Video Processing Platform Market worth $13.5 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 17, 2023 /PRNewswire/ -- The market for video processing platforms has a bright future ahead of it thanks to rising video consumption, a desire for high-quality movies, integration with new technologies, and developments in AI and cloud computing. Real-time processing, edge computing, improved security, automation, and solutions tailored to certain industries are key themes that will help fulfil the changing demands of video-centric applications and provide immersive experiences.
The Video Processing Platform Market size is expected to grow from USD 7.6 billion in 2023 to USD 13.5 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 12.1% during the forecast period, according to a new report by MarketsandMarkets™. The need for distribution of video content across multiple channels and platforms is likely to boost the adoption of video processing platform globally.
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Scope of the Report
By application, the dynamic Ad insertion segment is expected to grow at the highest CAGR during the forecast period.
Traditional advertising methods like print media and outdoor ads are no longer as effective as they once were. Instead, dynamic ad insertion has emerged as a powerful technique for video streaming. This technology allows personalized ads to be inserted based on factors like user demographics and interests, creating a more tailored advertising experience. It also helps content creators monetize their video content effectively by generating revenue through advertising, sponsorship, or partnerships. Recent research by Dacast shows that video ads have grown by 46% in 2019, with live content doubling in market share. Online viewership has increased by 72%, and consumer spending on streaming services is expected to reach nearly USD 17 billion by 2022. Dynamic ad insertion allows advertisers to gain deeper insights into their audience, helping them find the right fit for their ads and creating more opportunities for engagement and better RoI. Campaign optimization can be done in real-time, making it more effective than traditional linear advertising. With the COVID-19 pandemic leading to increased online media consumption, dynamic ad insertion has become even more relevant, creating new opportunities for video processing platforms to flourish.
By content type, real-time/live segment hold a larger market size during the forecast period.
Real-time or live streaming delivers content in real-time to any device and network worldwide. These platforms are specialized in streaming live events such as sports, concerts, webinars, or conferences. They provide features like video encoding, transcoding, adaptive bitrate streaming, and robust content delivery networks (CDNs) to ensure smooth and high-quality video streaming. Streaming is the method of data transmission used while watching videos on the internet, while live streaming sends streamed video over the internet in real-time, without recording or storing it first. Vendors offer advanced and flexible technologies to cater to every live streaming use case, such as sports events, concerts, corporate training, and business conferences. Video processing vendors offer solutions for every step of the video delivery phase to enable live streaming, from signal acquisition to transcoding and processing to packaging and delivery with guaranteed adaptive bitrate streaming.
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By Region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
The Asia Pacific (APAC) region is experiencing a surge in video processing platforms, owing to its advanced technological landscape. With the rapid development of internet infrastructure, high-speed broadband and 4G/5G networks are facilitating smooth streaming and delivery of video content. Additionally, AI and ML technologies are revolutionizing the video processing industry. Countries like China, Japan, South Korea, and India have made remarkable progress in AI research and development, and video processing platforms are leveraging AI and ML algorithms to automate tasks such as video transcoding, quality enhancement, content recognition, and recommendation systems. The region is witnessing a substantial growth in video streaming services, online gaming, e-learning, and social media platforms, leading to an increased demand for high-quality video content. Video processing platforms have, therefore, become indispensable for content creation, distribution, and optimization.
Top Key Companies in Video Processing Platform Market:
Some of the key players operating in the Video Processing Platform Market are - Akamai Technologies (US), MediaKind (US), Imagine Communications (US), Harmonic (US), Synamedia (UK), Avid Technology (US), Evertz (Canada), Edgio (US), Brightcove (US), and AWS Elemental (US).
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Video Processing Platform Market Advantages:
You may handle videos in different formats without running into compatibility problems thanks to the large range of video formats, codecs, and resolutions that these systems offer. They also provide numerous customization options, enabling you to modify the processing procedure and parameters to match your unique needs.
Platforms for video processing are built to scale smoothly in response to rising demand. They provide distributed architectures with horizontal scalability, enabling you to quickly add more resources and processing capacity to manage expanding workloads.
Advanced video enhancement methods, noise reduction algorithms, and picture stabilisation tools are used by video processing platforms to increase the quality of processed videos. They can optimise the result by enhancing visual details, lowering noise, adjusting colours, and using a variety of filters.
You can automate video processing workflows using the automation features that these platforms frequently offer. By designing predefined workflows or utilising APIs for system integration, you can automate repetitive tasks like transcoding or inserting watermarks.
The ability to process videos in almost real-time is provided by some platforms for video processing. Sports broadcasting, video surveillance, live streaming, and other uses where low latency is essential would especially benefit from this.
Inbuilt security protections are available on many video processing platforms to guard against unauthorised access, piracy, and content misuse. To impose access restrictions and copyright protection, they might embrace digital rights management (DRM) technology.
Utilising video processing platforms allows companies to save back on infrastructure, hardware, and maintenance expenditures. They can rely on these platforms' scalable and affordable solutions rather than developing and operating their own video processing infrastructure.
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