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Amplifying Growth: A Comprehensive Analysis of the Audio Codec Market - Size, Scope, and Future Potential
Audio Codec Market
As per the report, 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 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%.
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Rising Smartphone Adoption Fuels Expansion Of The Audio Codec Market
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.
Innovative Product Developments Drive Advancements In The Audio Codec Market
Product innovation is a key trend gaining popularity in the audio codec market. Major companies operating in the audio codec market are focused on innovating new products and solutions to sustain their position in the market. For instance, in February 2021, Microsoft Corporation, a US-based technology corporation, launched Satin, the latest AI-powered audio codec for real-time communications. With gradually better quality at higher bitrates, Satin can produce full-band stereo music starting at a bit rate of 17 kbps and extremely wide-band speech starting at a bit rate of 6 kbps. Satin is built to deliver excellent audio quality despite significant packet loss. Additionally, its excellent quality at low bitrates enables us to utilize more available bandwidth to improve packet loss resilience.
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
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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
Contents of the report:
1. Executive Summary
2. Audio Codec Market Report Structure
3. Audio Codec Market Trends And Strategies
4. Audio Codec Market - Macro Economic Scenario
5. Audio Codec Market Size And Growth
…..
27. Audio Codec Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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