Video Transcoding Market size was valued at USD 1,600 million in 2022 and is poised to grow at a significant CAGR of 15.0% from 2023-2029. 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.
Fastest Growing Market
The growing demand for high-quality videos, the increasing need for transcoding to reach more end-users, and the necessity for multi-device compatible video is driving the video processing platform market forward. Furthermore, several mid-sized competitors in the video processing platform market give solutions to SMEs with more advanced capabilities, which drives the market. However, replacing old hardware-based encoders and transcoders with new technology-based devices is the market's biggest challenge. This issue is particularly prevalent in the media, entertainment, and telecommunications industries, where it is challenging to replace equipment regularly due to its high initial cost.
The video transcoding market is projected to expand at a CAGR of 15.0% during the forecast period.
HaiVision Systems, Cisco Systems, Imagine Communication, VBrick Systems, Wowza Media, Bosch Security Systems
North America is the fastest-growing region for video transcoding market