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I've covered the both the scenarios : here
Conclusions :
1) Since, my network was 10 GigaBit local network, it was more preferable for me to directly send the opencv matrix without using any encode. Moreover, zero quality loss was also one of my requirement.
2) If you have limited network bandwidth, I suggest to use encoding schemes like : 'jpg', 'png', etc.
Time Calculations :
(A) Encoding with bmp : 20-40ms
(B) Encoding with jpg : 50-70 ms
(C) Encoding with png: 200-250ms
So, choose encoding schemes wisely.
Disclaimer : The timings are strictly restricted to my hardware/machine. It may/will vary accordingly on your machines.
