The video transcoding market involves converting video files from one file format to another while processing video media to fit specific bandwidth requirements or device capabilities. This allows OTT and digital media platforms to deliver streaming video content to different devices and networks seamlessly. The need for video transcoding solutions is becoming prominent with the exponential rise of internet OTT video streaming and the diversity in devices, networks, and formats.
The global video transcoding market is estimated to be valued at US$ 62.04 million in 2024 and is expected to exhibit a CAGR of 7% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the video transcoding market are BASF Corporation, DSM, Cellana Inc., JC Biotech Pvt.Ltd, FEMICO, Croda International Plc, Pharma Marine AS, Clover Corporation, Omega Protein Corporation, Kingdomway Nutrition, Inc., ECPlaza Network Inc., Bizen Chemical Co.LTD, Stepan Company, Novotech Nutraceuticals, Inc., Arjuna Natural, Jiangsu Auqi Marine Biotechnology Co., Ltd., and Aker BioMarine.
The growing Video Transcoding Market Demand for OTT video content across devices and networks is a key driver for the video transcoding market. With smartphone and tablet users consuming most of their video content through streaming, the need for optimizing video quality and file size for mobile devices is increasing. The diversity of connected devices has made video transcoding an integral part of the content delivery chain.
The expansion of digital media and OTT platforms globally is further fueling the video transcoding market growth. Platforms are investing in transcoding infrastructure to enable low-latency, high-quality streaming to users across various geographies, networks, and devices. The growing investment in 5G networks will also contribute to advancing the capabilities of video transcoding solutions.
Market Key Trends
One of the key Video Transcoding Market Size and Trends is the growth of AI and machine learning-based transcoding solutions. With rapid growth of video content, manual transcoding is not scalable and AI/ML techniques help automate the process to some extent. Such intelligent video analytics and optimizations can enhance user experience. Transcoding service providers are incorporating AI/ML workflows to deliver real-time, personalized transcoding based on user behavior and network conditions. This emerging trend allows better monetization of video content as well.
Porter's Analysis
Threat of new entrants: Low capital required to enter the market but competition is high for new providers.
Bargaining power of buyers: Large buyers have strong bargaining power due to availability of substitutes and ease in switching providers.
Bargaining power of suppliers: Suppliers have moderate power as major suppliers exist but content providers can switch to new suppliers as well.
Threat of new substitutes: Threat of substitutes is moderate as other technologies like live streaming are available but video remains an important medium. Competitive rivalry: Intense competition exists among major providers to gain market share due to a significant number of players in the market.
Geographical Regions
North America region accounts for the largest share of the global video transcoding market in terms of value owing to high technology adoption and strong presence of major players.
Asia Pacific is expected to grow at the fastest CAGR during the forecast period with growing video streaming demand from densely populated countries like China and India.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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