Video Processing Platform Market Valued at USD 5.24 Billion in 2020 and Projected to Grow at 17.2% CAGR from 2022 to 2030 - Report by Market Research Future (MRFR)
Increasing Development of Cloud-Based Solutions for Video Production Drives the Market
New York, US, May 19, 2022 (GLOBE NEWSWIRE) -- Video Processing Platform Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Video Processing Platform Market” information by Content Type, by Components, by End User, by Application and Region – Forecast to 2030” market size to grow at a compound annual growth rate of 17.2% by 2030.
The global video processing platform market is growing rapidly. The emergence of cloud-based solutions for video production positively impacts market growth. Video service providers leverage powerful video processing and distribution capabilities to access IT/IP production platforms within the ecosystem for the markets worldwide without confining them to an on-premise studio.
Dominant Key Players in Video Processing Platform Market Covered are:
- Imagine Communications
- Pixel Power
- M2A Media
- Base Media Cloud
- BlazeClan Technologies
- JW Player
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The market has continuously been witnessing surging demand worldwide. The video processing platform market revenues have grown multifold with advancing data science and machine learning technologies. With video creation and consumption growing exponentially, the market is expected to demonstrate significant gains in the next few years.
Market USP Exclusively Encompassed:
Most OTT platforms revolutionize high-value and time-consuming processes by driving video editing to the cloud age. Industry players aim to empower video broadcasting companies to deliver compelling media experiences by transforming workflow capabilities. Delivering a more sustainable future by elevating distribution and acquisition infrastructures remains a crucial trend in the market.
Leading technology platforms collaborate on a range of new next-generation experiences. Engineering and product teams work together to deliver futuristic cloud video solutions that can provide customers with cost-effective and monetizable opportunities to deliver new live video streaming services at scale.
In the future, cloud-driven models will enable video streaming users to access data and leverage cutting-edge innovations in machine learning (ML) and artificial intelligence (AI), all without having to worry about the complexities of building and operating broadcast-grade video processing infrastructure.
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Advances in technologies facilitating e-learning, streaming, and more throughout the day bolster the market size. Furthermore, the proliferation of smartphones and other connected devices and high-speed internet connectivity escalate market shares. Rising video processing platform activities benefit the growth of the market.
With the advancements in computing technology and the popularity of OTT, the number of viewers is increasing, too, allowing the video processing platform market to witness a high growth rate. Additionally, upgrades in IT security & cloud-based solutions, alongside the rapid digitization worldwide, provide impetus to the market growth commutatively.
The growth in the live and on-demand video content and increasing smartphone use to watch various TV shows, movies, live sports, and events boost the market size. Increasing numbers of mobile applications and professional digital learning sectors influence the market growth.
Segmentation of Market Covered in the Research:
The video processing platform market is segmented into content types, components, applications, end-users, verticals, and regions. The content type segment is sub-segmented into real-time/live and on-demand. The component segment is sub-segmented into hardware, platform, and services.
The application segment is sub-segmented into video upload & ingestion, dynamic ad insertion, video trans-coding & processing, video hosting, content rendering, and others. The end-user segment is sub-segmented into TV broadcasters, network operators, content providers, and others.
The vertical segment is sub-segmented into media & entertainment, banking, financial services and insurance (BFSI), healthcare & life sciences, manufacturing, IT & telecommunications, education, government, retail & consumer goods, and others. By regions, the report is segmented into the Middle East and Africa, Asia Pacific, Americas, Europe, and rest-of-the-world.
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North America dominates the global video processing platform market. The region is one of the most technologically advanced regions and witnesses the faster adoption of advanced technologies. Besides, the large presence of major market players such as Akamai, Imagine Communications, Kaltura, and MediaKind impact the region’s market shares positively.
Also, the strong adoption of video processing platforms among notable OTT players like Netflix Inc. and Amazon Web Services drives the regional market growth. Besides, well-established technology development centers and increasing collaborations between network companies and technology partners boost the market size.
The Asia Pacific region stands second in the global video processing platform market. Factors such as advanced technology development, increasing urbanization, and growing educational sectors in China and India boost the market demand in the region. Furthermore, the rising disposable income propels the growth of the video processing platform market, allowing the penetration of connectivity and connected devices.
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The video processing platform market would witness various strategic approaches, such as collaboration, expansion, mergers & acquisitions, and advanced technology integration. Major industry players make strategic investments in driving research and development activities and fostering their expansion plans.
For instance, on April 22, 2022, MediaKind announced an extension to its strategic partnership with Microsoft Corp to accelerate digital video transformation to help video content owners, broadcasters, operators, and enterprises. This new collaboration would enable new opportunities to significantly enhance the integration and optimization of products, platforms, and cloud capabilities.
This strategic partnership would enable MediaKind to drive new levels of growth within the media industry and respective customers in media and entertainment. This would position MediaKind as a market leader and allow it to go to market, collaborate on innovative and more sustainable opportunities, delivering a more competitive pricing model for its customers.
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