Video Processing Solutions Market Size

Video Processing Solutions Market Analysis

The Video Processing Solutions Market size is estimated at USD 17.25 billion in 2024, and is expected to reach USD 39.28 billion by 2029, growing at a CAGR of 17.90% during the forecast period (2024-2029).

The rollout of 5G networks globally is anticipated to transform the video streaming industry. 5G's high-speed and low-latency connections will improve the quality of video content, thus increasing the appeal of video processing solutions and stimulating the market. With its smooth video content and quicker data-to-decision time, video processing solutions have found a possible place in various industrial applications, including security & surveillance, streaming & broadcasting, and others.

• With more streaming services becoming available yearly, the streaming market constantly expands. By 2030, the streaming market will reach USD 330 billion, increasing the demand for video processing solutions. Observations from the US revealed people watched 169.4 billion minutes of streaming video in a single week in February 2022. Approximately 85% of households in the United States now have access to at least one video streaming service. As the internet and connected devices like smartphones, tablets, and interactive displays become more widely used for video-on-demand applications among the global population, video processing solutions are expected to grow at a healthy rate in the coming years.
• A video surveillance system using video analytics software can identify several events. For instance, Airport Council International (ACI) adopted OpenCV, the video processing solution for object detection and object tracking. According to ACI, most airports have around 20 aircraft movements per hour, which reaches one move per minute during peak hours. To manage ground traffic in the airport, once a plane lands, the plane's location should be tracked, which is accomplished by coordinating with the pilot and monitoring movement on the airport's CCTV network. The built-in CCTV system for plane detection scenarios was integrated with video processing capabilities to automate the operation.
• Since a vast amount of data is generated from video processing, cloud technologies are being used to store this. However, these cloud-based systems offer more security than in-house systems, so the companies don't easily invest in video processing solutions. Moreover, processing video information, particularly in areas such as surveillance and video analysis, can raise privacy and security issues. Additionally, adherence to data protection regulations may hinder this market, resulting in slower growth and opportunities.
• The COVID-19 outbreak fueled the growth of the stay-at-home economy, and consumer preferences shifted toward online entertainment. Video streaming services saw an exploding demand, so streaming providers were compelled to spend more money on new content, especially originals. Many streaming operators adopted video processing solutions to ensure a seamless and error-free digital experience at every level of the content distribution lifecycle. The demand for the video processing solutions market will remain strong during the studied period.