New Market Research Report: Audio Codec Market - Global Forecast to 2022

Audio Codec Market by Component (Hardware and Software), Channel Type (Mono-Codec, Stereo Codec, and Multi-channel Codec), Compression Type (Non-Compression, Lossless Compression, and Lossy Compression), Application, & Geography - Global Forecast to 2022

"The audio codec market growth is directly linked with the growth of the mobile phone and tablet industry"

The audio codec market was valued at USD 5.49 billion in 2015 and is expected to reach USD 7.44 billion by 2022, at a CAGR of 4.3% between 2016 and 2022. This growth can be attributed to the huge demand for mobile phones and tablets. The rising middle class population and improved disposable income and availability of mobile phones and tablets at low cost are the driving factors for the growth of mobile phones and tablets.

"Headphone, headset, and wearable device is expected to be the fastest-growing application in the audio codec market during the forecast period"

The audio codec market for the headphone, headset, and wearable device application is expected to grow at the highest rate between 2016 and 2022. This is mainly because of the growing trend of the usage of wearable devices in the day to day life because of the changing consumer need with the advancement of connected life with the development of IoT concept.

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"APAC is the fastest-growing region for the audio codec market during the forecast period"

APAC is expected to be the fastest-growing region of the audio codec market, between 2016 and 2022. The primary reason behind this trend is the growing Chinese, South Korean, and Indian consumer electronic market. This market has evolved into the largest producer of smartphones, laptops, TVs, and various other applications and consequently the largest consumer of audio codec hardware IC enabled with audio codec software across the globe and is expected to continue the same trend throughout the forecast period. APAC also accounts for the largest share in 2016 of the total audio codec market.

The breakup of primaries conducted during the study is depicted in below.

By Company Type: Tier1 Companies - 35%, Tier 2 Companies - 40% and Tier 3 Companies - 25%

By Designation: C-level - 45%, Directors- 35%, and Managers- 20%

By Region: North America- 30%, Europe- 40%, Asia-Pacific- 20%, and RoW- 10%

Some of the major players in the audio codec market are Cirrus Logic, Inc. (U.S.), Texas Instruments Inc. (U.S.), STMicroelectronics N.V (Switzerland), Qualcomm Inc. (U.S.), Analog Devices, Inc. (U.S.) and Maxim Integrated Products Inc. (U.S.), Realtek Semiconductor Corp. (Taiwan), Dolby Laboratories, Inc. (U.S.), Fraunhofer IIS (Germany) and Technicolor SA (France) among others.

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* This report includes the market statistics pertaining to component, application, and geography along with their respective market size.

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