According to the new report "Video Encoder Market by Number of Channel (Single, Multichannel), Mounting Type (Stand-alone, Rack-mounted), Application (Broadcast, Surveillance (Retail, Transportation, Commercial, Residential, Institutional)), and Geography - Global Forecast to 2023", the overall video encoder market is expected to be valued at USD 1.70 Billion in 2017 and is expected to reach USD 2.19 Billion by 2023, growing at a CAGR of 4.26 % between 2017 and 2023. The key factors driving the growth of the market include ease of connecting analog cameras to the network, the use of cloud services to store a large amount of data, and the adoption of high-efficiency video coding (HEVC) standard for video encoding.
Single channel devices to lead the video encoder market in the coming years
1-channel or single-channel devices held a major share of the video encoder market in 2016. In the broadcast equipment industry, single-channel devices are in popular demand, especially for contribution application. These encoders allow broadcasting content to global audiences in real-time while retaining the resolution of the original video feed. The demand for single-channel devices in the broadcast application is generally influenced by major sporting events, such as the Olympics or FIFA World Cups.
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Market for broadcast application to witness a moderate growth in the near future
Delivering media content to any connected device has become the most crucial broadcast industry trend. This has influenced the broadcasters to transmit high-quality content, which is compressed in size to ensure better streaming; encoders are used for this purpose. The increasing demand for ultra-high definition (UHD) or 4K videos has given rise to the development of better encoders to transmit content over small bandwidths. This is driving the growth of video encoders in the broadcast application.
North America held the largest share of the video encoder market in 2016
North America was the leading market for video encoders in 2016. North America has been one of the largest market for broadcast and surveillance equipment. The market for video encoders in North America is driven by various factors such as large economy, strong high-tech and media sector, strong connectivity, and highly educated population among others. The growing cultural diversity throughout North America has also led to the increase in the number of broadcast channels, which, in turn, has boosted the demand for broadcast equipment in this region. Cisco (US), Avigilon (Canada), Harmonic (US), Honeywell Security Group (US), and Pelco by Schneider Electric (US) are also responsible for the dynamic growth of the video encoder market in North America.
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