What Has Been the Growth Trajectory of the Video on Demand in Hospitality Market?
The video on demand in hospitality market has seen considerable growth due to a variety of factors.
• In recent times, there has been a swift expansion in the market size of video on demand in hospitality. It's expected to escalate from $33.75 billion in 2024 to $40.27 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 19.3%.
Factors contributing to this growth during the historical phase encompass the rising demand for in-room entertainment, advancements in high-speed internet facilities, the proliferation of smart TV's and connected devices, broadening of content libraries and streaming services, coupled with a surge in tailored guest experiences.
What Does the Future Hold for the Video on Demand in Hospitality Market?
The video on demand in hospitality market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations suggest a significant surge in the market size for video demand within the hospitality sector in the upcoming years, with projections setting this figure at $98.3 billion by 2029, courtesy of an impressive compound annual growth rate (CAGR) of 25.0%.
The predicted jump in the market forecast is largely credited to the rising use of voice-operated controls for VoD, a growing focus on contactless and mobile VoD accessibility, tailored content suggestions, a rise in the adoption of 4k and high-definition content, and the expansion of VoD services targeted at meetings and events. The forecasted period will also see trending developments such as the creation of custom hotel-branded content, integration with hotel management systems to smoothen billing processes, cooperation between hospitality chains and content suppliers, use of analytics to understand guest behaviour and content choices, and the introduction of virtual reality (VR) and augmented reality (AR) experiences into VoD.
What Are the Critical Driver Fuelling the Video on Demand in Hospitality Market's Growth?
The proliferation of smartphones and tablets is anticipated to boost the video on demand sector in the hospitality industry in the future. Tablets are wireless, portable computers with touchscreen interfaces, while smartphones are mobile phones equipped with an integrated computer, an operating system, web surfing capabilities, and the functionality to operate software applications. Hotel guests typically use their smartphone or tablet to scan a QR code on the television, linking their device to the screen. The excellent streaming options offered by Video on Demand give the hospitality sector a unique opportunity to offer the latest films, hot off the cinema reel, for instant watch or reservation. For example, Bankmycell, an American price comparison business, predicts that the global smartphone user base will hit 6.648 billion by 2022, amounting to 83.37% of the worldwide population. The United States has the biggest smartphone adoption, with 81.60% of its population, or 270 million individuals, owning a smartphone. Consequently, the growing popularity of smartphones and tablets is fuelling the expansion of video on demand in the hospitality industry.
How Is the Video on Demand in Hospitality Market segmented?
The video on demand in hospitality market covered in this report is segmented –
1) By Solution: Pay TV, Internet Protocol Television, Over The Top
2) By Service: Training and Support, Professional Services
3) By Delivery Model: Laptops and Desktops, Smart phones and Tablets, Smart TV
4) By User Type: Hotels, Cruise or Luxury Yachts, Day Care Center, Other End Users
Subsegments:
1) By Pay TV: Subscription-Based Pay TV, Pay-Per-View Services
2) By Internet Protocol Television (IPTV): Live Streaming IPTV, On-Demand IPTV Services
3) By Over The Top (OTT): Subscription-Based OTT Services, Advertising-Based OTT Services, Transactional Video On Demand (TVOD)
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What New Trends Are Influencing the Video on Demand in Hospitality Market?
Primary firms in the hospitality market's video on demand segment are concentrating on creating sophisticated integration solutions, like QAM for hospitality networks, to simplify content delivery and elevate the guest entertainment experience. The implementation of QAM in hospitality networks allows for effective bandwidth control and superior video streaming quality, thereby ensuring a top-notch viewing experience for guests. WISI Communications GmbH & Co. KG, a German electronics manufacturing company, launched an ABR Receive Solution as part of the Tangram Video Platform in October 2023, aimed at smooth video delivery at hospitality sites. The ABR Receive solution on the Tangram Video Platform lets video operators convert ABR streams into IP or QAM effectively, reducing headend redundancy and boosting operational efficiency. This progressive platform runs at the edge, excellently modifying streams while preserving the existing infrastructure's integrity. It comes with a 1RU modular chassis enabling customization based on location-specific needs and incorporates features like mass decryption and re-encryption within a compact, single unit.
Who Are the Key Players in the Video on Demand in Hospitality Market?
Major companies operating in the video on demand in hospitality market include:
• Akamai Technologies Inc.
• Alcatel-Lucent Enterprise
• Apple Inc.
• AT&T Inc.
• Avaya Holdings Corporation.
• Cisco Systems Inc.
• Telefonaktiebolaget LM Ericsson
• Huawei Technologies Co Ltd.
• Netflix Inc.
• Amazon. com Inc.
• Nokia Networks
• The Walt Disney Company
• ZTE Corporation
• Google LLC
• Broadpeak Technologies Pvt Ltd.
• Comcast Technology Solutions
• Conax Technologies
• Deluxe Entertainment Services Group
• Edgeware AB
• Elemental Technologies LLC
• Espial Group Inc.
• Harmonic Inc.
• Imagine Communications Corp.
• Inca Networks Inc.
• Kaltura Inc.
• Minerva Networks Inc.
• Muvi LLC
• NeuLion Inc.
What Is The Most Dominant Region In The Video on Demand in Hospitality Market?
North America was the largest region in the video on demand hospitality market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video on demand in hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
