London, UK -- (SBWIRE) -- 03/25/2022 -- A recent study by Triton Market Research titled 'Global Audio Codec Market' consists of the Global Analysis and Forecasts by Application (Commercial, Over-Ear Headphones, Wearables, True Wireless Stereo (TWS), Automotive, Smart Home, Phones, Home Entertainment, Tablets, Portables, Computer, Other Applications), Component (Hardware Audio Codec, Software Audio Codec), and by Geography (Middle East and Africa, Europe, Asia-Pacific, North America, Latin America).

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Triton's research report estimates the global audio codec market to develop at a CAGR of 9.27% over the forecasting years 2022-2028, reaping revenue worth $4242.59 million by 2028.

Audio codes refer to a digital system that helps decode and encode a digital audio stream in various devices and audio systems, including tablets, wireless stereo, and phones.

Over the years, wearables have witnessed significant growth. This growth accelerated substantially owing to lockdowns across nations amid the pandemic. Besides, the COVID-19 surged the sales of various other devices, such as smart bands, VR headsets, and action cameras. This significantly increased the need for audio codes in the haptic systems. Therefore, the growth in wearables and optimization trends in the electronics sector augment the audio codec market's progression. However, the easy access to open-source audio codecs and patented market, as well as IP licensing restrictions, hinder the studied market's growth.

The global market for audio codecs is bifurcated into application and component. Based on application, it is divided into commercial, over-ear headphones, wearables, true wireless stereo (TWS), automotive, smart home, phones, home entertainment, tablets, portables, computer, and other applications. The component section is categorized into hardware audio codec and software audio codec.

The Asia-Pacific is anticipated to witness the fastest growth over the forecast period among all regions. The growing streaming platforms like Netflix contribute significantly to the studied market's growth. Besides, the high adoption of wearables amid the pandemic increased the implementation of audio codecs in the haptic systems. As a result, several companies are developing their audio codecs to gain a competitive edge in the market. Thus, as mentioned above, these factors are anticipated to widen the scope of the audio codec market within the region.

Ittiam Systems Pvt Ltd, STMicroelectronics, Dolby Laboratories Inc, Qualcomm Inc, Cirrus Logic Inc, Texas Instruments Inc, Barix AG, Dialog Semiconductor Plc, Realtek Semiconductor Corp, Fraunhofer Institute of Integrated Circuits, Rohm Corporate Ltd, Sony Group Inc, Analog Devices Inc, Synopsys Technology Inc, and Synaptics Inc are leading firms in the audio codec market.

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Question & Answer: Audio Codec Market

Question 1: What factors augment the audio codec market's progression?

Answer: Over the years, wearables have witnessed significant growth. This growth accelerated substantially owing to lockdowns across nations amid the pandemic. Besides, the COVID-19 surged the sales of various other devices, such as smart bands, VR headsets, and action cameras. This significantly increased the need for audio codes in the haptic systems. Therefore, the growth in wearables and optimization trends in the electronics sector augment the audio codec market's progression

Question 2: What restraints hinder the audio codec market's growth?

Answer: The easy access to open-source audio codecs and patented market, as well as IP licensing restrictions, hinder the studied market's growth.

Question 3: Which region is anticipated to witness the fastest growth over the forecast period?

Answer: The Asia-Pacific is anticipated to witness the fastest growth over the forecast period among all regions. The growing streaming platforms like Netflix contribute significantly to the studied market's growth. Besides, the high adoption of wearables amid the pandemic increased the implementation of audio codecs in the haptic systems. As a result, several companies are developing their audio codecs to gain a competitive edge in the market. Thus, as mentioned above, these factors are anticipated to widen the scope of the audio codec market within the region.

Question 4: Which are the leading firms in the audio codec market?

Answer: Ittiam Systems Pvt Ltd, STMicroelectronics, Dolby Laboratories Inc, Qualcomm Inc, Cirrus Logic Inc, Texas Instruments Inc, Barix AG, Dialog Semiconductor Plc, Realtek Semiconductor Corp, Fraunhofer Institute of Integrated Circuits, Rohm Corporate Ltd, Sony Group Inc, Analog Devices Inc, Synopsys Technology Inc, and Synaptics Inc are leading firms in the audio codec market.

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Global Smart Home Market

The global smart home market is projected to increase in revenue from 2019 to 2027 at 15.01% of CAGR.

Smart home technologies use automation and IoT to accurately collect information to serve users. The various smart home products include lighting controllers, HVAC, energy management, home health, and other devices.
The surge in the aging population, increase in the internet of things devices, and urbanization trends boost the smart home market's revenue growth. Additionally, the demand from security and growth in smart city projects opens new avenues for the studied market.

However, the complicated process of installation of smart devices, high costs of devices, and privacy issues impede the market's global growth.