Increased internet penetration, the advent of covid 19, and the flexibility the video processing platforms provide in terms of time & place is driving the Global Video Processing Platform Market.
Covid-19 Impact & Market Status
The Video Processing Platform market size increased immensely due to the advent of Covid-19. The factors such as mobility restrictions leading to reduced activities like gatherings, conferences, social programmes, etc hampered the global Video Processing Platform market. These reasons made the usage of the Video Processing Platform a must as the demand for video content increased; more and more people started making videos. At the same time, Covid-19 pandemic and the post-pandemic world has created massive growth opportunities for the market. Start-ups are focusing on entering this market, R&D teams are focusing on technological innovations, and well-established players are launching new product ranges.
Platform Segment To Emerge As The Most Lucrative Segment
Based on Component, the market is segmented into Platform, Hardware and Services. Out of these, the Platform market dominated the segment during 2021 and is expected to do the same throughout the forecast period. The service market is also expected to show a great CAGR throughout the forecast period.
The Video Upload & Ingestion Segment Is Accounted For The Highest Revenue
The Video Upload & Ingestion segment dominated the Video Processing Platform market by application in 2021 and is expected to retain its dominance throughout the forecast period. This is due to the benefits connected with it, such as increased flexibility and supporting businesses in better transferring, capturing, and storing video information.
TV Broadcasters Segment Is Grow With Highest Sales
The TV Broadcasters segment held the largest market share in 2021. These distribute audio and video to content to different audiences via electronic medium using one-to-one many models.
The Media & Entertainment Segment Is Likely To Grow With The Highest Market Share
During the projection period, the Media & Entertainment segment is predicted to hold the greatest market share. This is due to technical improvements in the sector. There is a growing desire in humans to consume more and more content and this is evident from the ever-growing OTT market, hence this particular segment is expected to come at the top.
Asia Pacific To Grow At Highest CAGR
Asia Pacific is expected to grow at the highest CAGR throughout the forecast period. This is because of the rapid technological advancements in that region, positive economic growth, increasing penetration of smart devices, and inclination of audience towards global content.
Other reasons are the ever-increasing demand in the region due to a huge population which has resulted in increasing demand for video processing platforms.
The growth in IT & Telecom industry, in addition to the increased time constraints among individuals, is likely to boost the growth of the Video Processing Platform Market.
The rise in the adoption of technology and growth in awareness regarding the benefits that Video Processing Platform delivers has helped in the growth of this market. This software's distinguishing characteristic is its ability to perform transcoding, which aids in compressing video files as much as possible with little quality loss in order to convey information with fewer data.
These factors collectively influence the global Video Processing Platform market, ensuring an overall market size of 15.44 billion by 2028 with an annual growth rate of 16.5% through the forecast span.
Factors like an increase in adoption of Video Processing Platform systems among companies and government organizations, growth in adoption of technologies, such as identity verification (facial recognition), to search out and validate the meeting participants and increase in the number of Video Processing Platform providers across the globe drive the expansion of the global Video Processing Platform market.
Owing to the deadly situation that Covid 19 created in the world, these kinds of software were needed for a better video experience as more and more people now consume information in the form of videos. As travel restrictions had been imposed, companies and individuals needed high-quality videos which resulted in the growth of the Video Processing Platform Market.
A Video Processing Platform (VPP) is a type of software that combines ultra-high-density transcoding, encryption, efficient IP conversion, ABR (adaptive bitrate) packaging, and streaming into a virtualized or modular solution, resulting in a cost-effective and highly flexible way to provide today's consumers with innovative live-to-VoD multi-screen and live streaming services that help ensure loyalty and satisfaction.
However, high video content piracy and video copying along with high software and hardware cost associated with the Video Processing Platform Market are major factors hampering the market growth. Nevertheless, Video Processing Platform Market has growth prospects, education sector and IT jobs can become fully dependent on this software due to the ease that they deliver which means that a large chunk of the working population and youth will be connected with it in some way or the other.
The major players of this market are Akamai, MediaKind, Kaltura, Imagine Communications, ATEME, Synamedia, NVIDIA, Pixel Power, SeaChange, Vantrix, Qumu, InPixal, Amagi, Apriorit, Base Media Cloud, MediaMelon, Mux, M2A Media, JW Player, SSIMWAVE, Lightcast.com, BlazeClan Technologies, and Beamr. By applying technology, the R&D teams of the companies must try to mitigate the risks associated with security concerns. The Graphic User Interface i.e., ease of use, size of the software and useful features will prove to be essential factors determining the dominant player in the market.
Latest Innovations in the Global Video Processing Platform Market: A Snapshot
• Qumu Corporation announced on-demand video transcriptions and AI-enabled, automated captioning for on-demand video in August 2021, all through the Qumu platform. Customers will have more options for how they watch content with these new features, which will increase productivity and help them to handle their video libraries.
Video Processing Platform Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 15.44 billion|
|Growth Rate||CAGR of 16.5 % during 2021-2028|
|Segment Covered||Component, Application, End-User, Vertical, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Akamai, MediaKind, Kaltura, Imagine Communications, ATEME, Synamedia, NVIDIA, Pixel Power, SeaChange, Vantrix, Qumu, InPixal, Amagi, Apriorit, Base Media Cloud, MediaMelon, Mux, M2A Media, JW Player, SSIMWAVE, Lightcast.com, BlazeClan Technologies, and Beamr.|
Key Segments of the Video Processing Platform Market
Components Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Video Upload & Ingestion
- Video Transcoding & Processing
- Video Hosting and Content Rendering
- Dynamic Ad Insertion
End User Overview, 2018-2028 (USD Billion)
- Network Operators
- TV Broadcasters
- Content Providers
Vertical Overview, 2018-2028 (USD Billion)
- IT & Telecom
- Media & Entertainment
- Healthcare & Life Sciences
- Retail & Consumer Goods
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa