Global Audio Codecs Market Report, 2022-2024 and 2030 - Efforts Focus on Developing Wireless Audio Codec Standard to Improve Fidelity

News provided by

Feb 26, 2024, 17:30 ET

DUBLIN, Feb. 26, 2024 /PRNewswire/ -- The "Audio Codecs - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global audio codecs industry is on a steadfast growth trajectory, with current evaluations documenting a robust US$6 Billion in 2022 and projections estimating an impressive ascent to US$8.8 Billion by the year 2030. This growth reflects a compounded annual growth rate (CAGR) of 4.9% within the assessment period extending from 2022 to 2030.

Hardware Segment to Achieve Substantial Growth

Substantive analysis within the comprehensive report sheds light on varied segments, notably revealing that hardware is slated to expand at a CAGR of 4.7%, potentially reaching a remarkable US$6.6 Billion by the close of the analysis tenure. As the industry navigates a post-pandemic landscape, the software component of audio codecs is anticipated to adapt with a reinvigorated 5.6% CAGR throughout the subsequent 8-year interval.

Geographical Market Insights

The United States, with its advanced technological infrastructure, boasts an audio codecs market valued at US$1.6 Billion in 2022. On the other end of the spectrum, China—a dominant force in the global economy—is tipped to climb at an 8.2% CAGR, propelling its market size to US$1.9 Billion by 2030. This significant growth is partially attributed to China's progressive relaxation of its zero-Covid policy and the anticipated 'bumpy' yet optimistic economic reawakening. Other geographical markets, such as Japan and Canada, are projected to showcase growth at 2.5% and 4%, respectively, within the same period. Germany emerges within the European context with a forecasted 3.2% CAGR.

Current Market Dynamics and What's New?

The report collates data and insights on a spectrum of vital factors influencing the market's progress, including deep-dive analysis of the effects stemming from the ongoing Russia-Ukraine conflict, global inflationary pressures, supply chain perturbations, intensifying global trade tensions, and the looming threat of a recession.

This meticulously crafted report features:

An assessment of the global competitive landscape, including key competitors' market shares
Detailed evaluation of market presence across multiple geographies from strong and active to niche and trivial standings
Interactive, peer-to-peer collaborative updates provided through a state-of-the-art digital platform, ensuring clients stay informed with the latest industry developments

MARKET TRENDS & DRIVERS

Rising Adoption of Smartphones and Tablets: A Growth Opportunity for Audio Codecs Market
Global Smartphone Shipments in Million Units for the Years 2016 through 2024
Global Shipments of Tablets in Million Units for 2014 through Q1 2019
Smartphone Audio Codecs Market: Rising Adoption of Smartphones Drives Growth
Global Smartphone Audio Codecs Market: Percentage Breakdown of Revenues by Hardware and Software for 2019
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
Global Bluetooth Speakers Market: Annual Sales in US$ Billion for the Years 2019, 2021, 2023 and 2025
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
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/u63ssq

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets