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, 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.
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.
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 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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