Global video processing platform market to reach $13.5 billion by 2028, report
The global video processing platform market is set for remarkable expansion, predicted to surge from $7.6 billion in 2023 to $13.5 billion by 2028, with a robust CAGR of 12.1%. This is according to the latest report by Research and Markets.
The growth is propelled by the demand for improved online education and video streaming services. However, the integration of these platforms with existing systems presents a hurdle.
This market study scrutinizes various segments, estimating growth potential across components, applications, content types, verticals, and regions. A competitive analysis spotlights industry players like Akamai Technologies, MediaKind, and Imagine Communications, revealing their strategies, product portfolios, and recent developments. Amidst this evolution, the industry seeks to navigate challenges while fostering innovation.
With on-demand video, users have the freedom to choose and watch their preferred videos on their TVs, computers, or smart devices. This platform offers a wide range of content, giving users the ability to pick and choose what they want to watch. Video-on-demand (VOD) platforms host and provide pre-recorded videos for on-demand consumption.
They offer services such as video ingestion, storage, content organization, metadata management, transcoding, and content delivery. These platforms come equipped with features like personalized recommendations, user authentication, and monetization options such as pay-per-view or subscription models.
On-demand video content allows viewers to access video content immediately via their PCs or TVs. This content spans various domains, including sports, entertainment, educational programs, and feature films, and can be consumed on TVs, computers, smartphones, and advanced digital media devices, both on the cloud and on-premises.
One of the significant benefits of on-demand video services is that content remains available for months or even years, enabling a broader audience reach. Archived content can also be accessed later for other purposes, such as lead generation for specific events.
Recently, there has been a significant increase in the demand for video processing platforms in the education sector. This surge is due to various changes and adaptations made within the industry. The consumption of video content, including live classes, educational videos, and educational broadcasting, has skyrocketed.
Therefore, there is a need for a strong video processing platform that can handle the load and fulfill diverse video processing requirements. Video is an increasingly popular medium in education, being widely used in universities, middle schools, businesses, and online courses, and is highly effective.
According to a survey conducted by Kaltura, a significant majority of respondents (88%) believe that video has a positive impact on student achievement. Live streaming and on-demand video offer numerous advantages to students, such as next-generation digital learning and collaborative education through digital classrooms. Video processing platforms are designed to meet the diverse needs of the education sector, offering processing capabilities for live video and video-on-demand facilities. These platforms are highly flexible and scalable, providing an all-in-one solution for all video processing requirements.
The Middle East & Africa region region has seen a significant improvement in internet infrastructure thanks to technological advancements, resulting in increased connectivity and higher broadband speeds. As a result, the region has experienced a surge in mobile connectivity and smartphone usage, leading to a higher demand for video content on mobile devices. Governments and organizations in the region are actively promoting digital transformation initiatives, emphasizing technological innovation and ICT developments.
These initiatives encourage the adoption of advanced video processing platforms as part of a broader digital strategy to enhance various sectors such as media and entertainment, education, e-commerce, and more. Key countries like the UAE, KSA, South Africa, Qatar, Kuwait, Oman, and Turkey are taking measures to encourage investment in broadband infrastructure, which would ultimately enhance the penetration and quality of video processing platforms.
