Audio Codec Market Expected to Garner $4242.59 Million by 2028
As per Triton Market Research’s report, the global audio codec market attained $2324.10 million in 2021, and is deemed to progress at a CAGR of 9.27% by 2028.
A recent study by Triton Market Research titled Global Audio Codec Market includes the Global Analysis and Forecasts by Component (Software Audio Codec, Hardware Audio Codec), Application (Computer, True Wireless Stereo (TWS), Wearables, Portables, Smart Home, Home Entertainment, Over-Ear Headphones, Commercial, Tablets, Automotive, Phones, Other Applications), and by Geography (Latin America, Europe, Asia-Pacific, North America, Middle East and Africa).
Audio codecs are an integral part of sound systems and other devices, as they encode and decode a digital audio stream. They are available as hardware or software components.
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According to Triton’s estimates, the global audio codec market is expected to obtain revenue worth $4242.59 million by 2028, growing at a CAGR of 9.27% during the forecast period 2022-2028.
The pandemic outbreak resulted in a rise in home workout trends, leading to a rise in smart watches to monitor health. The pandemic induced high VR headsets, smart bands, and action cameras sales. As a result, the audio codecs demand in the haptic system surged significantly. Thus, the growing trend of wearables and the surge in energy-efficient devices are key factors driving the audio codec market’s growth worldwide.
On the contrary, IP licensing restrictions, patented market, and easy access to open-source audio codecs on the internet negatively impact the global market’s development.
The global audio codec market is segmented into components and applications. Based on components, it is sectioned into software and hardware audio codec. The application section is branched into computer, true wireless stereo (TWS), wearables, portables, smart home, home entertainment, over-ear headphones, commercial, tablets, automotive, phones, and other applications.
Geographically, the Asia-Pacific leads the audio codec market. The growth in streaming media platforms and live streaming is responsible for the studied market’s progress in the region. Besides, the technological advancements leading to the deployment of various types of audio codecs have proven beneficial for consumers. Moreover, it has helped companies understand customer requirements, investing in new-generation audio codecs. Thus, such developments are expected to fuel the audio codecs market’s growth across the region’s nations.
Qualcomm Inc, Sony Group Inc, Rohm Corporate Ltd, Synopsys Technology Inc, Ittiam Systems Pvt Ltd, Dialog Semiconductor Plc, Synaptics Inc, Cirrus Logic Inc, Realtek Semiconductor Corp, Texas Instruments Inc, Dolby Laboratories Inc, Fraunhofer Institute of Integrated Circuits, Analog Devices Inc, Barix AG, and STMicroelectronics are prominent companies thriving in the audio codec market.
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Question & Answer: Audio Codec Market
Question 1: What key factors are driving the audio codec market’s growth worldwide?
Answer: The pandemic outbreak resulted in a rise in home workout trends, leading to a rise in smart watches to monitor health. The pandemic induced high VR headsets, smart bands, and action cameras sales. As a result, the audio codecs demand in the haptic system surged significantly. Thus, the growing trend of wearables and the surge in energy-efficient devices are key factors driving the audio codec market’s growth worldwide.
Question 2: What factors negatively impact the global audio codec market’s development?
Answer: Factors such as IP licensing restrictions, patented market, and easy access to open-source audio codecs on the internet negatively impact the global market’s development.
Question 3: Which region leads the audio codec market?
Answer: Geographically, the Asia-Pacific leads the audio codec market. The growth in streaming media platforms and live streaming is responsible for the studied market’s progress in the region. Besides, the technological advancements leading to the deployment of various types of audio codecs have proven beneficial for consumers. Moreover, it has helped companies understand customer requirements, investing in new-generation audio codecs. Thus, such developments are expected to fuel the audio codecs market’s growth across the region’s nations.
Question 4: Which are the prominent companies thriving in the audio codec market?
Answer: Qualcomm Inc, Sony Group Inc, Rohm Corporate Ltd, Synopsys Technology Inc, Ittiam Systems Pvt Ltd, Dialog Semiconductor Plc, Synaptics Inc, Cirrus Logic Inc, Realtek Semiconductor Corp, Texas Instruments Inc, Dolby Laboratories Inc, Fraunhofer Institute of Integrated Circuits, Analog Devices Inc, Barix AG, and STMicroelectronics are prominent companies thriving in the audio codec market.
Related Report:
The global smart home market is expected to progress at a growth rate of 15.01% during the forecast period of 2019-2027.
The smart home comprises technologies that ensure higher comfort levels and security for homeowners. These technologies integrate automation and IoT solutions to efficiently garner information, serving consumers.
Factors such as a surge in the geriatric population, rise in IoT devices, and governmental initiatives drive the smart home market on a progressive path.
However, complex installation processes, data management issues, and privacy concerns hinder the global market’s growth significantly.
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