Audio Codec Market is poised to touch USD 6.87 billion by 2022
Audio Codec Market Size and Growth Rate:
Audio Codec Market is projected to reach USD 6.87 billion by 2022 and expected to grow at a CAGR of 3.8% during the forecast period 2017 to 2022.
The audio codec is used to convert analog and digital audio signals for storage or transmission purposes. The hardware device of the audio codec has both the digital-to-analog converter and the analog-to-digital converter. Therefore, it is used for the sound operation. The software device includes computer programs that compress and decompress the audio content.
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Audio Codec Market Growth Drivers and Restraining Factors:
Google greatly improves its Bluetooth audio experience, since it was once heavily criticized for the overall performance of Bluetooth on the Android platform. They plan to add the Bluetooth AAC audio codec for devices that use the AOSP software. The growing demand for tablets, smartphones and other mobile devices is the main driver of the audio codec market. In recent years, the sales of these electronic devices have increased considerably, resulting in increased demand for the audio codec. The growth of the population, the increase in disposable income and the affordable prices for mobile phones are other factors that drive market growth. In recent years, technology has evolved at an accelerated pace and the Internet has penetrated all sectors of the industry, which has had a positive impact on the growth of the audio codec market. The challenge for audio codec manufacturers is the constant optimization of the size of the components. Innovations occur continuously, which has resulted in a significant reduction in the use of optical media products, which has a negative impact on the audio codec market.
Geographical Insights of Audio Codec Market:
Geographically, Audio Codec Market is segmented into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa regions. The region that contributes mostly to the audio codec market's revenues is the Asia-Pacific. The factor that contributes to the growth of the market is the presence of many market players in this region who invest heavily in innovation in product design. Other regions that contribute significantly to the audio codec market are North America and Western Europe.
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Key Players of Audio Codec Market:
Dolby Laboratories, Inc., DSP Group, Inc., Analog Devices Inc., Cirrus Logic, Inc., Maxim Integrated Products, Inc., Texas Instruments Incorporated, Fraunhofer IIS, Technicolor SA, and Realtek Semiconductor Corp. are the major players in the global audio codec market.
Audio Codec Market Key Segmentation:
By Products:
- Hardware
- Software
By Application:
- Mobile Phone and Tablet
- Music and Media Device and Home Theater
- Television and Gaming Console
- Headphone, Tablet and Wearable Device
- Automotive Infotainment
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
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