Press release
Audio Codec Global Market Report 2024 - By Growth, Report, Size, Share, Forecast To 2033
The Business Research Company presents an extensive market research report on the Audio Codec Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The audio codec market size has grown strongly in recent years. It will grow from $9.28 billion in 2023 to $9.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to increased smartphone and portable device usage, digital media evolution, internet streaming and multimedia consumption, digital audio broadcasting, integration in consumer electronics.
The audio codec market size is expected to see steady growth in the next few years. It will grow to $11.84 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to 5g and iot expansion, augmented and virtual reality (ar/vr), automotive audio systems, edge computing integration, customization and adaptability. Major trends in the forecast period include software and app development, low-latency codecs, ai-powered audio codecs, enhanced audio quality control, adaptive bitrate streaming.
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Key Market Players:
Major companies operating in the audio codec market report are Apple Inc., AT&T Inc., Qualcomm Incorporated, Texas Instruments Incorporated, STMicroelectronics N.V., NXP Semiconductors N.V., Analog Devices Inc., Renesas Electronics Corporation, ON Semiconductor Corporation, ROHM Co. Ltd., Realtek Semiconductor Corp., Microsemi Corporation, Cirrus Logic Inc., Dolby Laboratories Inc., Xilinx Inc., Harmonic Inc., Nordic Semiconductor ASA, DSP Group Inc., Toshiba Electronic Devices & Storage Corporation, AKM Semiconductor Inc., CML Microcircuits, Audio-Technica Corp., VisualOn Inc., Savitech Corp., Tieline Technology
Market Drivers:
The increase in smartphone adoption is expected to propel the growth of the audio codec market going forward. A smartphone is a mobile device that combines the functions of a cell phone with those of a computer. Smartphones have become the primary streaming media device, leading to a demand for codecs that provide high-quality audio while minimizing file size. Voice over Internet Protocol (VoIP) and smartphone video calling apps require audio codecs for clear voice transmission. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. The UK population is expected to grow to 68.3 million by 2025, of which 95% (or about 65 million individuals) will own a smartphone. Therefore, the increase in smartphone adoption is driving the growth of the audio codec market.
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https://www.thebusinessresearchcompany.com/report/audio-codec-global-market-report
The audio codec market covered in this report is segmented -
1) By Component: Hardware, Software
2) By Function: With Dedicated Digital Signal Processor (DSP), Without Dedicated Digital Signal Processor (DSP)
3) By Application: Desktop And Laptop, Mobile Phone and Tablet, Music And Media Device and Home Theatre, Television and Gaming Console, Headphone, Headset, and Wearable Devices, Automotive Infotainment
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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