Efficient quantization parameter prediction method for low latency video coding

Systems, apparatuses, and methods for calculating a quantization parameter (QP) for encoding video frames to meet a given bit budget are disclosed. Control logic coupled to an encoder calculates a complexity indicator that represents a level of difficulty in encoding a previous video frame. The complexity indicator is based at least in part on a first parameter associated with the previous video frame and corresponds to one or more of a variance, an intra-prediction factor, and an inter-to-intra ratio. The complexity indicator is then used by the control logic to calculate a preferred QP to use to encode the current video frame to meet a given bit budget. By using the preferred QP generated based on the complexity indicator, the encoder is able to make fewer QP adjustments during the frame. This helps to improve the visual quality of the resulting encoded video bitstream.