USD 11.39 billion
Audio Codec Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Application(Desktop and Laptop, Mobile Phone and Tablet, Music & Media Device and Home Theatre, Television and Gaming Console), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2218 |
Region:
Global |
Published Date: April, 2024
Pages:
194
|Tables:
68
|Figures:
80
Audio Codec Market Insights
Global Audio Codec Market size was valued at USD 6.4 billion in 2022 and is poised to grow from USD 6.8 billion in 2023 to USD 10.5 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).
Audio codec is an integrated circuit that is used to convert analog audio to digital data and vice versa. Growing sales of smartphones and other types of consumer electronics are projected to primarily bolster the demand for audio codec across the forecast period and beyond. Increasing popularity of online music streaming and the launch of new and advanced audio devices are predicted to favor sales of audio codec products in the future. Growing consumer demand for better quality audio to improve their entertainment experience is also slated to foster innovation in the global audio codec marketplace going forward. Rise in disposable income of people around the world is also a key factor that is estimated to create new opportunities for audio codec companies across the forecast period. High adoption of IoT devices is also a trend that will boost sales of audio codec. However, compression and quality trade-offs and compatibility issues are estimated to be key constraints for market growth in the long run.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Software
Growth Rate
4.5% CAGR
Global Audio Codec Market ($ Bn)
Country Share for North America Region (%)
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Audio Codec Market Segmental Analysis
The global audio codec market is segmented based on component, application, and region. In terms of component, the market is segmented into hardware and software. On the basis of application, the market is bifurcated into desktop and laptop, mobile phone and tablet, music & media device and home theatre, television and gaming console, headphone, headset, and wearable devices, automotive infotainment, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Component
Hardware components of audio codec are projected to account for a major share of the global audio codec market. Surging demand for better quality audio in professional settings is slated to help this segment hold its prominence over others. Music production and concerts are some key areas where deployment of hardware audio codec is high.
Meanwhile, the demand for software audio codec is slated to increase at a rapid pace over the coming years. Surging sales of consumer electronics is projected to aid audio codec market growth via this segment across the forecast period and beyond. Rising popularity of music streaming around the world will also favor growth of this segment going forward.
Analysis by Application
Mobile phones and tablets are estimated to account for a major chunk of the global audio codec market share. Surging penetration of smartphones in all population bases and increasing demand for high-resolution audio from these devices is slated to help this segment dominate the global marketplace.
On the other hand, the demand for audio codec for wearable device applications is slated to increase at a rapid CAGR across the forecast period. Growing adoption of IoT (Internet of Things) technology and high use of wearables in different industry verticals are slated to help this segment expand at a rapid pace through 2031.
Global Audio Codec Market By Component
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Audio Codec Market Regional Insights
North America is estimated to account for a dominant stance in the global audio codec marketplace. Increasing willingness of consumers to spend more for high-quality audio products and the presence of key audio codec providers allow this region to hold sway over others. The United States is estimated to spearhead the demand for audio codec in North America followed by Canada. Rapid adoption of IoT and growing acceptance of advanced audio formats are also slated to create new opportunities for audio codec providers in the future.
The Asia Pacific region is the fastest-growing market in the world for audio codec companies owing to the rapid surge in sales of consumer electronics in this region. Rising disposable income and growing availability of advanced audio devices are also contributing to the rapid expansion of the audio codec market in Asia Pacific. China, Japan, and India are slated to spearhead the audio codec demand outlook in this region. Robust electronic manufacturing activity of this region will also create new opportunities for audio codec companies in the long run.
Global Audio Codec Market By Region
- Largest
- Fastest
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Audio Codec Market Dynamics
Drivers
Surge in Sales of Consumer Electronics
- Consumer electronics sales have increased rapidly in recent years and this trend is slated to be continued in the future as well. High demand for better quality audio in these consumer electronics is slated to benefit sales of audio codec in the future.
Rising Demand for High-quality Audio Streaming
- The rising popularity of podcasts and music streaming has resulted in the high demand for top-quality audio streaming services and platforms. This trend is slated to drive audio codec market development over the coming years.
Restraints
Compression and Quality Trade-Off
- High quality audio files are usually extremely large in terms of size and this makes it difficult to store them. Whereas, compressed files are not as high quality, therefore, striking a balance between quality and compression is a key challenge that companies need to overcome.
Compatibility Issues
- Most generic audio codecs could be termed as universal but might have issues related to compatibility either completely or selectively. To overcome this, audio codec companies need to develop standardized audio codec that can be used for all kinds of devices.
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Audio Codec Market Competitive Landscape
Audio codec providers can target the growing popularity of wearable devices to create a new steady stream of revenue for their business. Companies can also focus on creating standard audio codecs that are compatible with all kinds of devices and products to improve application scope. Audio codec market players can also work closely with audio device manufacturers to create specific codecs that are custom-made for different brands ensuring their signature quality.
Top Player’s Company Profiles
- Dolby Laboratories Inc.
- NXP Semiconductors N.V.
- Maxim Integrated Products Inc.
- Silicon Laboratories Inc.
- DSP Group Inc.
- Intersil Corporation
- Qualcomm Technologies Inc.
- Marvell Technology Group Ltd.
- Toshiba Electronic Devices & Storage Corporation
- Xilinx Inc.
- Fraunhofer IIS
- Texas Instruments Inc.
- AKM Semiconductor Inc.
- ESS Technology Inc.
- Knowles Corporation
- Microsemi Corporation
- Cirrus Logic Inc.
- Analog Devices Inc.
- Nordic Semiconductor ASA
- On Semiconductor
- AAC Technologies Holdings Inc.
- Realtek Semiconductor Corp.
- STMicroelectronics
- Synopsys Inc.
- Renesas Electronics Corporation
Audio Codec Key Market Trends
High-efficiency Audio Codecs: Audio codec makers should emphasize on the creation and development of high-efficiency codecs that are capable of providing best compression whilst minimizing loss of audio quality. Companies need to increase their investments in R&D to make this a possibility and boost revenue generation potential in the long run.
Audio Codec Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, increasing popularity of online audio streaming and growing preference for high-quality audio around the world are key factors driving audio codec market growth. However, quality and compression tradeoffs are estimated to be the key threat to the overall audio codec market development in the long run. Rising disposable income and surging sales of consumer electronics are slated to make the Asia Pacific region the fastest-growing regional market in the world going forward. Creation of high-efficiency audio codecs will be the key to unlocking limitless growth for audio codec market players across the forecast period and beyond.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.4 billion |
| Market size value in 2031 | USD 10.5 billion |
| Growth Rate | 5.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Audio Codec Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Audio Codec Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Audio Codec Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Audio Codec Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Audio Codec Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Audio Codec Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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