Abstract
Recent years have witnessed a great technological evolution in video display and capturing technologies leading to the development of new standards of video coding including MPEG-X, H.26X and HEVC. The cost of computations, storage and high bandwidth requirements makes a video data expensive in terms of transmission and storage. This makes video compression absolutely necessary prior to its transmission in order to accommodate for different transmission media's capabilities. Digital video compression technologies therefore have become an important part of the way we create, present, communicate and use visual information. The main aim behind a video compression system is to eliminate the redundancies from a raw video signal. The tradeoff involved in the process of video compression is between the speed, quality and resource utilization. The current chapter explores the techniques, challenges, issues and problems in video compression in detail along with the major advancements in the field.