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Video transcoding refers to the process of converting any type of encoded media file from one format to another. Video transcoding enables video content owners to distribute their media across multiple platforms and devices by converting the source video into formats that are compatible with various devices such as laptops, smartphones, tablets and streaming media devices. This allows viewers to access high-quality video content on any device of their choice. The proliferation of internet-enabled devices coupled with rising popularity of online video streaming services has increased the demand for video transcoding solutions tremendously. 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 key trends:
The increased consumption of online video content has accelerated the demand for transcoding solutions that can efficiently transcode and deliver video content to various types of devices. It is estimated that more than 75% internet traffic will be constituted by video content by 2023, creating a massive need for scalable and cost-effective video transcoding solutions. Leading players are increasingly focusing on developing advanced artificial intelligence and machine learning based transcoding technologies that can handle high volumes of live video streaming workflows and deliver near real-time transcoding of content. This helps content owners and online video platforms reduce latency and improve viewer experience.
Segment Analysis
The global video transcoding market can be segmented by type, format, application and region. Based on type, the content delivery network segment is expected to dominate the market during the forecast period due to increasing demand for online video streaming globally. Content delivery networks help in faster delivery and distribution of video content to large audiences worldwide. By format, the transcoding of videos from one codec or format to another plays a crucial role in encoding videos for different playback capabilities of platforms like smartphones, tablets, PCs, and TVs.
Key Takeaways
The global video transcoding market is expected to witness high growth during the forecast period of 2023-2030 due to increasing number of video uploads on various online platforms and the need for delivering video content in multiple formats suitable for different devices.
Regional analysis: North America is expected to dominate the global video transcoding market during the forecast period. This is due to early adoption of advanced video transcoding technologies and presence of major market players in countries like the US. Asia Pacific is expected to be the fastest growing market due to rising internet and smartphone penetration in countries like India and China. Growing video streaming industry is also driving the demand for video transcoding solutions in Asia Pacific.
Key players: Key players operating in the video transcoding market are Telestream, Brightcove Zencoder, Coconut, Qencode, Encoding, HaiVision Systems, and Harris Broadcast. Telestream is a leading provider of video transcoding and workflow solutions. It offers Telestream Cloud platform for transcoding videos into multiple formats. Brightcove Zencoder provides cloud-based video encoding and transcoding services. Coconut offers transcoding services for live and on-demand video delivery.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
