Report ID: SQMIG45I2218
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.
Audio Codec Market Report Snapshots
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