Audio CODEC Market to Reach $14.12 Bn, Globally, by 2027 at 4.1% CAGR: Allied Market Research
- Surge in penetration of smartphones, advent of IoT enabled devices, and increase in energy-efficient audio systems' demand fuel the growth of the global audio CODEC market.
PORTLAND, Ore., April 13, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Audio CODEC Market By Function (With DSP and Without DSP) and End Use (Computer, Phone, Tablet, Over-Ear Headphone, TWS, Home Entertainment, Commercial, Automotive, Portable, Smart Home, IoT, Wearable, and AR/VR): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global audio CODEC industry garnered $11.44 billion in 2019, and is estimated to reach $14.12 billion by 2027, manifesting a CAGR of 4.1% from 2020 to 2027.
Prime determinants of growth
Surge in penetration of smartphones, advent of IoT enabled devices, and increase in energy-efficient audio systems' demand fuel the growth of the global audio CODEC market. However, omnipresence of audio SoC and fatal effects on health and environment restrain the market growth. On the other hand, increase in demand for on-board entertainment, development and rapid adoption of VR technology, and rise in gaming consoles' demand create new opportunities in the next few years.
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The without DSP segment to continue its leadership status throughout the forecast period
By function, the without DSP segment accounted for the largest share in 2019, holding more than three-fourths of the global audio CODEC market, and is projected to continue its leadership status throughout the forecast period. This is due to technical benefits offered by them. However, the with DSP segment is estimated to register the highest CAGR of 4.9% from 2020 to 2027, owing to technological advancements and improvement in wireless infrastructure.
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The phones segment to maintain its lead position during the forecast period
By end use, the phones segment contributed to the highest share in 2019, accounting for more than two-fifths of the global audio CODEC market, and is expected to maintain its lead position during the forecast period. This is attributed to increased adoption of smartphones and demand for high quality voice assistance. However, the smart home segment is estimated to witness the fastest CAGR of 8.0% from 2020 to 2027, owing to integration of advanced technologies with consumer goods.
Asia-Pacific, followed by North America, to offer lucrative opportunities
Based on region, Asia-Pacific, followed by North America, held the highest share in 2019, accounting for more than one-third of the global audio CODEC market in terms of revenue, and is projected to maintain its dominance by 2027. Moreover, this region is expected to witness the largest CAGR of 4.8% during the forecast period. This is due to significant demand for consumer goods and rise in disposable income of the population.
Leading market players
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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