A lead analyst at AMR highlighted that the audio CODEC market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the audio CODEC market. The findings of the report states that the global market for audio CODEC generated $11.44 billion in 2019, and is projected to reach $14.12 billion by 2027, registering a CAGR of 4.1% from 2020 to 2027. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Significant surge in demand for energy efficient audio systems, increase in the adoption of smart phones, and extensive application in various sectors such as entertainment, gaming, consumer electronics, and automotive are expected to drive the growth of the global audio CODEC market. On the other hand, adverse effects of audio codec devices on health and environment hinder the growth to some extent. However, emergence of IoT-enabled devices integrated with artificial intelligence is expected to create ample opportunities for the growth of the market.
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“The audio CODEC market in Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to substantial demand for consumer electronics. Moreover, there is increase in disposable income of population in the region, which, in turn, boosts demand for audio CODECs,” said Umang Vashishtha, Lead Analyst, Semiconductor and Electronics.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the audio CODEC market globally. The outbreak of COVID-19 has had a negative impact on the growth of the global audio CODEC market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various manufacturing facilities, including those of audio CODEC, which adversely impacted its demand during the pandemic. In addition, strict regulations on import and export of raw materials by the government further aggravated the impact on the market. This was majorly due to the stringent social distancing regulations imposed by the government to curb the spread of the virus during the pandemic. However, the market is expected to recoup soon.
The report offers a detailed segmentation of the global audio CODEC market based on function, end-use and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
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Based on function, the without DSP segment accounted for the largest share in 2019, holding more than three-fourths of the global market. The with DSP segment, on the other hand, is expected to cite the fastest CAGR of 4.9% during the forecast period.
Based on end use, the phones segment contributed to the highest share in 2019, accounting for more than two-fifths of the global market. The smart home segment, on the other hand, is expected to cite the fastest CAGR of 8.0% during the forecast period.
Based on region, the market across Asia-Pacific region held the largest market share in 2019, garnering more than one-third of the global market. In addition, the same segment is expected to cite the fastest CAGR of 4.8% during the forecast period. The report also analyses other regions such as North America, Europe, and LAMEA.
The key players analyzed in the global audio CODEC market report include Analog Devices, Cirrus Logic, CML Microelectronics, Dialog Semiconductor, DSP Group, Maxim Integrated, Realtek Semiconductor, ROHM CO. LTD., STMicroelectronics, and Texas Instruments.
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