The global Video Processing Platform (VPP) Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period, to reach USD 11.4 billion by 2026.
In recent years the digital media consumption has increased significantly across the globe. The rise in the number of devices capable of supporting digital media, along with the growing access to high internet speed, provides consumers with an option to access the media content of their choice, be it information, entertainment, or social activity, anytime and anywhere. Among all the digital devices used, mobile devices have taken over as the preferred medium of consuming online media. The smartphone market has witnessed unprecedented growth in the last 5 years.
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The use of smartphones is growing across the globe. According to Statista, 6.3 billion people in the world owned a smartphone till 2021.
The online video trend is exploding the amount of internet traffic generated at a high rate. With improved networks, better access to the internet, multimedia service-capable mobile devices, and an application development ecosystem, media consumption via digital platforms is increasing. As the number of internet users has been increasing in the past few years, and this number is expected to grow significantly in upcoming years, the demand for video processing solutions and services is also expected to grow. Thus, factors such as the growing trend of mobile video streaming and the availability of high-speed internet at a low cost have fueled the growth of the video processing platform market.
The video upload and ingestion segment is expected to hold a larger market size during the forecast period.
The application segment includes video upload and ingestion, dynamic ad insertion (real-time), video transcoding and processing, video hosting, content rendering, and others. The video upload and ingestion segment is estimated to account for the largest market share during the forecast period. Video upload and ingestion are some of the most important applications of a video processing platform. Video ingest is the process of capturing, transferring, or importing different types of video into the server. Organizations need to deal with a plethora of video sources that are creating difficulties in supporting a wide variety of file formats.
The video upload and ingestion help enterprises in creating video content with flexibility. It helps organizations to capture, transfer, and store video files in an organized manner. It also assists in encoding and transcoding video streams, indexing video to make it more convenient to search, process images and slides, create thumbnails, and route video assets. Video upload and ingestion support both basic uploading and high-speed video uploading for content administrators. Video upload and ingestion is projected to account for the largest market share in the applications segment.
The media and entertainment vertical expected to hold the largest market share.
The media and entertainment vertical is continuously evolving, owing to the rapid advancements in media technologies. In the traditional media value chain, content is created for a channel that is then broadcast to viewers. Delivering media content to any connected device has become the most significant trend in the broadcasting industry. There is an exponential surge in video traffic from VoD services, such as Netflix and Amazon Prime, video conferencing, live broadcast of entertainment and infotainment outlets, and new services in the social media sphere contribute to the demand for high-quality video processing platforms.
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The internet users around the globe are increasing rapidly and the media and entertainment vertical is witnessing a shift from traditional networks which involved TV networks to the internet. Demand for real-time videos and on-demand videos is increasing rapidly. Video applications, such as video streaming, webcasting, video conferencing, and video content managing are gaining traction and contributing to the increased demand for video processing platforms.
North America to hold the largest market size and Asia Pacific (APAC) to grow at a higher rate during the forecast period
North America witnessed the earliest adoption of cloud and mobile technologies, which has been significantly responsive to the adoption of video processing platforms. The North American region consists of countries such as the US and Canada. Enterprises are adopting video processing platforms rapidly to enhance the overall employee experience and tackle business continuity challenges amid the lockdown.
North America is projected to encourage market growth, as large enterprises and SMEs are focused on developing innovative video processing platforms, which are integrated with technological advancements, such as video streaming, real-time advertising, video analytics, Artificial Intelligence (AI), and Machine Learning (ML). North America also witnesses the early adoption of cloud and mobility technologies and has an advanced IT infrastructure, which reduces operational expenditure through various advancements in technologies across various verticals. North America is estimated to be the largest contributor in terms of revenue, as compared to the other regions.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. The breakup of the profiles of the primary participants is as follows:
• By Company Type: Tier I: 40%, Tier II: 25%, and Tier III: 35%
• By Designation: C-Level: 25%, D-Level: 37%, and Others: 38%
• By Region: North America: 42%, Europe: 24%, APAC: 18%, and RoW: 16%
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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