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Video Processing Platform Market Size
- Report ID: GMI6473
- Published Date: Aug 2023
- Report Format: PDF
Video Processing Platform Market Size
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.
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 Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Video Processing Platform 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.
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Video Processing Platform Market Scope
