The global Video Transcoding Market is estimated to be valued at US$ 1,600 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Video transcoding is the process of converting a video file from one format to another, without compromising the visual quality. It allows videos to be played across a wide range of devices like smartphones, tablets, PCs, and smart TVs. Transcoding helps in optimizing video files for streaming over bandwidth constrained networks.
Market key trends:
Cloud-based transcoding is gaining popularity as it provides scalability and reduces upfront infrastructure costs. Enterprises are increasingly adopting cloud-based transcoding solutions as it helps them transcode videos on-demand without investment in dedicated hardware. The capability of cloud transcoding to simultaneously convert multiple videos of different formats and resolutions is driving its adoption.
SWOT Analysis
Strength: The video transcoding market enables converting video files into different formats that are compatible with various devices. This allows content to be streamed seamlessly across different platforms.
Weakness: High initial investment costs for deploying video transcoding solutions pose a challenge, especially for small and medium enterprises. Transcoding is a resource-intensive operation that requires powerful servers.
Opportunity: Growth of OTT platforms and increased video streaming has increased the demand for high-quality and optimized video experiences. This drives the need for efficient video transcoding solutions.
Threats: Open-source and free video transcoding alternatives pose threats to commercial vendors. Additionally, in-house video transcoding capabilities of tech giants threaten third party video transcoding providers.
Key Takeaways
The global video transcoding market is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing viewership of OTT video platforms. Various OTT platforms are producing their own original content series and movies which is driving the need for high quality video delivery and playback across various devices through efficient transcoding.
North America is expected to dominate the video transcoding market, owing to early adoption of advanced video technologies and presence of major players in the region. Additionally, high internet penetration and widespread availability of high-speed networks have increased video consumption in the region. However, Asia Pacific is expected register the highest CAGR during the forecast period with growth in internet users and increasing investments by service providers to develop 5G infrastructure in the region.
Key players operating in the video transcoding market are Telestream, Brightcove Zencoder, Coconut, Qencode, Encoding, HaiVision Systems, Harris Broadcast, VBrick Systems, Anvato, Wowza Media, Akamai. Telestream dominates the market with its telestream switch platform that enables scalable live and VOD workflows. Meanwhile, Brightcove offers an end-to-end platform for publishing and distributing video across various networks and devices.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
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