A study by Research and Markets shows that the global video processing platform industry is projected to rise to the compound annual growth rate (CAGR) of 16.5% to reach $11.4 billion by 2026, according to a press release.
"In recent years the digital media consumption has increased significantly across the globe. The rise in the number of devices capable of supporting digital media, along with the growing access to high internet speed, provides consumers with an option to access the media content of their choice, be it information, entertainment, or social activity, anytime and anywhere," according to the press release.
The trend of mobile video streaming and the availability of high-speed internet at a low cost has been the main driver of the growth of the video processing platform market.
Driving the rise of video streaming is the increasing use of smartphones within the last five years. 6.3 billion people in the world owned a smartphone as of this year, Statista reports.
As the number of internet users continues to increase – and the figure is projected to grow significantly in upcoming years – the demand for video processing solutions and services is also expected to grow.
The global video processing platform market was estimated to be worth $5.3 billion in 2021.