Comment by graypegg

There is! FFmpeg supports hardware acceleration for a lot of operations. (Though format/codec dependant on the chipset you're working with, so it's not as general as you might expect. I don't know a ton about video's guts, so I assume the variance between video codec decoding is big enough to require incompatible special silicon.)

https://trac.ffmpeg.org/wiki/HWAccelIntro