According to Precision Business Insights (PBI) latest report, the global video transcoding market is worth USD 1,800 million in 2022, growing at a 15.0% CAGR from 2022 to 2028. Global Video Transcoding Market is segmented into the following types: By Product (H264, H265, VP9, AV1, JPEG2K), By Application ((Media and Entertainment, Enterprise, Individual, and Others), and Geography (North America, Europe, Asia Pacific, Latin America, and MEA) Forecast to 2028. Key players’ profiles in the Video Transcoding Market report are Intel Corporation, Encoding.com Inc., NVIDIA Corporation, Imagine Communications Corporation, VBrick Systems, Inc., Wowza Media Systems, LLC, ActiveVideo Networks, Inc., and HaiVision Systems, Inc. The video transcoding market will be propelled by increased consumer use of social networking sites. People use social networking sites such as Facebook, WhatsApp, Instagram, and others to share updates about their lives. Video transcoding helps change the video’s size and quality to the site’s and device’s requirements. The use of video encoding and transcoding in education, media and entertainment, telecommunications, broadcasting, IT, and gaming is predicted to grow. OTT services such as Netflix and Amazon Prime are becoming more popular among people worldwide, resulting in a demand for video processing systems on the market. Furthermore, the growing audience demand for high-quality video content motivates these platforms to add more video content to their media, leading to the growth of the video processing platform market.
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Cloud-Based Video Transcoding Dominates the Video Transcoding Market:
Cloud-based video transcoding segment is expected to account for a larger revenue share in the global video transcoding market and is projected to grow at a 16% CAGR between 2022 and 2028. The video transcoding market is predicted to grow due to the adoption of cloud-based video transcoding solutions. Cost-effective, configurable, scalable, and adaptable cloud-based video transcoding solutions are available in the market. For instance, Qencode Inc. creates sophisticated cloud video transcoding platforms that reduce video file sizes by 58% without sacrificing quality and improve video quality on h.264 (AVC1), h.265 (HEVC), and VP9, MP4, HLS, and MPEG-DASH. In addition, cloud-based video transcoding is the recommended approach for distance education. It can convert videos of syllabus or lessons into the needed format for display on the user’s (Student’s) device.
Europe Video Transcoding Market
Europe is expected to hold the second-largest market share next to North America in the global video transcoding market over the forecast period. It is projected to grow at a Notable CAGR in the coming years. Because of the rising internet penetration, there is a significant demand for digital media content across multiple platforms, which will boost the expansion of the video processing platform market. In addition, the regional video processing platform market will grow due to technological advancements in video processing solutions, the growing investment of organizations in the adoption of various cutting-edge technologies and solutions, and the growing acceptance of video processing platforms among enterprises across several industry verticals during the forecast period in the European region.
Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.
Global Video Transcoding Market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In September 2021, MediaKind collaborated with Oi, a Brazilian telecommunications company. With this collaboration, Oi selected MediaKind to improve the live events experience on its pay-TV subscription service. In addition, Oi also implemented MediaKind’s Cygnus Contribution solution to provide live events across its IPTV service in better quality with low latency. In September 2021, Ateme collaborated with World Cinema (WCI), a market leader in in-room entertainment and Wi-Fi technologies for the hotel sector. This collaboration aimed to release the WorldVue Video-on-Demand (VOD) solution for hotels.
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The Video transcoding market detailed segmentation
Based on the type
Based on the application
- Media and Entertainment
Based on the geography
- North America
- The Asia Pacific
- Latin America
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