Revenues from the global video on demand market are expected to top $263 billion by 2016, a 27% increase over the $207 billion the industry generated in 2014, driven by rapid consumer adoption and expanding Internet penetration in emerging markets.

While North America and Western Europe currently are the two largest VOD markets, Asia Pacific, with a 13%-share of the current market, is expected to grow nearly 70% to a 22% share by 2020, bumping Western Europe to third place, according to the report from Future Market Insights. The

North America’s VOD market is expected to top $100 billion mark by the end of this year, riding on a wave of connected devices and increased spending on video services. The key players in the North America VOD market can be broadly categorized into software providers, content providers, service providers, and distributors. The top content companies include Netflix, iTunes, Amazon and Hulu.

The VOD market in Asia Pacific Excluding Japan (APEJ) is expanding at a robust pace and by 2020, the marke is expected to reach $80.5 billion. Proliferation of Internet and rising smartphone ownership are expected to be key drivers in the space.