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Video Transcoding Market: By Product Type, By End User/Application and Region Forecast 2019-2030
Video Transcoding Market: By Product Type, By End User/Application and Region Forecast 2019-2030
Video Transcoding Market size was valued at US$ 1,600 million in 2023 and is poised to grow at a significant CAGR of 15.0% from 2024-2030. The global development of online media content offerings on the internet and mobile platforms is predicted to enhance the demand for the 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.
Study Period
2024-2030Base Year
2023CAGR
15%Largest Market
North AmericaFastest Growing Market
Asia-Pacific
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 in North America is likely to hold the highest revenue share in 2022, and in the following years, it is predicted to increase rapidly. Because of the large number of key players in the region and other factors such as collaboration between governments and network arenas, institutional partnerships between video streaming and research collaborations, and large-scale investments in outsourced video streaming solutions and services, North America dominated the global market. The growing use of digital media among businesses and individuals and raising awareness of corporate productivity in the APAC region present prospective growth opportunities.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 1,600 million |
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Market CAGR |
15% |
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By Product Type |
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By End User |
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By Region |
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The video transcoding market size was valued at US$ 1,600 billion in 2023 and is set to grow at a significant CAGR of 15.0% from 2024-2030.
HaiVision Systems, Cisco Systems, Imagine Communication, VBrick Systems, Wowza Media, Bosch Security Systems
North America is the fastest-growing region in the market
Key Market Players
Author
Sravani is a proficient Business Analyst with an MBA and a background in Computer Science, with seven years of experience in the field of market research. Sravani is adept at creating competitive evaluations, precise market estimations, and market projections, emphasizing the food and beverage and information and communication technology (ICT) industries. Her areas of competence are identifying important players, projecting market trends, and assessing the potential for industry growth. She applies a strong analytical approach to provide precise market estimates and thorough industry analysis, empowering organizations to make data-driven decisions. Sravani's estimating and forecasting abilities are essential for businesses to take advantage of new opportunities and effectively manage dynamic market environments.