Rockville, Feb. 07, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global audio codec market is forecasted to touch a valuation of US$ 10 billion by 2033, expanding at a 5.2% CAGR from 2023 to 2033.
Audio codec demand is increasing in a variety of industries, such as gaming, entertainment, automobiles, and consumer electronics. An audio codec is a program or a device that uses an algorithm to decode and encode digital-analog audio. It is used to minimize the number of bits in an audio file while retaining accuracy and consistency and reducing the storage space required for the audio file.
Audio codecs include both hardware and software components. An audio codec's hardware component is meant to transform analog to digital signals and digital to analog signals, while its software component is intended to compress and decompress digital audio signals.
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Growing Internet users, the increasing demand for different consumer electronics, including tablets, computers, and smartphones, and the introduction of Internet of Things (IoT)-enabled communication devices are driving the global market expansion. In conjunction with this, the widespread use of miniature electronic gadgets, wearable smartwatches, wireless headsets, and headphones for entertainment purposes is boosting the market growth.
Furthermore, the continued development of smart homes outfitted with home theaters to watch over-the-top (OTT) series and stream high-definition (HD) music has accelerated the widespread acceptance of audio codecs throughout the residential sector, which is functioning as a growth driver.
Moreover, the rising customer preference for premium automobiles with innovative features has increased the adoption of audio codecs in wireless infotainment systems. Aside from that, the increasing demand for virtual reality (VR) incorporated gaming consoles with high-quality audio, as well as key players' continuous release of different product variations with upgraded features, are propelling the global audio codec market.
Key Takeaways from Market Study
- The global audio codec market is valued at US$ 6 billion in 2023.
- The market is anticipated to reach a size of US$ 10 billion by 2033.
- Worldwide demand for audio codecs is estimated to increase at a CAGR of 5.2% from 2023 to 2033 (forecast period).
- The phones segment is expected to progress at a CAGR of 3.9% during the forecast period.
- Asia Pacific captured 41% share of the global audio codec market in 2022.
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Competitive Landscape
Key players in the audio codec market are focusing on strategies such as collaborations, new developments, investments, and acquisitions to maintain and expand their international presence. In addition, several start-ups are sprouting in the global market.
- Analog Devices, Inc. released a millimeter-wave (mmW) 5G front-end chipset in March 2022 that meets required frequency ranges, allowing designers to decrease complexities and deliver smaller, more adaptable radios to market faster.
- Qualcomm introduced Qualcomm aptX, an audio Bluetooth codec, in September 2021. The device can send CD-quality audio across the wireless connection established by Bluetooth, thus boosting overall audio quality. It also has an audio resolution of 16 bit/44.1kHz and a bit rate of 1mbps.
- Qualcomm Technologies released the WCD9341, which is intended to decode audio formats of up to 32 bits, in September 2021. This new aptX codec is intended to seamlessly switch between a high-bit rate mode (for the optimum audio quality when listening to music) and a low-latency mode (while gaming).
- In June 2021, Cirrus Logic unveiled a low-power voice recording development kit for Alexa Voice Service (AVS), which includes the CS7250B digital MEMS microphone, the CS47L24 smart codec, and the SoundClear algorithm for noise suppression, echo cancellation, and voice control. The smart codec employs an on-chip, effective DAC (digital-to-analog converter) and a two-watt mono speaker driver to allow high audio playback.
Key Companies Profiled
- Cirrus Logic Inc
- Dialog Semiconductor
- CML Microelectronics
- Qualcomm Inc
- DSP Group Inc
- Texas Instruments
- Analog Devices Inc
- Realtek Semiconductor Corp
- ROHM Co. Ltd.
Regional Analysis
Asia Pacific is dominating the global market. Japan and South Korea are considerably contributing to the regional market growth due to the presence of a well-established consumer electronics industry in these countries. Moreover, North America and Europe are following Asia Pacific in terms of development.
Key Segments of Audio Codec Industry Research
- By Function :
- With DSP
- Without DSP
- By Component :
- Hardware
- Software
- By End Use :
- Computers
- Phones
- Tablets
- Over-Ear Headphones
- TWS
- Home Entertainment
- Commercial
- Automotive
- Portable
- Smart Homes
- IoT
- Wearables
- AR/VR
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global audio codec market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market on the basis of function (with DSP, without DSP), component (hardware, software), and end use (computers, phones, tablets, over-ear headphones, TWS, home entertainment, commercial, automotive, portable, smart homes, IoT, wearables, AR/VR), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
Table of Content
1. Global Market - Executive Summary
1.1. Global Market Overview
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Fact.MR Analysis and Recommendations
2. Global Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Introduction and Definition
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on
3.1.2. COVID-19 Crisis and Impact on Aprotic Solvent Prices
3.1.3. COVID-19 Impact Benchmark with Previous Crisis
3.1.3.1. Change in Demand
3.1.3.2. Before and After COVID-19 Crisis (Projected)
3.1.3.3. Before and After Sub-prime Crisis – 2008 (Actual)
3.1.3.4. Change in Demand post Recovery Period (After Each Crisis)
4. Market Background and foundation Data Points
4.1. Need of the Hour for Industries
4.2. Industry Wise Industry 4.0
4.3. Strategic Priorities
4.4. Life Cycle Stage
4.5. Importance of Technology
TOC Contd….
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