Video transcoding refers to converting video files from one format to another or changing the encoding of video for streaming purposes. It provides access to various online content on diverse devices. It allows compatibility with various media players and streaming services by changing the resolution, bitrate and codecs of videos. 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 key trends:
Media broadcasting modernization is a key trend propelling growth of the video transcoding market. Traditional broadcasters are adopting digital and internet protocol based broadcasting to deliver enhanced viewing experience to the audience. Video content providers are increasingly using transcoding solutions to offer seamless multi-screen viewing on diverse connected devices such as smartphones, tablets, laptops and smart TVs. Transcoding facilitates distribution of videos across multiple formats and resolution for online and TV broadcasting. It allows distribution of contents on various media platforms such as social media, over the top (OTT) platforms and internet protocol television (IPTV). This is expected to drive the demand for video transcoding solutions over the forecast period.
SWOT Analysis
Strength: Video transcoding market offers high quality and optimized videos across different devices. The technology helps in seamless delivery of videos on any device.
Weakness: High initial investment and maintenance cost associated with video transcoding solutions. Lack of technical expertise and skilled workforce.
Opportunity: Growing adoption of video on demand services and live video streaming. Increasing usage of smartphones and tablets providing an opportunity to video transcoding vendors.
Threats: Open source transcoding solutions pose pricing pressure on established players. Changing consumer viewing patterns and transition to new technologies.
Key Takeaways
The global video transcoding market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 1,600 Mn, indicating significant opportunities.
Regional analysis – North America dominates the global video transcoding market currently owing to high penetration of OTT platforms and presence of key video transcoding players. Asia Pacific is expected to grow at the fastest pace during the forecast period due to increasing internet connectivity and rising smartphone usage. Countries like China and India offer immense growth potential.
Key players analysis – Key players operating in the video transcoding market are Telestream, Brightcove Zencoder, Coconut, Qencode, Encoding, HaiVision Systems, Harris Broadcast, VBrick Systems, Anvato, Wowza Media and Akamai. Transcoding solutions by these players enable transformation of media files for multi-screen delivery. Telestream dominates with presence across major regions through its rigorous R&D efforts. Brightcove focuses on cloud-based video platform for its customers.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it