DUBLIN, Oct. 6, 2023 /PRNewswire/ -- The "Video Transcoding Market by Component, Application, and Region 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global video transcoding market achieved an impressive valuation of US$ 1,756 million in 2022, signaling a dynamic growth trajectory. [Publisher] anticipates continued expansion, with the market projected to reach a substantial US$ 4,019 million by 2028, showcasing a remarkable compound annual growth rate (CAGR) of 15.00% during the period from 2023 to 2028.
Several key factors fuel the rapid growth of the video transcoding market. These include:
Surging Demand for Video Streaming: The proliferation of online video platforms, video streaming services, and Over-The-Top (OTT) media providers has created a need for transcoding video content into different formats and resolutions to ensure compatibility with various devices and network conditions.
Sales of Smartphones: The widespread adoption of smartphones, tablets, smart TVs, and other connected devices has fragmented the digital landscape. Video transcoding enables content providers to deliver videos across these diverse devices and platforms, catering to viewer preferences.
Cloud-Based Transcoding Services: The emergence of cloud-based transcoding services offers scalability, flexibility, and cost-efficiency, allowing businesses to access powerful transcoding capabilities without significant investments in dedicated hardware or infrastructure.
High-Definition (HD) and Ultra-High Definition (UHD) Content: The growing popularity of HD and UHD video content necessitates efficient transcoding solutions to handle larger file sizes and bandwidth requirements.
Globalization of Video Content: Rapid globalization of video content increases the demand for video transcoding to overcome regional differences in formats, resolutions, and codecs, enabling content providers to distribute videos globally.
The report provides detailed insights into the global video transcoding market, with segmentation based on components and applications:
Media and Entertainment
IT and Gaming
The report offers a comprehensive analysis of major regional markets, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global video transcoding market features a competitive landscape with key players such as Akamai Technologies Inc., Amazon Web Services, Inc., Brightcove Inc., Google LLC, Haivision Systems Inc., Imagine Communications Corp., Qencode Corp., Telestream Inc., Vbrick Systems Inc., Wowza Media Systems LLC, and others. The report provides detailed profiles of major companies in the industry.
Key Questions Answered in This Report:
How has the global video transcoding market performed and what are its future prospects?
What factors are driving, restraining, and providing opportunities in the market?
How do these factors impact the video transcoding market?
What are the key regional markets and which countries offer the most attractive opportunities?
What are the key components in the video transcoding market?
What are the most attractive applications within the video transcoding market?
Who are the major players in the global video transcoding market?
For more information about this report visit https://www.researchandmarkets.com/r/q1avge
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SOURCE Research and Markets