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Video Transcoding Market to Grow by USD 1.68 Billion (2024-2028) Driven by Increased Content Creation and Rise of OTT Platforms, Powered by AI – Technavio Report

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NEW YORK, Sept. 2, 2024 /PRNewswire/ — Report on how AI is driving market transformation- The global video transcoding market size is estimated to grow by USD 1.68 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  13.21%  during the forecast period. Increased content generation and rise of ott platforms is driving market growth, with a trend towards increasing adoption of ai-based video transcoding. However, increasing use of open-source and free editing software  poses a challenge. Key market players include Akamai Technologies Inc., Alphabet Inc., Amazon.com Inc., Bertelsmann SE and Co. KGaA, Bianor Inc, Brightcove Inc., CDNetworks Inc., Contus, Harmonic Inc., Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., Imagine Communications Corp., Muvi LLC, Mux Inc. , Qencode Corp., Telestream LLC, TV2Z, VBrick, Wilhelm Sihn jr. GmbH and Co. KG, and Wowza Media Systems LLC.

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Video Transcoding Market Scope

Report Coverage

Details

Base year

2023

Historic period

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 13.21%

Market growth 2024-2028

USD 1685.7 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

12.61

Regional analysis

North America, APAC, Europe, Middle East and Africa, and South America

Performing market contribution

North America at 35%

Key countries

US, China, Japan, UK, Mexico, and India

Key companies profiled

Akamai Technologies Inc., Alphabet Inc., Amazon.com Inc., Bertelsmann SE and Co. KGaA, Bianor Inc, Brightcove Inc., CDNetworks Inc., Contus, Harmonic Inc., Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., Imagine Communications Corp., Muvi LLC, Mux Inc. , Qencode Corp., Telestream LLC, TV2Z, VBrick, Wilhelm Sihn jr. GmbH and Co. KG, and Wowza Media Systems LLC

Market Driver

The video transcoding market is experiencing significant growth due to the increasing demand for video content across various industries. Companies are investing in video transcoding solutions to convert videos into different formats for various devices and platforms. This process improves video accessibility and enhances user experience. Additionally, advancements in technology have made transcoding more efficient and cost-effective, making it an essential component of video content delivery. 

The Video Transcoding Market is booming as the demand for OTT content on various devices increases. Smart TVs, smartphones, and tablets are leading the charge, requiring video transcoding for cross-platform compatibility and optimal video quality. Telecoms network landscape, including Communications Service Providers and LTE networks, are also driving growth. Education sector and content publishers are adopting cloud-based media platforms for efficient video encoding and adaptive streaming. Video encoders, both hardware and software, and Software-as-a-Service solutions are essential for handling the vast amounts of digital video files. Compatibility and video quality are key concerns, with compression and media asset management playing crucial roles. Streaming services, mobile devices, televisions, PCs, and cloud services all benefit from high-speed internet, virtual reality, and high-quality video content. Artificial intelligence and big data are also transforming the market, with applications in content recommendation and personalization. Broadcasters, OTT platforms, content creators, telecommunication, IT and gaming industries are all leveraging video transcoding for their unique needs. 

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Market Challenges

The video transcoding market is experiencing significant growth due to the increasing demand for video content across various industries. Businesses are turning to video transcoding solutions to convert videos into different formats for various applications, such as web streaming, social media, and mobile devices. Video transcoding enables businesses to reach larger audiences and improve user experience by delivering videos in the right format and resolution. This market is expected to continue growing as the demand for video content continues to rise.The Video Transcoding Market is growing rapidly as content publishers face the challenge of making digital video files compatible with various video displaying devices. Cloud-based media platforms are leading the way with their ability to offer cross-platform compatibility and adaptive streaming. Compatibility and video quality are key concerns for streaming services looking to reach mobile devices, televisions, PCs, and cloud services. High-speed internet is essential for effective video encoding and compression, especially for high-quality video content in the Media and Entertainment industry. Challenges include ensuring compatibility with different transcoding formats, maintaining cross-platform compatibility, and delivering optimal video quality. Broadcasters, OTT Platforms, Content Creators, Telecommunication companies, IT and gaming firms, and Social networking sites all rely on video transcoding to meet the demands of their audiences. Artificial intelligence and big data are being used to improve the transcoding process and enhance user experience. The market is expected to grow significantly as more businesses adopt cloud services for their video needs.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This video transcoding market report extensively covers market segmentation by  

Type 1.1 Software based solution1.2 Hardware based solutionEnd-user 2.1 Media and entertainment2.2 OthersGeography 3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Software based solution-  The video transcoding market is growing as businesses increasingly require converting videos into various formats for distribution across multiple platforms. Companies use video transcoding to ensure compatibility with different devices and streaming services. This process optimizes video quality and reduces bandwidth usage, enhancing user experience. Market size is expected to expand due to rising video content production and increasing demand for on-demand video services.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Video Transcoding Market refers to the industry that provides solutions for converting digital video content from one format to another. With the proliferation of Smart TVs, Smartphones, Over-the-top services, and other multimedia devices, the demand for video transcoding has surged. Video encoders play a crucial role in this market, enabling compatibility across various platforms and ensuring optimal video quality. OTT content providers rely on software, hardware, and Software-as-a-Service solutions for transcoding their media assets. Compatibility and video quality are key considerations in this market, as content needs to be adaptable to different streaming services and devices. Telecommunication, IT and gaming, broadcasting, and content creators are significant end-users. Transcoding formats include H.264, H.265, and VP9, among others. Adaptive streaming and media asset management are also essential components of the video transcoding market.

Market Research Overview

The Video Transcoding Market is a dynamic and growing industry that focuses on converting digital video files from one format to another to ensure compatibility and optimal playback across various devices and platforms. With the proliferation of Smart TVs, Smartphones, Over-the-top services, and multimedia mobile devices like tablets, the demand for video transcoding has surged. Video encoders, both hardware and software, and Software-as-a-service solutions play a crucial role in this market. The Telecoms network landscape, Communications Service Providers, Long-Term Evolution (LTE), and High-speed internet have also fueled the growth of this market. The Education sector and Content publishers are significant end-users, while Cloud-based media platforms and Streaming services are key applications. Compatibility, video quality, cross-platform compatibility, compression, media asset management, and video encoding are essential aspects of video transcoding. Adaptive streaming, Virtual reality, High-quality video content, Artificial intelligence, Big data, Media and Entertainment, Individual, Cloud, On-Premise, Broadcasters, OTT Platforms, and Content Creators are other significant areas where video transcoding finds application. Transcoding formats such as H.264, H.265, and VP9 are commonly used. Social networking is another emerging area where video transcoding is gaining importance.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeSoftware Based SolutionHardware Based SolutionEnd-userMedia And EntertainmentOthersGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2

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ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.

The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.

Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.

Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”

In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.

“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”

By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.

About G42

G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
To know more visit www.g42.ai.

Media contacts
Media and PR Team, G42
media@g42.ai

View original content:https://www.prnewswire.co.uk/news-releases/g42-collaborates-with-nvidia-to-deliver-next-generation-climate-solutions-using-earth-2-302253818.html

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Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain

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HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.

“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”

Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.

“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”

Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.

About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release.  Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

For media inquiries, please use the contact information below:

Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com

Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com

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SOURCE McDermott International, Ltd

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Halal Route Application – Eat, Travel around Thailand, Safe and Sound Halal Style

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BANGKOK, Thailand, Sept. 20, 2024 /PRNewswire/ — The Halal Science Center, Chulalongkorn University has developed Halal Route, an application that lists restaurants, lodging, mosques, prayer directions, and tourist attractions in Thailand under Islamic tourism principles. It hopes to help Muslim tourists travel in Thailand with peace of mind, and supports tourism industry operators to grow and welcome a growing number of Muslim tourists.

The Tourism Authority of Thailand (TAT) predicts that in 2024 there will be around 168 million Islamic tourists worldwide.  According to the Mastercard-Crescent Rating Global Muslim Travel Index (GMTI 2024), Thailand is the 32nd most popular destination for Muslim tourists.  However, the major problem Muslim tourists encounter in Thailand is finding Halal-accredited restaurants, hotels, accommodations, or tourist attractions with service areas (such as prayer rooms) that are compliant with the Islamic way.

Halal Route” is a travel aggregator app that collects searchable information on Halal restaurants, mosques, prayer locations, times, and directions for prayers (the qibla), tourist attractions, Muslim villages or communities, hotels, accommodations, etc.  This app is linked to Google Maps for navigation with precision. It also supports 3 languages, Thai, English, and Arabic, so that Muslim tourists can live and travel more comfortably and with peace of mind,” said Mr.Erfun Weahama, Science Service Officer, Halal Route App development team.

Dr. Anat Denyingyot, Assistant Director of the Halal Science Center, emphasized that the Halal Route application has the most reliable and comprehensive information on halal tourism in Thailand today. “All restaurants and locations have had on-site visits and are audited according to standards approved by a trusted authority or organization, such as certifications from religious organizations or halal food-related entities, as well as management systems to guarantee and be responsible for halal conditions (the HAL-Q system),” Dr. Anat assured.

Currently, the application has more than 1,100 restaurants in its database, and new locations and services are being updated, covering more than 40 provinces from north to south of Thailand that are popular among tourists.

Halal Route is not only for navigation, but a platform that connects Muslim communities from around the world who have the opportunity to visit Thailand,” Associate Professor Dr.Winai Dahlan, Director of the Halal Science Center concluded.

The Halal Route application is free to download on both iOS and Android systems.

Read the full article at https://www.chula.ac.th/en/highlight/185916/  

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/halal-route-application—eat-travel-around-thailand-safe-and-sound-halal-style-302251312.html

SOURCE Chulalongkorn University

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