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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It is anticipated that, the year 2021 will see the development and more investment coming in the electronics industry for research and development. The audio industry is expected to see a slack as there are pending orders which are still in process and travel restrictions has led to unemployment to many people. The audio industry is expected to see some growth not before mid of 2021.
Software audio codec, by component type, is expected to grow at the highest CAGR during the forecast period
The demand toward software audio codec products is showing the fastest growth in the forecast period as the inclination of technologies is rising towards software as it is convenient, less expensive, easily fragmented for encoding and decoding.
Others application, is expected to grow at the largest market share during the forecast period
Others application include software platforms, broadcasting, audio production & recording, and IP telephony. As the companies are shifting towards software enabled and updated device for convenience this gives a boost to software platforms. Moreover, the entertainment channels such as radio, music, movies, TV shows require audio production and recording in order to provide best quality music to the user base, hence require audio codec products for various audio related applications.
Italy, by country, is expected to grow at the highest CAGR during the forecast period
One of the major reasons for Italy’s growth in the market is the presence huge R&D facilities, top class manufacturing companies which make quality products and advanced supply chain which caters globally. As Italy is hub for luxurious products and consumer products, it has helped the country grow in the forecast period.
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.
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