Rising demands for high definition, on demand video content which is coupled with surging investments in smart education and training sector are some of major factors contributing towards growth of subscription video on demand (SVOD) market globally. The global subscription video on demand (SVOD) market was valued at USD 22.45 billion in 2018 and is expected to reach USD 35.24 billion in 2026, growing at a CAGR of 6.2% during the forecast period.
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Global subscription video on demand (SVOD) industry is gathering tremendous popularity owing to the upsurge in penetration of mobile broadband which has fuelled the adoption of mobile devices for live video content streaming. Additionally, the inclination of youth population towards live sports events as well as health & fitness training is propelling the growth of the SVOD industry especially in emerging economies such as India and China. Moreover, intense competition between service providers has created a need for technological advancement in terms of various user-friendly television applications. Key industry players such as Netflix, Inc. and YouTube, LLC, have used mobile devices to increase the consumption of various digital content which has supported the growth of the subscription video on demand (SVOD) market globally. In addition, consumer preference for affordable pricing model and wide content options is playing a major role in the selection of SVOD service provider. This has benefitted multiple video content service providers, including Netflix and Hulu, are preferred by customers for better pricing and broader content choice. Comparatively, online content services are more affordable than service providers, leading to more demand from various consumer segments.