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 Insights

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 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.

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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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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

Audio Codec Market Insights

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