Video Processing Platform Market Predicted to Reach $11.4 Billion by 2026
Video Processing Platform Market size expected to grow from USD 5.3 billion in 2021 to reach USD 11.4 billion by 2026 at a Compound Annual Growth Rate (CAGR) of 16.5%.
Northbrook, IL -- (SBWire) -- 10/13/2021 --According to a new market research report "Video Processing Platform Market with COVID-19 Impact, by Component, Application (Video Upload and Ingestion, Dynamic Ad Insertion, and Video Transcoding and Processing), Content Type, End User, Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets™, the Video Processing Platform (VPP) Market size expected to grow at a Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period, to reach USD 11.4 billion by 2026 from USD 5.3 billion in 2021.
Video processing combines efficient IP conversion, ultra-high-density transcoding, adaptive bitrate (ABR) packaging, encryption and streaming into a modular, virtualized solution which results in a highly flexible and cost-efficient way to give today's consumers the innovative live streaming and live-to-VoD multiscreen services that helps ensure satisfaction and loyalty. Enterprises and SMEs are heavily adopting cloud-based video processing solutions where they can have flexibility and robustness in the service. A cloud-based video processing platform is a solution that offers standardized capabilities and multiple monetization models to video service providers. These platforms also help to integrate capabilities and models with multiscreen video infrastructure, video-on-demand, and television. Several cloud-based video processing and delivery platform providers offer solutions capable of being deployed on multiple mobile platforms and over-the-top (OTT) devices. Cloud-based video processing and delivery platforms enable video service providers to deliver personalized video experiences, parental control, lineup management, preference settings, and multilingual selection, among other features to their users.
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The factors driving the growth of the video processing platform market are the increasing demand for high-quality videos, the growing need for transcoding to deliver videos to maximum end users and multi-device compatible video requirements. The video processing platform market comprises several key players, along with medium-sized vendors, offering solutions to SMEs. Hence, the market faces tough competition. As the number of internet users has been increasing in the past few years, and this number is expected to grow significantly in upcoming years, the demand for video processing solutions and services is also expected to grow. The surge in digital media consumption has created new opportunities for network operators and content providers, resulting in increased revenue with dynamic ads insertion. This advancement in the digital advertising space is therefore creating new opportunities for video processing platform vendors driving more demand for video processing.
The market is expected to be driven by multi-device compatible video requirements
The broadcasting industry has witnessed several technological changes as the industry evolved in the past decade. With continuous improvement in internet accessibility and quality infrastructure around the globe, content providers are taping on to new opportunities such as providing multi-device compatibility videos to increase their subscription base. Also, the changing work environment and growing video consumption in different forms increase the demand for multi-device compatible videos. This increasing demand for multi-device compatibility videos is generating new revenue streams for video processing platform vendors.
Increasing demand for high quality videos
With the onset of the COVID-19 pandemic, lockdowns were imposed in different regions of the world, and people were forced to stay at home. This led to a huge demand for video-based solutions, such as video conferencing or video calling, as people worked from home. This scenario also acted as a catalyst for the growth of video processing and streaming services as demand for more and more video content of high-quality videos. For instance, the free video-conferencing application, Zoom, witnessed a huge growth of 74.5% between Q4 of 2019 and Q1 of 2020, and then 102.4% between Q1 and Q2 of 2020. Several video streaming companies also experienced a sudden surge in video content and quality. Many OTT platforms witnessed growth in the subscription rate by more than 100%. The video processing platform market is further expected to grow due to the surge in demand for high-quality videos.
North America to dominate the global video processing platform market in 2021
North America witnessed the earliest adoption of cloud and mobile technologies, which has been significantly responsive to the adoption of video processing platforms. The North American region consists of countries such as the US and Canada. Enterprises are adopting video processing platforms rapidly to enhance the overall employee experience and tackle business continuity challenges amid the lockdown. North America is projected to encourage market growth, as large enterprises and SMEs are focused on developing innovative video processing platforms, which are integrated with technological advancements, such as video streaming, real-time advertising, video analytics, Artificial Intelligence (AI), and Machine Learning (ML). North America also witnesses the early adoption of cloud and mobility technologies and has an advanced IT infrastructure, which reduces operational expenditure through various advancements in technologies across various verticals. North America is estimated to be the largest contributor in terms of revenue, as compared to the other regions.
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The video processing platform market is dominated by companies such as Akamai (US), Imagine Communications (US), MediaKind (US), Kaltura (US), ATEME (France), Synamedia (England), SeaChange (US), Vantrix (Canada), NVIDIA (US), Pixel Power (UK), Qumu (US), InPixal (France), Amagi (US), Apriorit (US), MediaMelon (US), Mux (US), Base Media Cloud (US), M2A Media (UK), BlazeClan Technologies (India), JW Player (US), SSIMWAVE (Canada), Lightcast.com (US), and Beamr (US). These vendors have a large customer base and strong geographic footprint along with organized distribution channels, which helps them to increase revenues.
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