The report "Audio Codec Market by Component Type (Hardware and Software), Application (Desktop and Laptop, Mobile Phone and Tablet, Headphones, Headset and Wearable Devices), and Region - Forecast to 2025 ", is projected to grow from USD 5.9 billion in 2020 to USD 7.8 billion in 2025, at a CAGR of 5.5%. The growth can be attributed to the rising demand IoT enables devices and shift in consumer trend towards smart devices and electronics.
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Software audio codec market, by component type, is expected to grow at the highest CAGR during the forecast period.
With the increase in the global adoption of software embedded devices as it provides flexibility for upgradation, consumes less space and is economical. Companies such as Qualcomm and Realtek are working on software capabilities in order to provide up to data solutions to the technological savvy customers so as to fetch high market shares.
The market for headphones, hearables and wearable devices to grow at highest CAGR in audio codec market, by application, in 2020
The shift in demand for wearables such as smart watches, wireless hear phones and headsets is increasing as it is compact, economical and provides easy connectivity to the user. Moreover, the integration of these devices with IoT and ML has enabled the users to buy these goods for communication and entertainment applications.
China, by country, is expected to share the largest market share during the forecast period.
China is set to witness the largest market share across the forecast period due to the numerous manufacturing capabilities of the region. The large manufacturing companies such as Xiaomi, Lenovo, oppo and others require audio codec products for smartphones, laptops and computers. Moreover, the automotive companies in China require audio codec products for music systems and communication which is also gaining traction.
Key market players
Key players in the audio codec market include Cirrus Logic (US), Qualcomm (US) and Realtek Semiconductor (Taiwan). Cirrus Logic is a well-known player for providing innovative and customized audio codec solutions and products in the audio market. Strong brand name and customer base are among the key factors that resulted in the leading position of Qualcomm in the market. Apart from the strong brand name and customer base, the company has strong R&D capabilities and geographic presence. Qualcomm focuses on strategies such as product launches and product development to strengthen its product portfolio and maintain its position in the audio codec market.
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