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Video Processing Platform Market size was valued at USD 7.1 billion in 2022 and is projected to register a CAGR of over 11.5% between 2023 and 2032. The COVID-19 pandemic accelerated the adoption of remote work and virtual events. One of FlexJobs' most compelling statistics shows that 57% of employees would think about quitting their current job if their employer forbade remote work.
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Also, 65% of workers want to work remotely all the time, demonstrating the acceptance of this work arrangement. Meanwhile, 32% favor a hybrid schedule that combines the best aspects of both. Favorable scenarios associated with remote work have highlighted the need for video processing platforms to support video conferencing, webinars, virtual trade shows, and online collaboration, favoring the adoption of video processing platforms.
Report Coverage | Details |
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Base Year: | 2022 |
Market Size in 2022: | USD 7.1 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 11.5% |
2032 Value Projection: | USD 20.5 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 220 |
Tables, Charts & Figures: | 325 |
Segments covered: | Component, Content Type, Application, Industry Vertical |
Growth Drivers: |
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Pitfalls & Challenges: |
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The exceptional rise in the popularity of online games and E-sports will further transform the video processing platform industry outlook through 2032. The gaming and e-sports industry's rapid progress has driven the demand for video processing platforms that can handle real-time game streaming, capture gameplay footage, and provide interactive features for viewers. For instance, in August 2023, Twitch Rivals: Fall Guys Charity Showdown event featured 100 popular Twitch streamers competing in the popular game Fall Guys. The event raised over USD 1 million for charity. The video conferencing platform, Zoom, was used to connect the streamers and the event organizers, allowing them to collaborate and coordinate the event in real-time.
However, implementing advanced video processing platforms can be complex and resource-intensive, particularly for smaller businesses or organizations with limited budgets. The integration of hardware, software, and network infrastructure required for efficient video processing can lead to high upfront costs and ongoing maintenance expenses. Besides, the video processing industry involves various patented technologies and intellectual property rights related to codecs, compression algorithms, and other critical components. Negotiating licensing agreements and managing potential patent infringement risks can be challenging and may contribute to higher costs for video processing platform providers.
The COVID-19 pandemic significantly impacted the Video Processing Platform Market by accelerating its expansion. With lockdowns and remote work becoming prevalent, the demand for video conferencing, streaming, and virtual events surged. This sudden surge in online activities highlighted the importance of efficient video processing platforms to ensure smooth streaming, real-time analytics, and engaging user experiences. The industry saw increased adoption as businesses, educational institutions, and individuals relied on these platforms for communication, entertainment, and collaboration.
The development of specialized hardware, such as graphics processing units (GPUs) and field-programmable gate arrays (FPGAs), has led to improved video processing performance and capabilities. For instance, Nvidia introduced GeForce RTX 3090 Ti GPU in January 2023, designed specifically for video processing and gaming. It has 24 GB of GDDR 6X memory and 10,752 CUDA cores, allowing it to process video at very high speeds. The RTX 3090 Ti has been used by video editors, streamers, and gamers to improve the performance and quality of their video processing. This apart, the progression of VR and AR applications, such as immersive experiences and training simulations, requires advanced video processing platforms to handle the unique requirements of these technologies.
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Based on the content type, the video processing platform market is segmented into on-demand and real-time/live. The real-time/live segment held a industry share of over 69% in 2022. The popularity of real-time/live Video Processing Platforms is driven by their ability to provide instant and immersive interactions. From live-streaming events to interactive webinars, these platforms offer a dynamic and engaging experience for audiences worldwide. Instances like live gaming broadcasts on platforms such as Twitch, real-time product launches on social media, and virtual concerts during the COVID-19 pandemic showcase how real-time video processing enables real-time audience engagement, fostering a sense of immediacy and connection that traditional media cannot replicate.
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Based on component, the video processing platform market is segmented into hardware, platform, and services. The platform segment held a industry share of 49% in 2022. With the rise of streaming services, social media, and e-learning, there's a soaring demand for efficient video processing to deliver high-quality, seamless experiences. These platforms enable real-time analytics, advanced editing, and personalized content, catering to diverse user needs. Additionally, the integration of AI, VR, and AR enhances engagement. As businesses, creators, and educators harness the power of visual communication, video processing platforms have become essential tools to captivate and connect with audiences globally.
The North America video processing platform video processing platform market held a industry share of over 36% in 2022. The region's advanced technological infrastructure, high internet penetration rates, and thriving digital content ecosystem have created a conducive environment for video consumption. Moreover, the surge in remote work, online education, and streaming services during the COVID-19 pandemic further accelerated the demand for efficient video processing solutions. With a strong emphasis on innovation and a tech-savvy population.
Major players operating in the video processing platform market are Akamai Technologies, Kaltura, SeaChange, Vantrix, Pixel Power, MediaKind, Imagine Communications, Harmonic, Synamedia, Avid Technology, Evertz, Edgio, Brightcove, AWS Elemental.
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By Component, 2018 – 2032
By Content, 2018 – 2032
By Application, 2018 – 2032
By Industry Vertical, 2018 – 2032
The above information is provided for the following regions and countries: