BEAVERTON, Ore.—The Media Coding Industry Forum (MC-IF) has issued an update on its recent efforts and provided some predictions for 2024, which the group expects to be a “breakout year” for Versatile Video Coding.
As demand for high-quality video continues to rise rapidly with the popularity of streaming services, social media video, and user-generated content, analysts at Verified Market Research project that the market for video encoding technology will reach $3.1 billion by the end of the decade, growing at a steady CAGR of 5.31%, MC-IF reported.
