The Worldwide Video Encoder Industry is Expected to Reach $1.7 Billion by 2026
DUBLIN, May 16, 2022 /PRNewswire/ -- The "Global Video Encoder Market - Forecast from 2021 To 2026" report has been added to ResearchAndMarkets.com's offering.
The global video encoder market is expected to grow at a compound annual growth rate of 3.78% over the forecast period to reach a market size of US$1.753 billion in 2026, from US$1.352 billion in 2019.
Video encoders are used to convert analog video signals to digital signals for delivery to a decoder. The encoders are first attached to a device say video camera and the streams are sent over through an IP-based network including internet, intranet, LAN, etc. which enables to view live images or video using any web browser. The video encoders are available with 1 channel, 2 channel, 4 channel, 8 channel, 16 channels, and more than 16 channels, majorly classified into single-channel encoders and multiple channel encoders. It has allowed online video viewing possible.
Video encoding has made live streaming possible as encoding reduces the bandwidth requirements. In addition, video encoding allows changing video file types to fit different kinds of devices like smartphones, laptops, tablets, etc. The growing digitalization and wide-scale development of technology are considered major drivers for the global video encoder market with the increasing use of cloud-based software and cloud-based streaming.
The growing OTT (Over The Top) platform is considered to be ofsignificant importance to the global video encoder market. The increasing use of platforms like Netflix, Amazon Prime, Hotstar, etc. is expected to drive the video encoder market in the coming years. OTT content includes movies and series that can be directly viewed on devices like mobile phones, televisions, tablets, laptops, etc.
According to World Economic Forum, the proliferation of OTT is a $300 billion opportunity in terms of digital viewership, and an open-source platform. With the emergence of pandemics, the OTT market witnessed an increasing trend with more viewership than ever. These patterns indicate a bright future for OTT Platforms and in turn hold a great opportunity for the growth of the global video encoder market.
The major restraints to the global video encoder market include poor internet connection, which at times can result in audio syncing issues and low-quality videos. Since video files are larger, they usually require fast internet speed to display better quality without buffering but due to some technical errors and occurrence errors at the time of transferring the data, the video quality gets compromised.
The video encoding market was not affected as compared to other sectors and industries during the COVID 19 pandemic. With the spread of disease that initiated lockdown, curfew, and shutting down of organizations and industries, work from home was initiated around the world. With this, the demand for video streaming platforms witnessed an upsurge. The platforms like Hotstar, Netflix, Amazon Prime, Hulu, etc. observed an increase in demand for live streaming videos, video content, etc. thus leading to an increased demand for video encoders. Besides that, the wide use of cloud-based video streaming and cloud software during pandemics also played a key role in the development of the market.
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9. COMPETITIVE ENVIRONMENT AND ANALYSIS
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