Research Support Specialist, USA
The global video downloads market size is expected to reach USD 6.76 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 3.2% from 2021 to 2028. The market is expected to grow due to the increasing adoption of smartphones, rising utilization of video-based solutions and services by individuals, and rising coverage of high-speed wireless networks. Additionally, the rising per capita income and the increasing purchasing power are the driving forces in this market.
During the COVID-19 pandemic and lockdown situation, the governments of various countries restricted the physical movement and citizens preferred to stay at home as a precautionary measure. Theaters and multiplexes were closed across the world. Video on Demand (VOD) service allows to download and view the content. The service became more popular with the increasing number of subscribers during the pandemic, thus positively impacting the market growth.
The permanent access segment dominated the market with a revenue share of over 85.0% in 2020 and is expected to witness the highest growth from 2021 to 2028. Video download enables subscribers to pay for the video content and owns the content for viewing multiple times after purchase. Subscribers can watch the desired content again and again anytime and anywhere. Thus, this type is getting more popular among the subscribers, thereby contributing to market revenue.
The media and entertainment vertical captured the largest revenue share of more than 65.0% in 2020. This segment is expected to maintain its lead during the forecast period. This is due to the availability of high-speed internet connectivity and the rising adoption of smartphones. TV shows and movies are being watched for entertainment purposes by individuals. Moreover, rising investments to improve the video downloads infrastructure are expected to play a significant role in fueling the growth of the media and entertainment vertical.
North America held the largest revenue share of more than 35.0% in 2020. The U.S. is positively contributing to the growth of the regional market. The presence of well-established vendors is one of the key factors supporting the market growth. This is one of the promising regions to launch new technology in terms of infrastructure and advanced network, which will help to transfer video content in a simple and the fastest way. Additionally, supportive digital policies by the government are contributing to the market demand.
The report “Video Downloads Market Size, Share & Trends Analysis Report By Type (One-time Access, Permanent Access), By Vertical (Media & Entertainment, Education & Research), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global video download market on the basis of type, vertical, and region: