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Description
Video Transcoding Market size is valued at USD 1,600 million in 2021 and is poised to grow at a significant CAGR of 15.0% over 2022–2028. The global development of online media content offerings on the internet and mobile platforms is predicted to enhance the demand for the video transcoding market. Electronic breakthroughs led to the development of smart TVs and other smart gadgets such as smartphones; apart from their core use, these devices were designed with internet access as an extra feature. This technological progress, combined with increased internet access, ushered in the era of over-the-top (OTT) services that will boost the market. The video encoders are essential for providing OTT content; the expanding market for OTT services is likely to present a significant potential for the video encoder market. Hardware, software, and software-as-a-service (SaaS) solutions are all available for video transcoding. Many companies update their video transcoding solutions from hardware to software and SaaS to remain agile and cost-effective. As the digital media ecosystem evolves to include more content and video processing technologies on various devices, some legacy hardware solutions remain steadfast in the market. The quick and expanding demand for multimedia mobile devices like smartphones and tablets has altered the telecoms network landscape. To accommodate this increased demand, Communications Service Providers (CSPs) are undergoing network transformation activities centered on the Long-Term Evolution (LTE) and IP Multimedia Subsystem (IMS) protocols. Recent video consumers demand more programming access across an ever-growing array of mobile and fixed devices and networks. Service providers need fully-featured, resilient solutions to maximize the quality, quantity, and footprint parameters required in today’s multiscreen environment. In the next five years, vast potential in Small and Medium-Sized Enterprises (SMEs) and strong growth in the education sector will likely create substantial market opportunities. Many content publishers are choosing to use video transcoding services offered by an online video-focused platform as a service (PaaS). Leveraging the infrastructure and tools of a cloud-based media platform can help simplify content preparation management while reducing expenditures. In August 2020, Motorola Solutions acquired Pelco, a global video security solutions provider, for USD 110 million in cash to continue investing in video security and analytics.
Key Development:
In May 2022, Software-defined storage specialist SoftIron decided to make products in Sydney as part of its edge manufacturing strategy. This will improve supply chain resilience and address the security concerns of government customers.
In 2018, Netcetera partnered with the image management experts of PIC Systems AG for the distribution of CodecChef. CodecChef is a product for the transcoding of video films.
