According to FMI Analysts, the media processing solution market was valued at US$ 15.8 Bn in 2022 and is predicted to reach US$ 52.1 Bn by 2032, growing at a 12.7% CAGR. The demand for media processing solutions is predicted to grow during the forecast period due to technical improvements and funds for research & development increase.
The sales of media processing solutions are rising as the media processing solutions market’s players and vendors use their solutions to publish video and relevant media material so that it can be accessed by consumers on multiple platforms and from numerous sources. In the global media processing solutions market, the demand for media processing solutions is growing as they are utilized to ensure that consumers can watch videos without latency, even if their viewing devices change.
Other important drivers for the sales of media processing solutions are the expanding demand for multi-device accessibility, increased internet connectivity in emerging economies, rising preference for live streaming content, and rising digital advertising spending through videos.
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Furthermore, the demand for media processing solutions is rising due to increased access to improved internet services in many nations.
The global media processing solutions market is expected to grow in the approaching years due to increased technological developments and the modernization of digital solutions. On the other hand, one of the major challenges to the global media processing solutions market’s growth is the growing complexity of processing media content from multiple sources.
However, the rising adoption of cloud platforms that reduce resource waste and provide effective solutions to end users is likely to boost demand for media processing solutions. Attaching watermarks, terminal device adaption, and video identification capabilities are all features of solutions in the media processing solutions market.
Over the years, numerous prospects for growing revenue from media (video) processing solutions have emerged, such as the expansion of live video streaming with an increasing number of users.
One of the key factors driving viewers to multi-screen or cross-screen services is the increasing acceptance of online multimedia content. Live video services with high-speed network connectivity and various connected devices, such as tablets and smartphones, are attracting consumers’ attention.
KEY TAKEAWAYS:
- During the forecast period, the dynamic ad insertion(real-time) segment is projected to dominate the media processing solutions market with a CAGR of 12.9%.
- On the basis of solutions, the platform segment is anticipated to lead the media processing solutions market with a CAGR of 12.9%.
- The United States is forecasted to dominate the media processing solutions market with market size of US$ 12.1 Bn.
- Due to rising demand for ultra 4K video on-demand streaming and increased video surveillance in countries such as India, Australia, China, and Japan, Asia-Pacific is expected to develop at the fastest rate in the global media processing solutions market. Only India and China, with over 1.2 billion internet users, are likely to provide a huge potential for video processing solution vendors in the region. India, in particular, has tremendous growth potential in the next years, with only 27% of its people using the internet.
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COMPETITIVE LANDSCAPE:
With the presence of many global and regional companies, the market for video processing solutions is expected to remain fragmented. Some of the major players in the current market include Akamai Technologies, Amagi Media Labs Pvt. Ltd, Apriorit Inc., ATEME SA, BASE Media Cloud Ltd.
According to the market analysis, all of these companies will be involved in competitive strategy developments such as alliances, new product inventions, and market growth in the next years in order to attain leadership positions in the worldwide video processing solutions market.
Recent Developments
The US Army has awarded SRI International a contract to supply a sensor-integrated bespoke camera module for enhanced night vision video delivery in April 2019. SRI’s expertise in image and video processing solutions for defence applications is expected to be highlighted through this contract.
Morpho, Inc. announced a partnership with Nekojarashi Inc., a major cloud service provider for creative purposes, to develop a sophisticated video processing tool on the cloud platform in January 2019. Morpho’s cloud-based video processing capabilities will be enhanced as a result of this agreement.
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