Next-Gen Video Codecs Market 2024 Current And Future Opportunities, Demand and Revenue Forecast

The development of next-gen video codecs was done on the basis of high efficiency video coding (HEVC). Next-gen video codecs is the evolution of the basic building blocks that were already used in HEVC and various other codecs earlier. Primarily, next-gen video codecs is a hybrid, block based video coding standard within which most of the technologies are based on high efficiency video coding (HEVC).

Next-gen video codecs has the ability to predict rectangular blocks with chroma prediction whereas HVEC can only predict the square block. This has enhanced the video viewing experience of the end-user.

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Global Next-Gen Video Codecs Market – Dynamics

Rising Demand for Better Video Viewing Experience

Demand for ultra high quality and better video viewing experience has increased across the globe. Demand for 4K and ultra HD smart television has increased extensively. Players such as Amazon Prime, Netflix, and Youtube are integrating next-gen video codecs technology on their platforms so that the video viewing experience can be improved and enhanced. The rising demand for better picture and video quality is driving the growth of the next-gen video codecs market.

Rising Demand for Better Video Experience in Data-Strapped Locations

Next-gen video codecs has the ability to ensure that the high quality data can be transferred with less consumption as compared to advanced video coding AVC. Next-gen video codecs has the ability to stream high-quality video. Next-gen video codecs can push 720p at less than 1.5Mbps.  With high efficiency the demand for the next-gen video codecs is rising.

Improper Network Infrastructure Hampering the Growth of the Next-Gen Video Codecs Market

Substantial demand for better viewing experiences necessitates standard network infrastructure. Many Southeast Asian countries, African countries, and South American countries lag behind due to poor network infrastructure, which do not even meet the basic global standards. This could hamper the growth of the next-gen video codecs market.

North America Expected to Dominate the Global Next-Gen Video Codecs Market

In terms of region, the global next-gen video codecs market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global next-gen video codecs market during the forecast period, due to strongest network infrastructure as compared to other regions.

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Global Next-Gen Video Codecs Market – Competitive Landscape

• In July 2019, a new real-time high-quality AV1 encoder for video collaboration was launched by Cisco Systems Inc. which reduces bandwidth when it comes to video conferencing and improves the latency issue in viewing.
• In March 2018, Alliance for Open Media (AOM) launched AV1 which is a next generation video codecs. AV1 has the ability to enhance the coding efficiency to improve the video quality for consumers.

Cisco Systems Inc.

Established in 1984, Cisco Systems Inc. designs, manufactures, and sells Internet protocol-based networking products for communications and Information Technology industries. The company is highly focused on providing video platforms which improve the video viewing experience, bandwidth, latency, and quality of the video.

Bitmovin Inc.

Established in 2013, Bitmovin Inc. is focused toward creating best in class video development solutions. The company provides solutions such as reduced latency, chunked CMAF, DRM/content protection, monetization, and server-side ad insertion. The company in its product portfolio provides encoding, plater, and analytics.

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Global Next-Gen Video Codecs Market: Segmentation

The global next-gen video codecs market can be segmented based on:

•  Video Codecs Type
• Region

Global Next-Gen Video Codecs Market, by Video Codecs Type

Based on video codecs type, the global next-gen video codecs market can be divided into:

• AVC
• AV1
• HEVC
• VP9
• VVC

Regional analysis of the global next-gen video codecs market:

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa
• South America
  • Brazil
  • Rest of South America

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