Film And Video Industry Driven By Ever Increasing Mobile Video Consumption
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The Business Research Company’s Film And Video Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, January 28, 2021 — New year, new updates!
Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
Mobile video viewing has increased significantly in recent years and is expected to grow further during the forecast period, affecting the entertainment industry.
This is mainly driven by the rise in internet penetration and growth in smart phones usage.
For instance, according to a report by Business Inside in 2018, users view more than 500 million hours of videos every day.
By 2020, mobile video consumption was expected to increase by 11 times and this is expected to represent 75% of the global mobile data traffic.
Thus, rapid increase in mobile video consumption is expected to drive the film and video market during the forecast period.
The global film and video market is expected to grow from $234.91 billion in 2020 to $251.92 billion in 2021 at a compound annual growth rate (CAGR) of 7.2%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
According to movie and film market research, the market is expected to reach $318.23 billion in 2025 at a CAGR of 6%.
As per film industry analysis, North America is the largest region in the global film and video market, accounting for 41% of the market in 2020.
Western Europe is the second largest region accounting for 36% of the global market. Africa was the smallest region in the global film and video market.
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