IMARC Group, a leading market research company, has recently releases report titled “Audio Codec Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” offers a comprehensive analysis of the industry, which comprises insights on the audio CODEC market share. The global market size reached US$ 6.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.1 Billion by 2028, exhibiting a growth rate (CAGR) of 3.93% during 2024-2032.
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Factors Affecting the Growth of the Audio Codec Industry:
- Rising Demand for High-Quality Audio Streaming:
The escalating demand for high-quality audio streaming represents one of the primary factors influencing the market positively. In addition, rising preferences of individuals for crystal-clear audio quality to complement their high-definition video content is strengthening the growth of the market. Advanced audio codecs aid in compressing and transmitting audio data efficiently without compromising on quality, meeting the expectations of users. Moreover, the proliferation of wireless audio devices, including Bluetooth headphones, wireless speakers, and earbuds, is driving the need for audio codecs that can efficiently transmit high-quality audio over wireless connections.
- Increasing Integration in Automotive Industry:
The increasing integration of audio codecs in the automotive industry is strengthening the growth of the market. Along with this, the rising reliance of advanced in-car infotainment systems on audio codecs to deliver high-quality audio for music, video playback, and navigation instructions is driving the market. These systems provide passengers with a rich multimedia experience during their journeys. Furthermore, the growing need for noise cancellation technologies powered by audio codecs rises to reduce external noise and enhance the in-car audio experience for both entertainment and communication purposes is offering a favorable market outlook.
- 5G Connectivity and Low Latency Requirements:
The deployment of 5G networks is creating a positive outlook for the market. In line with this, the rising reliance of online gaming on real-time interactions and communication among players is stimulating the market growth. Low latency helps ensure that in-game actions are instantly reflected in audio cues, providing a seamless and immersive gaming experience. Audio codecs optimized for low latency help minimize the delay between the action of a player and the corresponding sound effect or voice communication, enhancing the overall gaming experience.
Leading Companies Operating in the Global Audio Codec industry:
- Analog Devices Inc.
- Barix
- Cirrus Logic Inc.
- DSP Group Inc.
- Qualcomm Inc.
- Realtek Semiconductor Corp.
- Rohm Co. Ltd
- STMicroelectronics and Texas Instruments Inc.
Audio Codec Market Report Segmentation:
By Function:
- With DSP
- Without DSP
Without Digital Signal Processors (DSPs) hold the largest market share as they provide the computational power necessary for real-time audio processing.
By Component:
- Hardware
- Software
Hardware dominates the market due to its essential role in providing dedicated processing power and efficiency for encoding and decoding high-quality audio, meeting the increasing demands of various industries and applications.
By End Use:
- Computer
- Phones
- Tablets
- Over-Ear Headphones
- TWS
- Home Entertainment
- Commercial
- Automotive
- Portable
- Smart Home
- IoT
- Wearable
- AR/VR
Phones represent the largest market segment due to the ubiquitous integration of advanced audio codecs in smartphones, driving the demand for high-quality audio experiences in everyday communication and entertainment.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the audio codec market is attributed to the robust consumer electronics industry, rapid adoption of advanced audio technologies in smartphones and other devices, and the presence of key manufacturers in the region, fostering substantial growth and innovation.
Global Audio Codec Market Trends:
The increasing adoption of the Internet of Things (IoT) devices is creating a positive outlook for the market. Additionally, the expanding applications of IoT across various industries, from smart homes and cities to industrial automation and healthcare are supporting the market growth. Many of these applications require audio capabilities for functions, such as voice commands, audio surveillance, and real-time communication. Additionally, IoT devices in security and surveillance applications use audio codecs for efficient monitoring and data collection. Moreover, the growth of wearable IoT devices, such as fitness trackers and healthcare monitors, also fuels the demand for energy-efficient audio codecs that can provide high-quality audio while conserving battery life.
Other Key Points Covered in the Report:
- COVID-19 Impact
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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