The Audio Codec Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Audio Codec Global Market Report 2024, The audio codec market size has grown strongly in recent years. It will grow from $9.28 billion in 2023 to $9.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to increased smartphone and portable device usage, digital media evolution, internet streaming and multimedia consumption, digital audio broadcasting, integration in consumer electronics.
The audio codec market size is expected to see steady growth in the next few years. It will grow to $11.84 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to 5g and iot expansion, augmented and virtual reality (ar/vr), automotive audio systems, edge computing integration, customization and adaptability. Major trends in the forecast period include software and app development, low-latency codecs, ai-powered audio codecs, enhanced audio quality control, adaptive bitrate streaming.
The increase in smartphone adoption is expected to propel the growth of the audio codec market going forward. A smartphone is a mobile device that combines the functions of a cell phone with those of a computer. Smartphones have become the primary streaming media device, leading to a demand for codecs that provide high-quality audio while minimizing file size. Voice over Internet Protocol (VoIP) and smartphone video calling apps require audio codecs for clear voice transmission. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. The UK population is expected to grow to 68.3 million by 2025, of which 95% (or about 65 million individuals) will own a smartphone. Therefore, the increase in smartphone adoption is driving the growth of the audio codec market.
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The audio codec market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Function: With Dedicated Digital Signal Processor (DSP), Without Dedicated Digital Signal Processor (DSP)
3) By 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
Product innovation is a key trend gaining popularity in the audio codec market. Major companies operating in the audio codec market are focused on innovating new products and solutions to sustain their position in the market. For instance, in February 2021, Microsoft Corporation, a US-based technology corporation, launched Satin, the latest AI-powered audio codec for real-time communications. With gradually better quality at higher bitrates, Satin can produce full-band stereo music starting at a bit rate of 17 kbps and extremely wide-band speech starting at a bit rate of 6 kbps. Satin is built to deliver excellent audio quality despite significant packet loss. Additionally, its excellent quality at low bitrates enables us to utilize more available bandwidth to improve packet loss resilience.
The audio codec market report table of contents includes:
1. Executive Summary
2.Audio Codec Market Characteristics
3.Audio Codec Market Trends And Strategies
4.Audio Codec Market analysis
5.Audio Codec Market Size And Growth
6.Audio Codec Segmentation
7.Audio Codec Regional And Country Analysis
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27. Audio Codec Competitive Landscape And Company Profiles
28.Audio Codec Key Mergers And Acquisitions
29.Audio Codec Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Apple Inc.
- AT&T Inc.
- Qualcomm Incorporated
- Texas Instruments Incorporated
- STMicroelectronics N.V.
- NXP Semiconductors N.V.
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