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 Overview: Video transcoding involves converting video from one encoding format to another. This allows video to be delivered to multiple devices such as smartphones, tablets, laptops, desktops and set-top boxes in compatible formats for seamless playback. Transcoding helps optimize video for streaming over bandwidth constrained networks.
Market key trends: One of the major trends in the video transcoding market is the growing adoption of cloud-based transcoding services. The cloud offers scalability, flexibility and cost benefits for video transcoding. IT and telecom companies are investing hugely in developing cloud-based video transcoding platforms to handle real-time transcoding of large volumes of videos. For example, Telestream acquired Zencoder, a cloud-based video encoding and transcoding service provider. This acquisition helped Telestream expand its cloud-based media processing capabilities.
Segment Analysis
The video transcoding market is segmented by type, application, and geography. By type, the market is classified into hardware-based, software-based, and managed services. The software-based segment dominated the market in 2022 due to availability of open-source transcoding software and advantages such as flexibility and easy deployment.
By application, the market is divided into entertainment, corporate, education, healthcare, and others. The entertainment segment held the largest share of the video transcoding market in 2022 due to increasing demand for transcoding of large volume of videos across OTT platforms.
Key Takeaways
Market size – The global video transcoding market size was valued at USD 1,600 Mn in 2023. It is expected to witness high growth, exhibiting a CAGR of 15% over the forecast period, due to increasing demand for OTT video services by consumers.
Regional analysis – North America dominated the market with more than 30% share in 2023 due to early adoption of advanced video technologies. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to growing subscriber base of OTT platforms in the region.
Key players – Key players operating in the video transcoding market are Telestream, Brightcove Zencoder, Coconut, Qencode, Encoding, HaiVision Systems, Harris Broadcast, VBrick Systems, Anvato, and Wowza Media. Akamai is also a prominent player with extensive geographic presence and transcoding capabilities for live streaming and video on demand.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it