Global Audio Codec Market

Audio Codec Market Size, Share, Growth Analysis, By Component (Hardware, Software), By Application (Desktop and Laptop, Mobile Phone and Tablet), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45I2218 | Region: Global | Published Date: December, 2024
Pages: 194 | Tables: 68 | Figures: 80

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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FAQs

Global Audio Codec Market size was valued at USD 6.34 billion in 2022 and is poised to grow from USD 6.70 billion in 2023 to USD 10.35 billion by 2031, growing at a CAGR of 5.60% during 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. 'Cirrus Logic ', 'Qualcomm ', 'Realtek Semiconductor ', 'Dolby Laboratories ', 'Technicolor ', 'Analog Devices ', 'STMicroelectronics ', 'Texas Instruments ', 'Fraunhofer IIS ', 'Xiph ', 'Broadcom ', 'AMS ', 'Tempo Semiconductor ', 'Dialog Semiconductor ', 'Digigram ', 'CML Microcircuits ', 'Tieline ', 'Synopsys ', 'AKM (Asahi Kasei Microdevices) ', 'Sony'

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.

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.

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

$5,300
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