Portland.OR, March 12, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global audio CODEC market generated $11.44 billion in 2019, and is expected to reach $14.12 billion by 2027, witnessing a CAGR of 4.1% from 2020 to 2027. The report provides detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, competitive scenario, and regional landscape.
Increased penetration of smartphones, emergence of IoT enabled devices, and demand for energy efficient audio system drive the growth of the global audio CODEC market. However, emergence of audio SoC and adverse effects on health and environment hinder the market growth. Contrarily, surge in demand for on-board entertainment, rapid development and adoption of VR technology, and surge in demand for gaming consoles present new opportunities in the coming years.
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Covid-19 Scenario:
- The manufacturing activities for audio CODEC halted due to lockdown restriction imposed in many countries. In addition, the supply chain has been disrupted and shortage of raw materials occurred.
- The demand also took a huge plunge as production of smartphones, automotive parts, tablets, computers, headphones, and others stopped during the lockdown. However, the demand is expected to rise steadily during the post-lockdown as manufacturing activities begin and supply chain restores.
The report offers detailed segmentation of the global audio CODEC market based on function, end use, and region.
Based on function, the without DSP segment contributed to the highest share in 2019, accounting for more than three-fourths of the total share, and is estimated to maintain its lead position during the forecast period. However, the with DSP segment is projected to witness the fastest CAGR of 4.9% from 2020 to 2027.
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Based on end use, the phones segment accounted for the largest share in 2019, contributing to more than two-fifths of the global audio CODEC market, and is projected to continue its leadership status during the forecast period. However, the smart home segment is expected to portray the largest CAGR of 8.0% from 2020 to 2027.
Based on region, Asia-Pacific held for the highest share in terms of revenue, contributing to more than one-third of the total market in 2019, and is estimated to continue its highest contribution by 2027. Moreover, this region is estimated to manifest the highest CAGR of 4.8% during the forecast period.
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Leading players of the global audio CODEC market analyzed in the research include Analog Devices, Cirrus Logic, CML Microelectronics, Dialog Semiconductor, DSP Group, Maxim Integrated, Realtek Semiconductor, ROHM CO. LTD., STMicroelectronics, and Texas Instruments.
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