Press release
Video Processing Solutions Market Trends, Surging Demand, Detailed Analysis, And Forecast To 2033
Video Processing Solutions Market
According to The Business Research Company's, The video processing solutions market size has grown rapidly in recent years. It will grow from $14.24 billion in 2023 to $16.64 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to advancements in video compression, rise of streaming services, proliferation of mobile devices, expansion of virtual and augmented reality.
The video processing solutions market size is expected to see rapid growth in the next few years. It will grow to $30.6 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to interactive live streaming, personalized content delivery, energy-efficient video processing, greater integration of video processing solutions with augmented intelligence. Major trends in the forecast period include AI-driven video enhancement, edge AI for video analytics, volumetric video for 3D content, 5G-powered video streaming, and blockchain for content security.
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Market Drivers and Trends:
The rise of streaming services is expected to propel the growth of the video processing solutions market going forward. Streaming services refer to platforms or applications that enable users to access and consume digital media content, such as audio, video, or live broadcasts, in real-time over the internet. The demand for streaming services is rising due to the convenience of on-demand content and the shift toward digital entertainment consumption. Video processing solutions enhance streaming services by optimizing video quality, reducing latency, and enabling adaptive bitrate streaming for a seamless viewer experience. For instance, in November 2023, according to the Instituto Brasileiro de Geografia e Estatística (IBGE), a Brazil-based government agency, out of households with TV, 43.4% (31.1 million) subscribed to a paid streaming service in households with TVs. Among them, 95.3% also watched TV channels, including open TV (93.1%) or pay TV (41.5%). In 2022, pay TV was present in 27.7% of households with a TV. The urban rate was 28.8%, while rural areas saw a 2.0% increase (from 17.8% to 19.8%) in households with pay TV, reaching 19.8%. Therefore, the rise of streaming services is driving the growth of the video processing solutions market.
Major companies operating in the video processing solutions market are developing advanced technologies such as communication studios and video streaming solutions, to increase their profitability in the market. This technology aims to provide a seamless experience for reaching and engaging stakeholders internally and externally and to create a consumer-centric streaming experience for various internal communications needs, such as onboarding, company-wide updates, and training. For instance, in February 2023, Brightcove Inc., a US-based software company, launched Brightcove Communications Studio, a video-first solution aimed at helping HR and communications professionals enhance engagement with internal stakeholders. This innovative solution offers a range of features and benefits, including the ability to create, manage, and distribute video content, track engagement metrics, and optimize video delivery for various devices and platforms.
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Major Key Players of the Market:
NVIDIA Corporation, Tencent Cloud, Akamai Technologies LLC, Mirion Technologies Inc., Harmonic Inc., SRI International Media Systems Inc., Brightcove Inc., Mux Technologies LLC, Ateme Technologies Corporation, SeaChange Media Solutions Inc., Morpho Solutions Inc., Vantrix Media Solutions Inc., Synamedia Global Services LLC, The MathWorks Innovations Inc., Base Media Cloud Holdings Inc., Apriorit Software Development Company Inc., Imagine Communications Corporation, InPixal Media Technologies Inc., MediaKind Innovations LLC, Surf Communications Solutions Global Inc., Telestream LLC, Bitmovin Innovations Inc., Amagi Broadcasting Solutions LLC, Mediamelon Technologies LLC
Video Processing Solutions Market 2024 Key Insights:
• The Video Processing Solutions Market is expected to grow to $30.6 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%.
• Streaming Services Fueling Growth In The Video Processing Solutions Market
• Advancements In Video Processing Solutions
• North America was the largest region in the video processing solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video processing solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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