Video Manufacturing Companies Market Influencing Components Driving the Improvement of the Market 2019-2027 – UNLV The Insurgent Yell
Global Video Production Services Market: Snapshot
The growing role of video marketing in digital marketing strategies is a key factor in the changing need for video production services. In recent years, such services have been increasing among brands that want to use animation for promotion. Access to cutting edge equipment, flexibility, and camera skills are some of the key business opportunities driving demand for video production services. Video production service providers also pay attention to the audience for powerful storyboarding. The growing demand for compelling video content from businesses is a critical trend that is expected to shape the contours of the video production services market. The demand for video editing services has also increased among corporate customers. The market participants rely on a diversification of their service portfolio in order to meet the diverse requirements of the market. They adopt advanced camera technologies like 4K.
One of the skills that has caught the attention of video production service providers is the refinement of expertise in digital marketing. Another skill that vendors are paying increased attention to are animations. The demand for event videos has also increased significantly in recent years.
Increasing Internet penetration and increasing adoption of mobile computing devices are accelerating the market for video production services
- The increasing internet penetration and adoption of smartphones are important factors accelerating the demand for new video content. In 2018, around 58.8% of the total world population used the internet, with North America taking the dominant position in internet penetration rate. More and more Internet users are replacing cable television with over-the-top media services, increasing the demand for new video content and, as a result, accelerating the market for video production services. In addition, the increasing adoption of smartphones and tablets has increased the subscriber base of the digital platform, increasing the demand for digital video content and fueling the growth of the video production services market.
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The entertainment segment is expected to make up the largest share in the forecast period
- Depending on the type, the video production services market can be divided into promotional videos, corporate videos, training videos, and entertainment videos. In 2018, the entertainment video segment was dominant and is expected to remain dominant throughout the forecast period. The growing market for on-demand videos, OTT services, short films, etc. has impacted the segment in the global video production services market. In addition, the promotional video segment is expected to grow at the highest CAGR over the forecast period. The growing trend towards e-commerce has accelerated the demand for digital promotional videos that help businesses retain customers.
Figure: Global Video Production Services Market by Competitive Landscape
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North America holds a large share of the global video production services market
- Depending on the region, the video production services market can be divided into North America, Europe, Asia Pacific, South America, and the Middle East and Africa
- North America had a dominant position in the global video production services market in 2018, followed by Europe. It is expected to maintain its dominance over the forecast period. The United States and Canada are key countries driving the video production services market in the region. The growth of the market for video production services in this region is attributed to increasing OTT services and the extensive presence of the IT infrastructure. In 2018, approximately 89% of the total US population was using the internet, which is helping OTT service providers grow their subscriber base. Hence, the increase in the subscriber base is escalating the demand for new video content, which is driving the market in this region.
- The Asia Pacific video production services market is expected to grow at a high CAGR during the forecast period. India, China, Japan and Australia are key countries driving the video production services market in the region. The rapid growth of the e-commerce industry is increasing the demand for promotional videos that help e-commerce companies retain their customers over time. According to the Indian Brand Equity Foundation, the e-commerce industry in India is projected to reach $ 188 billion by 2025, up from $ 50 billion in 2018. Increasing internet penetration has also popularized the short film trend. Social Networking Videos and OTT Services Accelerating the Video Production Services Market. According to the Indian Brand Equity Foundation, Internet penetration in India was 39.2% in 2018, up from 34.3% in 2017.
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