Advanced Video Coding (AVC), also known as H.264, is a video compression coding standard and the most commonly used format for recording, compression and distribution of video content. It provides high quality video compression with high resolution and high frame rate without sacrificing bandwidth.
The global Advanced Video Coding 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:
The increasing penetration of smart TVs across the globe has been a key factor driving the growth of the AVC market. As per reports, the global smart TV shipments are expected to grow at a CAGR of 9% during 2023-2030. Most smart TVs support AVC codec natively which allows streaming of HD and 4K video content with higher bandwidth efficiency. Content providers are increasingly adopting AVC codec for distribution of HD and 4K video content over streaming platforms to cater to the growing demand of high resolution content from smart TV users. This growing focus on high resolution video streaming is expected to boost the demand for AVC codec during the forecast period.
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.
The global advanced video coding (AVC) market is dominated by the hardware sub-segment which accounts for around 60% share owing to its wide usage in televisions, smartphones, tablets and set-top boxes amongst others. The demand for hardware components like chips, processors and graphics cards are high for AVC encoding and decoding which has led to the hardware segment’s dominance over the years.
The global Advanced Video Coding Market is expected to witness high growth over the forecast period of 2023 to 2030, expanding at a CAGR of 4.1% to reach a market size of US$ 3.46 Bn by 2024.
The advanced video coding market in Asia Pacific region currently dominates with over 35% share and is expected to remain the fastest growing market during the forecast period. This can be attributed to the rapid growth of online video streaming industry and increasing sales of consumer electronic devices in countries like China and India.
- Source: Coherent Market Insights, Public sources, Desk research
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