the economic growth of countries such as India and China are driving the adoption of video streaming services.
Increasing demand for video on demand solution will create new opportunities in this market
In the coming five years, the growing demands of VOD solution will improve the offerings and create huge opportunities for growth. There has been a significant rise in the past five years, from traditional TV to video on demand content delivery. This has improved the adoption of mobile-based VOD solutions in hospitality industry.