Global Audio Codec Market Opportunities 2024, Forecast To 2033
8 Mar, 2024
The audio codec market has grown steadily, increasing from $9.28 billion in 2023 to $9.79 billion in 2024 at a CAGR of 5.5%. This growth is attributed to increased device usage and digital media evolution. The market is expected to continue growing, reaching $11.84 billion in 2028, with a CAGR of 4.9%. Factors contributing to this growth include 5G expansion and automotive audio systems. Major trends in the forecast period include AI-powered codecs and adaptive bitrate streaming.
Global Audio Codec Market Key Driver
The increase in smartphone adoption, with projections indicating a significant rise in mobile connections and smartphone ownership in the UK by 2025 according to Uswitch Limited, is expected to drive the growth of the audio codec market. Smartphones, as primary streaming media devices, require audio codecs for high-quality audio transmission, contributing to the growth of the audio codec market.
Get A Free Sample Of The Global Audio Codec Market ReportGlobal Audio Codec Market Segments
The audio codec market covered in this report is segmented –
1) Component:Hardware, Software
2) Function:With Dedicated Digital Signal Processor (DSP), Without Dedicated Digital Signal Processor (DSP)
3) 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
By Geography: The countries covered in the audio codec market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the audio codec market in 2023. North America is expected to be the fastest-growing region in the audio codec market report during the forecast period. The regions covered in the audio codec market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Audio Codec Industry Players
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
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Audio Codec Market Overview
An audio codec refers to a technology or algorithm used to encode and decode audio data for storage, transmission, or playback purposes. It is responsible for compressing audio signals into a more efficient format for transmission or storage and then decompressing them back to their original form for playback.