Global Audio Codec Market

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 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.

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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 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. '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'

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.

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.

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Global Audio Codec Market

Report ID: SQMIG45I2218

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