Dublin, May 23, 2024 (GLOBE NEWSWIRE) -- The "Audio Codecs - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Audio Codecs Market to Reach $8.8 Billion by 2030
The global market for Audio Codecs estimated at US$6.3 Billion in the year 2023, is projected to reach a revised size of US$8.8 Billion by 2030, growing at a CAGR of 4.3% over the analysis period 2023-2030. Audio Codecs Hardware, one of the segments analyzed in the report, is expected to record 4.1% CAGR and reach US$6.6 Billion by the end of the analysis period. Growth in the Audio Codecs Software segment is estimated at 4.9% CAGR for the next 8-year period.
The rising adoption of smartphones and tablets presents a significant growth opportunity for the audio codecs market. The increasing use of smartphones is a key driver for the smartphone audio codecs market, as the demand for high-quality voice calls necessitates superior audio codec technology.
The growing internet penetration rates, massive increase in data traffic, and the rise in mobile subscriptions further bolster the market potential for audio codecs. As more people use smartphones for various applications, including communication and media consumption, the need for advanced audio processing becomes more critical.
Additionally, the growing sales of Bluetooth-driven devices and the widespread popularity of Bluetooth as a technology for wireless audio streaming fuel the demand for advanced audio codecs. Bluetooth audio streaming requires efficient codecs to ensure high-quality sound without significant latency or data loss, pushing manufacturers to innovate and improve their audio codec offerings. These trends collectively create a robust growth environment for the audio codecs market, driven by technological advancements and evolving consumer needs.
The U.S. Market is Estimated at $1.7 Billion, While China is Forecast to Grow at 7.1% CAGR
The Audio Codecs market in the U.S. is estimated at US$1.7 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2030 trailing a CAGR of 7.1% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.2% and 3.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 2.8% CAGR.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 189 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $6.3 Billion |
| Forecasted Market Value (USD) by 2030 | $8.8 Billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Audio Codec Market: A Prelude
- Software Dominates Global Audio Codecs Market
- Audio Codecs - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Global Economic Update
MARKET TRENDS & DRIVERS
- Rising Adoption of Smartphones and Tablets: A Growth Opportunity for Audio Codecs Market
- Smartphone Audio Codecs Market: Rising Adoption of Smartphones Drives Growth
- With Smartphones Use Rising, Need for High-Quality Voice Calls Drives Need for a Superior Audio Codec
- Growing Internet Penetration Rates, Massive Increase in Data Traffic, and Rise in Mobile Subscriptions: Opportunity for Audio Codec Market
- Growing Sales of Bluetooth-driven Devices and Bluetooth's Popularity as a Technology for Wireless Audio Streaming Fuels Demand for Advanced Audio Codecs
- With Wireless Set to be the Future of Headphones, Efforts Focus on Developing Wireless Audio Codec Standard to Improve Fidelity
- Enhancing Performance with Modified SBC codec (mSBC)
- Fraunhofer Institute Discontinues MP3 Format
- With MP3 Discontinued, Audio Codec Supporting Fully Lossless, Multi-use, High resolution, Open and Secure Parameters to Emerge as the Standard
- Fraunhofer's Object-Based Audio Codec Emerges as the Future of Immersive Sound
- Fraunhofer's Enhanced Voice Services (EVS) Standard: Promise of Unprecedented Voice Call Quality
- FLAC: A High-Definition MP3 Format
- xHE-AAC: A Codec Designed for Adaptive Streaming and Digital Radio
- Innovations & Advancements
- Microchip Technology Unveils Bluetooth 5.0 Audio SoC for Enabling High Resolution Wireless Audio
- Qualcomm Unveils Qualcomm Aqstic Audio Codecs for Smartphones
- Dialog's DA740x Highly-Integrated Audio Codec Chips: Providing a Mix of Noise Cancellation and Low Power Consumption Advantages
- PRODUCT OVERVIEW
- Audio Codec
- Audio Codec Formats
FOCUS ON SELECT PLAYERS(Total 32 Featured)
- Analog Devices, Inc.
- Cirrus Logic, Inc.
- Dolby Laboratories, Inc.
- DSP Group, Inc.
- Fraunhofer IIS Development Center for X-ray Technology
- Maxim Integrated Products, Inc.
- Qualcomm, Inc.
- Realtek Semiconductor Corp.
- STMicroelectronics
- Technicolor SA
- Texas Instruments, Inc.
- Xiph.Org Foundation
For more information about this report visit https://www.researchandmarkets.com/r/bcr2lq
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