June 18, 2024
Ict

Advanced Video Coding (AVC) Market Growth Accelerated by Increasing Penetration of Video Services

Advanced Video Coding (AVC) provides a highly efficient encoding format for delivering high-quality video content across a multitude of devices. AVC encoding solutions enable high-resolution videos to be transmitted over networks and enable rich video experiences on devices such as smartphones, tablets and laptops. The global Advanced Video Coding (AVC) Market is estimated to be valued at US$ 3.46 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increasing Penetration of Video Services
The growing popularity of video on demand services by major providers such as Netflix, Amazon Prime Video and Disney+ is one of the key drivers accelerating the adoption of AVC encoding solutions. AVC’s capability to optimize file size without compromising on quality enables seamless playback of high-definition videos over networks. Content providers are increasingly preferring AVC due to its widespread device compatibility and ability to deliver cinematic experiences across a wide range of connected devices. This, along with rising bandwidth availability, is expected to propel the demand for AVC encoding solutions during the forecast period.

Segment Analysis
The global Advanced Video Coding (AVC) market is dominated by the professional segment. The professional segment accounted for the largest market share in 2022 owing to the wide adoption of AVC solutions in various applications including smart surveillance, media and entertainment among others. The professional segment is expected to continue its dominance during the forecast period due to the increasing need for high quality and efficient video compression across various industrial applications.

Key Takeaways
The global Advanced Video Coding (AVC) market is expected to witness high growth during the forecast period of 2023-2030. Rapid digitalization and growing need for efficient video delivery are some of the major factors driving the growth of this market.

Regional analysis: North America dominated the global market in 2024 with a market share of over 30% owing to the early adoption of advanced video encoding solutions across various industries in the region. Asia Pacific is expected to be the fastest growing region during the forecast period due to the growing media and entertainment industry and increasing investments in smart infrastructure development in major economies like China and India.

Key players: Key players operating in the Advanced Video Coding (AVC) market are Apple Inc., Cisco Systems Inc., Google LLC, Microsoft Corporation, Intel Corporation, NVIDIA Corporation, Amazon.com Inc., Sony Corporation, Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Broadcom Inc., Panasonic Corporation, Ericsson AB, ZTE Corporation, Qualcomm Incorporated.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it