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.
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.
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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.
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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.
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