An "insatiable appetite" for video content is a key trend for the coming years that all firms involved in the industry, including content creators, device manufacturers and advertisers, will have to deal with in the near future.

A study by Frost and Sullivan noted that easy access to online video through faster connections and a wider array of devices is transforming the market. Consumers now have more options available to them than ever before for engaging with this content, with 1.2 billion devices capable of playing video shipped in 2012, worth over $360 billion.

However, the firm added it expects unit sales to triple to nearly 3.1 billion gadgets by 2017.

Digital media industry manager at Frost and Sullivan Avni Rambhia said: "Consumer appetite for online and personalized content, including both on-demand and live TV, anytime and on multiple screens simultaneously, is going to remain the number one driver of the consumer video devices market."

He added that internet video has already disrupted the pay TV industry on PCs, but now a wider range of gadgets than can take advantage of the technology mean businesses across the industry are being forced to re-examine their business models.

Technology such as set-top boxes, Blu-Ray players, games consoles, smartphones, tablets and smart TVs are changing the way consumers interact with video, which means companies need to adapt not only how they deliver content, but how they measure the results.

TV analytics will need to be able to monitor interactions from all these devices and ensure they are able to gather the information under a single system in order to use data analytics to derive useful insight.

Being able to understand their audience more closely will enable advertisers to deliver more relevant, personalized content to users that is tailored to the device they are watching on, while content creators can also use the data gained from this technology to guide their strategy.

One example of this is Netflix, which used data gathered from its 33 million members to assess what type of programming would be most of interest to its user base. This led it to commission House of Cards – its first original series – which received positive feedback and was highly successful for the streaming service.