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 sharesDetailed evaluation of market presence across multiple geographies from strong and active to niche and trivial standingsInteractive, 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 MarketGlobal Smartphone Shipments in Million Units for the Years 2016 through 2024Global Shipments of Tablets in Million Units for 2014 through Q1 2019Smartphone Audio Codecs Market: Rising Adoption of Smartphones Drives GrowthGlobal Smartphone Audio Codecs Market: Percentage Breakdown of Revenues by Hardware and Software for 2019With Smartphones Use Rising, Need for High-Quality Voice Calls Drives Need for a Superior Audio CodecGrowing Internet Penetration Rates, Massive Increase in Data Traffic, and Rise in Mobile Subscriptions: Opportunity for Audio Codec MarketGrowing Sales of Bluetooth-driven Devices and Bluetooth’s Popularity as a Technology for Wireless Audio Streaming Fuels Demand for Advanced Audio CodecsGlobal Bluetooth Speakers Market: Annual Sales in US$ Billion for the Years 2019, 2021, 2023 and 2025With Wireless Set to be the Future of Headphones, Efforts Focus on Developing Wireless Audio Codec Standard to Improve FidelityEnhancing Performance with Modified SBC codec (mSBC)Fraunhofer Institute Discontinues MP3 FormatWith MP3 Discontinued, Audio Codec Supporting Fully Lossless, Multi-use, High resolution, Open and Secure Parameters to Emerge as the StandardFraunhofer’s Object-Based Audio Codec Emerges as the Future of Immersive SoundFraunhofer’s Enhanced Voice Services (EVS) Standard: Promise of Unprecedented Voice Call QualityFLAC: A High-Definition MP3 FormatxHE-AAC: A Codec Designed for Adaptive Streaming and Digital RadioInnovations & AdvancementsMicrochip Technology Unveils Bluetooth 5.0 Audio SoC for Enabling High Resolution Wireless AudioQualcomm Unveils Qualcomm Aqstic Audio Codecs for SmartphonesDialog’s DA740x Highly-Integrated Audio Codec Chips: Providing a Mix of Noise Cancellation and Low Power Consumption AdvantagesAudio 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 TechnologyMaxim Integrated Products, Inc.Qualcomm, Inc.Realtek Semiconductor Corp.STMicroelectronicsTechnicolor SATexas Instruments, Inc.Xiph.Org Foundation
For more information about this report visit https://www.researchandmarkets.com/r/u63ssq
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