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We have several IP cameras and more to be added. The problem is they consume pretty much CPU power and we are thinking of buying newer hardware for that.

The camera provides MPEG4 video on the fly and i wonder if there are GPUs that will help render video to leverage CPU?

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Sure, both Nvidia and AMD/ATi provide hardware accelerated video decoding and encoding.

In case of Nvidia it's called PureVideo, in case of AMD/ATi it's called AVIVO

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It's important to add a note from article: Software must support these technoligies. – Janis Veinbergs May 31 '10 at 12:05
true, but not necessarily directly -- it's enough that the library it's based on does support it. – vartec Jun 1 '10 at 15:20
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