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HD Music Development to Boost Audio Codec Market's Progress
Global Audio Codec Market
As per Triton's report, the global audio codec market is estimated to register growth at a CAGR of 9.27% during the forecast years 2022-2028.
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Audio codes are software or a device expert in encoding or decoding a digital audio data stream. It is an essential component in various sound systems.
Several streaming services provide HD music libraries with the high-definition resolution, giving users an immersive experience. The use of high resolution audio codecs is surging due to growing HD music streaming services. In this regard, numerous online applications such as Amazon Music, Spotify, and Apple iTunes are converting their services into HD resolutions for users, creating numerous opportunities for the audio codec market globally. However, the availability of open-source audio codecs on the internet negatively impacts the overall market's growth.
The Asia-Pacific is expected to emerge as the fastest-growing region in the audio codec market during the forecast period. This robust growth can be attributed to the surging popularity of streaming media among youth. Additionally, various new technologies like DAB+, lossless audio codecs, and others are being tested in the region, gaining a positive response. Therefore, as mentioned above, all these factors are responsible for the revenue growth of the audio codec market within the APAC region.
The prominent companies in the audio codec market include Rohm Corporate Ltd, Dialog Semiconductor Plc, Synopsys Technology Inc, Synaptics Inc, Qualcomm Inc, Texas Instruments Inc, Cirrus Logic Inc, Fraunhofer Institute of Integrated Circuits, Analog Devices Inc, STMicroelectronics, Barix AG, Realtek Semiconductor Corp, Dolby Laboratories Inc, Ittiam Systems Pvt Ltd, and Sony Group Inc.
The market requires low capital investment to develop these solutions, attracting several new players. While leading companies dominate the market, new entrants are targeting the niche segments based on specific user requirements. This indicates that the threat of new entrants is expected to increase in the future. Further, the existing companies are acquiring small companies to gain a competitive advantage, which defines the competitive level to be high among current players.
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